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Cornerstone Capital Resources nixes plan to spin off non-Cascabel gold assets

Cornerstone Capital Resources Inc. decided not to proceed with its spinoff of all of its assets except the Cascabel copper property in Ecuador, as announced in July 2017, due to ongoing delays in obtaining certain approvals.

The company said Sept. 5 that despite the recent delays, the board remains committed to pursuing a transaction that will unlock the value of the company's non-Cascabel assets, which comprise gold properties in Chile and Ecuador.

The company said it remains "well capitalized" with about C$7 million in available funds and an approximately 23% aggregate interest in Cascabel.