MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwired - July 30, 2013) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) today announced that it has offered to sell its 50% participating interest in the Little Deer Joint Venture copper property located near Springdale, Newfoundland ("Little Deer") to its joint venture partner in the project, Thundermin Resources Inc. ("Thundermin"). The purchase price is $550,000.00, consisting of $200,000.00 in cash on closing and $350,000.00 in common shares of Thundermin to be issued on closing, plus a 0.75% interest in net smelter returns on Cornerstone's proportionate share of all products provided that Thundermin may, at its sole option, purchase, free from all encumbrances: (a) at any time, 0.5% of the NSR royalty for $500,000.00; and (b) at any time after the completion of the project's feasibility study, 0.25% for the fair market value to be determined in accordance with said feasibility study. Should Thundermin fail to exercise its right to purchase Cornerstone's 50% interest by September 15, 2013, then Cornerstone may sell that interest to a third party for the same financial consideration and the purchaser will be bound by the terms and conditions of the current Thundermin - Cornerstone Joint Venture Agreement.
About Cornerstone:
Cornerstone Capital Resources Inc. is a mineral exploration company based in Mount Pearl, Newfoundland and Labrador, Canada, with a diversified portfolio of projects in Canada, Ecuador and Chile, and a strong technical team that has proven its ability to identify, acquire and advance properties of merit. The company's business model is based on generating exploration projects whose subsequent development is funded primarily through joint venture partnerships. Commitments from JV partners constitute significant validation of the strength of Cornerstone's projects.
Further information is available on Cornerstone's website: www.cornerstoneresources.com or for investor, corporate or media inquiries, please contact:
Investor Relations:
Email: ir@cornerstoneresources.ca
North America toll-free: 1 (877) 277-8377
The link to a recent Corporate presentation is: www.cornerstoneresources.com/i/pdf/Presentations_0713_CRICorporate.pdf .
Investors can also access Cornerstone on Twitter - http://twitter.com/Cornerstone_cgp .
Cautionary Notice:
This news release may contain 'Forward-Looking Statements' that involve risks and uncertainties, such as statements of Cornerstone's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify 'Forward-Looking Statements.' Although Cornerstone believes that its expectations reflected in these 'Forward-Looking Statements' are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com . For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein except where outcomes have varied materially from the original statements.
On Behalf of the Board,
Brooke Macdonald, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
