Corrnerstone appoints Ian Slater as Director and makes changes to the Management
and Boards of Cornerstone Ecuador SA and La Plata Minerales SA
Mount Pearl, NL, Canada, November 2, 2007 : Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced that the Board of Directors has appointed Mr. Ian Slater to the Board. Mr. Slater was nominated by the Lundin Group of Companies following completion of the recent private placement that saw Global NR Holding SA, a Luxembourg-based holding company controlled by the Lundin family, become a major shareholder in Cornerstone.
Ian Slater is President and CEO of Fortress Minerals Corp. He is a Chartered Accountant with over 16 years experience in international finance in the global resource sector. Prior to joining Fortress, Mr. Slater was a Partner with Ernst & Young, where he led their Canadian mining practice, and before that a Partner with Arthur Andersen, where he founded and led their mining practice in Central Asia for 6 years.
In welcoming Mr. Slater to the Board, Chairman John Fleming, stated that Cornerstone is very pleased to have in Mr. Slater someone with such scope and depth of experience. With his appointment, the company is very much looking forward to the opportunities that an association with the Lundin Group can bring.
Cornerstone also announced senior management and Board appointments at Cornerstone Ecuador SA (CESA) and La Plata Minerales SA (LPSA), wholly owned subsidiaries of Cornerstone Capital Resources Inc. Mr. Yvan Crepeau has been named a Director and President of CESA and LPSA, and Mr.
C'esar Zumarraga is appointed Vice President of each in addition to his duties as Director. Mr. David Loveys is appointed a Director of CESA and LPSA, joining Mr. Zumarraga and Ms. Mar'ia Antonieta Loza Laspina to make up the Board of Directors of each company. Mr. Crepeau and Mr. Loveys replace Mike Basha as, respectively, President and Director of CESA and LPSA. Mr. Basha is Vice President Exploration and a Director of Cornerstone Capital.
Yvan Crepeau is a Geologist with over twenty years of diversified experience in the evaluation and management of exploration projects in North, Central and South America and in Asia. In addition to a BSc in Geology from the University of Montreal, he holds an MBA from HEC in Montreal, specializing in International Management. Mr. Crepeau resides in Quito, Ecuador, where for the last 15 months he has been CESA's Country Manager.
C'esar Zumarraga is a partner in the Quito law firm Tobar y Bustamente. He is a graduate of the Catholic University of Ecuador, Law School (J.D., 1994); Simon Bolivar Andean University (Master, Public Contracts and Privatization, 1999; Master, Taxation, 2000); and Harvard Law School (Negotiation Course, 1998). In his professional practice, Mr. Zumarraga has been Private Secretary to the Attorney General of the State, 1992-1995, and a partner in the law firm Serrano Puig, 1995-2001. He has also worked in the Quito Chamber of Commerce, Arbitration Center (Secretary, ten terms); the Quito Chamber of Construction, Arbitration Center (Arbitrator); and as Representative in Ecuador of the Canadian Commercial Corporation. Mr. Zumarraga is also a professor in the University of the Americas (UDLA) School of Law, and a member of the Quito Bar Association, the Inter-American Bar Association, and the Ecuadorian-Canadian Chamber of Commerce.
David Loveys, CA, is a Director of Cornerstone Capital Resources Inc. and the company's Vice President Finance and Chief Financial Officer.
Glen H. McKay, Cornerstone's President and CEO, stated: "We are very pleased to have developed our operating capability in Ecuador such that we are able to place the management of our Ecuador subsidiaries fully in the hands of staff in the country. C'esar Zumarraga has been an invaluable resource for Cornerstone not only as our legal counsel in Ecuador but also as a trusted advisor. And we have come to rely increasingly on Yvan Crepeau's skills as we pursue our existing projects and develop new initiatives in the country. These senior staff are supported by a team of employees, partners and advisors that together make Cornerstone one of the foremost mineral exploration companies in the country.
Cornerstone has granted a total of 275,000 stock options, exercisable in accord with company policy, in connection with these new appointments.
About Cornerstone Capital Resources Inc.
Cornerstone is a mineral exploration company with projects in Canada and Ecuador. The company is actively evaluating new gold, copper, uranium and nickel projects, while continuing to maintain an ongoing pipeline of prospects. Ten of the Company's thirty four projects are under joint venture agreements and ongoing negotiations may result in new agreements in the near future.
Cornerstone 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. Cornerstone's current and past joint venture partners include Agnico Eagle, Celtic, Cash Minerals, Candente, Coastport, Cogitore, Falconbridge, Inmet, Kermode, Mountain Lake, Moydow, Newmont, Noranda, Phelps Dodge, and Thundermin.
On Behalf of the Board,
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.
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The common shares of the Company are currently listed on the TSXV in Canada (symbol CGP), the OTC in the USA (symbol CTNXF) and the Frankfurt Stock Exchange (symbol GWN)
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