OTCPK:CTNXF - Post by User
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ClockKing11on Nov 22, 2019 10:58pm
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Cornerstone's Wealth
Cornerstone's WealthThis is still a wealthy concession. Cornerstone's share of ENSA is conservatively estimated at over $69M. Prices are down, but could rally sharply when volume arrives on a couple days of good news.
This just out a couple of hours ago... | | November 22, 2019
19-35 - Update on Investment for Accounting Purposes in Cascabel
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| | Ottawa, ON, Canada: Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) announces that on November 21, 2019, it received an updated valuation report on the estimated fair market value for accounting purposes of its investment in Exploraciones Novomining S.A. ("ENSA"). ENSA is an Ecuadorean company owned by SolGold Plc and Cornerstone, that holds 100% of the Cascabel concession. The periodic valuation of the investment is required by International Financial Reporting Standards (IFRS). The Company engaged a valuation firm to assist in the reevaluation of that investment after receipt of the National Instrument 43-101 technical report on the Alpala Deposit filed on Sedar on January 3, 2019 as a result of the November 20, 2018 disclosure of the updated mineral resource estimate for the Alpala deposit. The Company engaged the same valuation firm, received the updated valuation report and management selected what it believes is a conservative valuation of ENSA within the range provided in the report. The estimated fair value of the Company's long-term investment in ENSA for financial statement reporting purposes as at September 30, 2019 is $69,700,000. The value has fluctuated over time, in line with the change in many variables, including the market value of SolGold shares. |
https://www.cornerstoneresources.com/s/NewsReleases.asp?ReportID=861656