Cornerstone Completes Sale of 50% Interest in Little Deer Project
MOUNT PEARL, NEWFOUNDLAND -- (Marketwired) -- 10/15/13 -- Cornerstone
Capital Resources Inc. ("Cornerstone" or "the Company") (TSX
VENTURE:CGP) (OTCBB:CTNXF) (FRANKFURT:GWN) (BERLIN:GWN) announces
that, further to its news release of September 17, 2013, it has
completed the sale of its 50 per cent interest in the Little Deer
underground copper project located in Newfoundland to Rambler Metals
and Mining Canada Limited, a 100% owned subsidiary of Rambler Metals
and Mining PLC (AIM:RMM) (TSX VENTURE:RAB) ('Rambler'). The purchase
price paid for Cornerstone's 50 per cent interest was CAD$550,000,
consisting of CAD$200,000 in cash and CAD$350,000 in common shares of
Rambler to be issued within 90 days of closing and after release of
Rambler's year-end result on 29 October 2013. In addition, the
purchase price consists of a 0.75 per cent net smelter return (NSR)
on Rambler's proportionate share of all products derived from the
Little Deer Project subject to a buyback of 0.5 per cent of the NSR
for CAD$500,000 at anytime; and the remaining 0.25 per cent of the
NSR for fair market value as determined by the economics of the
Little Deer Project's feasibility study, at any time, following the
completion of the feasibility study.
Cornerstone Capital Resources Inc. is a mineral exploration company
based in Mount Pearl, Newfoundland and Labrador, Canada, with a
diversified portfolio of projects in 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
Further information is available on Cornerstone's website:
www.cornerstoneresources.com and on Twitter.
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
Further information is available on the Cornerstone Web site at
www.cornerstoneresources.com; via e-mail at
email@example.com; or toll free at 1-877-277-8377.
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.
Cornerstone Capital Resources Inc.
North America toll-free: 1 (877) 277-8377
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