This is a question and answer with Brooke Macdonald as posted on CGP web site...
Lets see if Brooke can get us some head way in south america..
Hats of to Glen McKay for the out standing job he has done to bring CGP to this point since its inception as a jr. exploration co,... Thanks Glen for keeping CGP in the market
Now Brooks Interview
April 4, 2011
Questionsfor Cornerstone Capital Resources Inc. (V: CGP)’s President, Brooke Macdonald
Could you briefly describe Cornerstone by outlining whatit does and how it fits into the mining business?
Cornerstone is a Canadian mineralexploration company with a strategic portfolio of projects located in AtlanticCanada and highly prospective regions within South America including Ecuadorand Chile. Our strong technical team has proven its ability to identify,acquire and advance properties of merit in both the precious and base metalssectors.
Can you also say what separates your company from otherjuniors in the exploration field?
Cornerstone gives shareholders “more bangfor the buck” by leveraging its own exploration funding through joint ventureand strategic partnerships, creating potential for success with lower risk andless dilution.
Please describe your key projects.
Ecuador — Cornerstone has several highly prospective gold– silver–copperprojects in underexplored regions of southern Ecuador.
The Shyriproject is in a joint venture with Intrepid Mines Limited, and encompassesthree gold prospects—Gama, Vetas Grandes and Cañaribamba. Shyri isstrategically located between the 3.5 million ounce Quimsacocha epithermal goldproject to the east, the Chaucha porphyry Cu-Mo project containing 2.2 billionpounds of copper at 0.46% Cu and 0.03% Mo to the west, and the Rio Blancoepithermal gold-silver project containing 605,000 ounces of gold and 4.3million ounces of silver to the northwest. Recently Cornerstone received allgovernment permits required to resume exploration programs on the Shyri – Gamaproject, including diamond drilling that began on March 8, 2011. Vetas Grandes and Cañaribamba are awaitingenvironmental approvals for advanced stage exploration(drilling) that could take up to 6 months (we have the environmental termsof reference approved, and about to start the studies). Final EISreports should then be submitted to the Ministry of Environment for review andapproval. The Gama EIS was submitted prior to the mining mandate andwas therefore "grandfathered".
The Macaraproject is in a joint venture and regional strategic alliance with NewmontVentures Limited, a subsidiary of international mining giant Newmont Mining.Geological mapping, prospecting and stream sediment geochemical surveys in theMacara area have identified several large untested alteration zones with gold,silver and copper mineralization. Newmont demonstrated its positive assessmentof the project by renewing the joint venture agreement in late 2009.
Cornerstone hasseveral other wholly–owned, highly prospective gold–silver–copper projects forwhich it is seeking joint venture partners, and is continuing to expand itsinterests in Ecuador as demonstrated by the recently announced acquisition of100% of the shares and assets (including the 25 year Cascabel and LaEncrucijada concessions) of Santa Barbara Copper and Gold S.A.
Chile — In February2011 Cornerstone acquired the Miocene gold–silver–copper project in northernChile. The project covers a large area of 14,770 km2 located north and alongstrike of the Maricunga belt, which hosts a number of world class epithermalgold-silver and porphyry gold-copper deposits. Although post-mineralizationsediments and volcanics largely cover the Miocene project area, geological andgeochemical data suggest that prospective Maricunga rocks underlie the area.Cornerstone is utilizing a proprietary geological and geochemical database toacquire mineral concessions within the project area, and has already filedmineral concession applications covering 46.5 km2 of prospective ground.Planned exploration programs include soil and stream sediment geochemistrysurveys designed to identify targets for follow-up work.
On March 15, 2011,Cornerstone announced it had signed an agreement to acquire the La Fortunacopper-silver-gold project located in the Fifth Region (Valparaíso) of centralChile. La Fortuna covers an area of approximately 2,900 hectares, measuring 10km north-south by 3 km east-west. The project is favourably located in anestablished mining district at relatively low elevations (1,200 to 1,800 mabove sea level), and is easily accessed by existing roads. The property ispartly contiguous with the Cerro Negro copper (silver) mine, a manto-typedeposit immediately to the west which combines open pit and undergroundoperations and produces copper cathodes via heap leach SX-EW and copper-silverconcentrates via flotation. The El Bronce epithermal gold-silver district is located30 km to the north. The region is sparsely populated, and has a hot and dryclimate which is well-suited for leaching operations
Thesetwo projects were selected after two years of careful research by ourexperienced geological team. We plan to advance these two properties to the drill ready stage by theend of the first quarter of 2012.
