Cornerstone Amends LOI on SW US Copper Projects
May 14, 2013 - Vancouver, British Columbia –Cornerstone Metals Inc. (TSX-V – CCC) (“Cornerstone” or the “Company”) announces that further to its news release of March 21, 2013, it has signed amendments to its letter of intent (“LOI”) to acquire all of the shares of Copper One USA, Inc., pursuant to which:
- the Company agreed to issue to the vendor an additional 750,000 shares on closing in recognition of the existing financial assurances that are in place (totalling approximately US$250,000); and
- the date for paying the US$55,000 Lone Mountain property payment was extended from April 1, 2013 to May 15, 2013. The Company has made this payment.
The SW US copper projects are comprised of six separate properties in New Mexico and Arizona with the principal property being the Lone Mountain project in New Mexico.
Cornerstone’s objective is to advance exploration / development stage copper and precious metals properties to production in the Americas. The Company’s management and Board core competence is in exploration, permitting, development, construction, and operation of mining projects.
ON BEHALF OF CORNERSTONE METALS INC.
Interim CEO & President
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, Cornerstone doe snot intend to revise or update these forward-looking statements after the date hereof or to revise them to reflect the occurrence of future unanticipated events.