April 2, 2008 - Mount Pearl, NL, Canada: Cornerstone Capital Resources Inc. (TSXV-CGP) (F-GWN) (B-GWN) (OTC-CTNXF) today announced the following appointments to be effective April 15, 2008:
- Colin McKenzie has been appointed President & CEO, replacing Glen McKay.
- Glen McKay has been elected Chairman.
- John Fleming, the outgoing Chairman, has been elected Vice Chairman.
Welcoming the appointments, outgoing Chairman John Fleming commented: "Having Colin McKenzie, a respected and seasoned industry professional, at the head of Cornerstone positions the company well for the next stage of its development. He brings the experience, knowledge and skills necessary to ensure that we realize the potential of our current broad portfolio of projects and take full advantage of new opportunities. At the same time, having Glen McKay in his new role as Chairman will ensure that Cornerstone continues to benefit from the leadership and business acumen of the person who has led the company's development since its beginning in 1997."
Colin McKenzie has been a Cornerstone Director since February 2005. He becomes President & CEO of Cornerstone following several years as Vice President Exploration for Skye Resources and a career involving more than 25 years experience in major exploration projects and business development in Newfoundland & Labrador, other regions of Canada and internationally. Cornerstone's new Chairman, Glen McKay, noted that Mr. McKenzie is very knowledgeable concerning the mineral potential of Eastern Canada and South America, the regions where Cornerstone's current projects are concentrated. His experience in Eastern Canada includes stints with BP Canada, where he was credited with the discovery of the Hope Brook gold deposit, and with Voisey's Bay Nickel (now Vale Inco) in Labrador, the area where Cornerstone has several nickel exploration projects including the Konrad project where new drill targets have recently been defined. In addition, Mr. McKenzie brings skills developed in his roles with major and junior companies at all levels of the business from project initiation and implementation to management and directorships.
"I am also very pleased that John Fleming has agreed to accept the position of Vice Chairman of the Board," said Mr. McKay. "Mr. Fleming has served the company in several capacities and has been an invaluable resource as we developed Cornerstone from a fledgling exploration company operating entirely in Newfoundland to an international entity recognized for the high caliber of its work. Mr. Fleming will continue to be actively involved at the Board level and as an advisor to Management."
Cornerstone is a mineral exploration company with projects in Canada and Ecuador, operated respectively by its wholly owned subsidiaries, Cornerstone Resources Inc. and Cornerstone Ecuador S. A. The company's business model is designed to provide shareholders with multiple opportunities for upside potential and to mitigate risk by 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,
Renmark Financial Communications Inc.
Barbara Komorowski : firstname.lastname@example.org
Maurice Dagenais : email@example.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
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)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.