Newfoundland — Cornerstone’s current focus on the island of Newfoundland is onits Little Deer Copper Project, a 50–50 joint venture with Thundermin ResourcesInc., and the site of a past producing underground copper mine. In October 2010the partners announced a NI 43–101 compliant mineral resource estimate of1,150,500 tonnes of Indicated Resources at an average grade of 2.8% Cu and anInferred Resource of 2,335,500 tonnes at an average grade of 2.1% Cu. Scopinglevel metallurgical test work completed in 2010 shows excellent results withproduction of a saleable, high grade copper concentrate grading over 28% Cuwith over 97% copper recovery. In late January 2011 we announced that drilling hadrecommenced at Little Deer with two drill rigs. The primary purpose of thecurrent drill program is to attempt to increase the estimated mineral resourcesto the five to six million tonne range.
Cornerstonealso maintains a portfolio of prospective gold and base metals properties onthe island.
Labrador — Cornerstone has been an active explorer in Labrador since 2003.Highly prospective nickel and uranium properties have been acquired in theVoisey’s Bay and Kitts–Michelin areas, respectively. In western Labrador,Cornerstone and 50% joint venture partner Altius Resources Inc. have beenexploring for copper, uranium and related metals within the Labrador Trough. Incentral Labrador, Cornerstone has optioned its Letitia Lake REE claims to RareEarth Metals Inc. who in 2010 carried out a new airborne magnetic andradiometric survey and follow-up prospecting.
New Brunswick — Cornerstone and partner Great Western Minerals Group Ltd. areexploring for REE deposits on the Chaleur project in northern New Brunswick. Insouthern New Brunswick Cornerstone is targeting Sediment–Hosted StratiformCopper (SSC) deposits on its Goshen and Dorchester projects. The Goshen andDorchester properties cover Carboniferous–aged sedimentary rocks of the Monctonand Sackville Subbasins. These basins currently produce natural gas, potash andsalt—all indicators of a geological environment favourable for the developmentof SSC deposits. Both properties have historic copper resources (non NI 43–101compliant) and potential exists for discovery of bulk–tonnage copper depositsthat are amenable to low–cost acid leaching.
What are the pros and cons of exploring in Ecuador?
Opportunity - It is becoming increasingly apparent that Ecuador welcomesenvironmentally friendly, socially responsible, sustainable mining developmentand we are positioning Cornerstone to be a major player in this underexploredland of significant mineral potential.
As Cornerstone hasa number of potential “company maker” projects in this country, we arecurrently evaluating the opportunity to explore and develop certain of theseprojects on a 100% basis.
Ecuador passed a new mining law in January 2009, replacing a mandatethat had ordered a suspension of all mining and exploration work in the countryalmost a year earlier. The provisions ofthe new law are now being fully implemented, thereby enabling Cornerstone andother companies to recommence exploration and development activity.
At the Prospectors and DevelopersAssociation of Canada (PDAC) convention in Toronto on March 8th theEcuadorian delegation, headed by newly appointed Vice Minister of Mines,Federico Auqilla, mentioned Cornerstone as one of the exploration companiesfilling the pipeline with the second generation of projects for the country,and said they expected to have the first two mineral exploitation contractswith companies at the feasibility stage signed by April 15th. TheVice Minister, a mining engineer from the city of Cuenca who is known as a longtime supporter of foreign investment, delivered a message from President RafaelCorrea that Ecuador is committed to developing a world-class mining sector andrealizes it needs foreign investment to do this. He also stressed that lessthan 5% of Ecuador has seen any systematic mineral exploration, and thepotential for major discoveries in this Andean country is enormous.
Challenges – Ecuador is a developing country and, in order to do business there,companies must have experience operating in such environments and patience.
What are the pros and cons of exploring in Newfoundland?
Opportunity - Mining is one of Newfoundland and Labrador's (NL) largest andoldest industries, dating back to the 1700’s. Four mines have been brought intoproduction since 2005, two more are scheduled to resume production in 2011 andthere are additional projects at the permitting stage. Mining currentlycontributes about 12% to the provinces GDP (second only to oil) and theprovincial government is strongly supportive of the industry. Its diversegeology spans Archean to Paleozoic and it hosts a variety of metallogenicenvironments that are prospective for a wide range of mineral deposittypes. NL produces about 10% of Canada’smineral production by value and in recent years has been 1st in ironore, 2nd in nickel, 3rd in copper and boasts of the onlyprimary antimony mine outside China. Forthe past several years, the Fraser Institute’s Annual Survey of MiningCompanies has ranked NL in the top 15 most attractive jurisdictions in the worldfor mineral exploration and mine development. The province has among the bestdirect-grant incentive program for mineral exploration in Canada, designed todefray 50% of eligible exploration costs, to a maximum of $100,000 forNewfoundland projects and $150,000 for Labrador projects. The NL Department ofNatural Resources provides virtually all of its geoscience data inuser-friendly, online databases. They were a pioneer in providing real-time,online claim staking and will shortly roll out an online system for explorationpermitting.
Challenges – Unsettled Aboriginal land claims in parts of Labrador need to beresolved in order to establish security of mineral tenure in those areas.
What were your major accomplishments in 2010?
(1) The securing of the permits to recommence exploration activitieson our Gama target on the Shyri concession (announced January 4, 2011), (2)completion of scoping level metallurgical test work on core samples from theLittle Deer copper project (announced October 19, 2010), (3) an updated mineralresource estimate on Little Deer (announced October 13, 2010), (4) theoptioning of the Red Cliff copper property to Vale Exploration Canada Inc.(announced May 4, 2010), and (5) the optioning to Rare Earth Metals Inc. of ourLetitia Lake REE property (announced February 16, 2010).
What can shareholders look forward to during theremainder of 2011?
(1) An updated resource estimate on our Little Deer copper project,(2) drilling results on some of our key projects including the Gama target onthe Shyri property, (3) approval of permits to begin drilling the other targetsat Shyri such as Vetas Grandes, (4) possibly results of initial explorationprograms on our two recently acquired Chilean projects, and (5) generation of new projects along withannouncements of new joint ventures.
How well are you funded to carry out your programs thisyear?
Cornerstone iswell funded and commitments from our JV partners constitute significantvalidation of the strength of Cornerstone’s projects. 50% of work on the LittleDeer copper project in Newfoundland is funded by partner Thundermin Resources.100% of the funding for our other flagship property, Shyri in Ecuador(including the current drill program at the Gama target), is being provided bypartner Intrepid Mines, which is committed to spending at least $1 million onthe property in 2011. Great Western Minerals is funding 100% percent of thework on the Company’s Chaleur rare earth elements (REE) property in NewBrunswick (see news release dated March 1, 2011). 100% of work on our Macara property insouthern Ecuador is being funded by Newmont Ventures Limited, a subsidiary ofNewmont Mining Corporation (see news release dated March 30, 2010). 100% of workon our Letitia Lake REE property in central Labrador is being funded by RareEarth Metals Inc. to earn a 51% interest in the property (see news releasedated February 16, 2010), and 100% of work on our Red Cliff copper property onthe east coast of Newfoundland is being funded by Vale Exploration Canada Inc.to earn a 60% interest (see news release dated May 4, 2010).
Cornerstonecurrently has a treasury position of approximately $2.6 million, excluding ourportfolio of marketable securities which has a current value in excess of$550,000. These marketable securities could be converted to cash if necessary.In addition, the Company is now in a position to call another 4,687,500warrants, at an exercise price of
.20, thereby causing them to expire if notexercised within 30 days of the date they are called. These latter warrantswere issued in connection with a private placement announced on November 22,2010, and if exercised would add another $937,500 to our treasury. In short, webelieve that Cornerstone has sufficient cash on hand to meet all itscommitments and to advance its strategic objectives well into 2012. Proceeds from the exercise of all outstandingwarrants and liquidation of the marketable securities, with current cash onhand, gives Cornerstone potential total cash resources of approximately $4.1million.
Is it likely that you will have to tap the market foradditional funds in the near future?
We have sufficient funds to take us into 2012 but we will certainlyevaluate financing opportunities later in 2011 but only when the share price ishigher than the current level.
Can you briefly give us a profile of your managementteam, outlining their experience and background in either mining or finance?
Glen H. McKay
Director, CEO & Executive Vice Chairman
Glen was a co-founder of Cornerstone. The company began in 1997 as a private business and went public on the TSXV in 1999, the first new company listed on the combined Alberta and Vancouver stock exchanges. Glen has served Cornerstone in several executive roles. He became Chairman on April 15th, 2008, moving from the position of President & CEO in which capacity he led the development of Cornerstone into an international exploration company recognized for its business and technical acumen. On August 3, 2010, Glen was re-appointed President and CEO, with Executive Vice Chairman responsibilities. He recently relinquished the role of President with the appointment of Brooke Macdonald to that position.
Glen’s business experience spans 30 years over which he has led the establishment and operation of several privately held companies. Since 1979, he has been President of Sealan Capital Corp., a private investment and property leasing company in Mount Pearl, Newfoundland & Labrador. He is the founder, a major shareholder and Chairman of Nfld. Hard-Rok Inc. (NHR), a leading manufacturer of explosives and the largest provider of explosives, drilling and blasting services to the construction, mining and quarrying industries in Newfoundland & Labrador, Canada. NHR, through its wholly owned subsidiary, Dyno Nobel Labrador Inc., is the life-of-mine contractor to Vale Inco for the manufacture and supply of explosives to the world-class Voisey's Bay nickel mine in Labrador. He is also co-founder, a major shareholder and Chairman of Apex Construction Specialties Inc., the largest supplier of specialty industrial and commercial construction products in Newfoundland and Labrador.
Brooke Macdonald
Director, President
Bc Brooke comes from a legal background, with a specialty in contract negotiations, direct foreign investment and joint ventures in the mining sector in Latin America. He is fluent in Spanish, and has been a Cornerstone Director since 2009. He graduated from Queen's University, Kingston, Ontario, in 1982 with an L.L.B., was admitted to the British Columbia Bar in 1984 and to the New York Bar in 2002. His experience includes almost 4 years as an associate at the Caracas office of international law firm Baker & McKenzie, and almost nine years as an executive with global mining company Placer Dome Inc. (later acquired by Barrick Gold Corp.), first as their legal counsel for exploration in Latin America and later as President of Placer Dome de Venezuela C.A. More recently, he was Vice President Legal Affairs of Skye Resources Inc., a Vancouver based TSX listed company developing the Fenix nickel laterite project in Guatemala, until its takeover by HudBay Minerals in August 2008. Brooke has been involved in mining related transactions, including option and joint venture agreements and project financings, in over 10 countries in Latin America.
David Loveys, C.A.
Director, Vice President Finance & Chief Financial Officer
David's experience has been primarily with large Canadian publicly traded companies operating in the domestic and international markets. He has held senior financial positions with CHC Helicopter Corporation and, prior to that, with the NewTel Group of Companies. David has a Bachelor of Commerce Degree from Memorial University of Newfoundland and qualified as a Chartered Accountant in 1981. He successfully completed the Investment Dealers Association of Canada, Canadian Securities Course in 1987.
Terry Brace, M. Sc., P. Geo.
V.P. Exploration
Terry is a native of Newfoundland and is a professional geoscientist with more than 20 years of exploration industry experience. He graduated with a B.Sc. Honours degree in 1984 and a M.Sc. degree in 1991 from Memorial University of Newfoundland.
Terry's industry experience is broad-based, and includes exploration for base metals, precious metals and oil & gas in Canada, Latin America and West Africa. He has worked for several major and junior companies, including Noranda, Teck Resources, Aur Resources, Thundermin Resources and Joutel Resources. From 1996 to 1998, he served as Operations Manager for Joutel Resources Limited in Cuba and from 1999 to February 2008, was the senior exploration geologist on Teck Resources’ Duck Pond copper-zinc mine located in central Newfoundland. There he was a key member of the management team that brought Duck Pond into production, having also been heavily involved in environmental and permitting aspects of the project.
Yvan Crepeau
President Cornerstone Ecuador S.A. & La Plata Minerales S.A., Ecuador
Yvan is a Geologist and exploration manager with over twenty-five years of diversified experience in the evaluation and management of exploration projects in Eastern Canada as well as overseas in Asia and in North, Central and South America. Yvan has expertise in corporate development, management of technical programs and human resources, relations with government agencies and contract negotiation. Yvan has his Masters of Business Administration (MBA) from HEC in Montreal, specializing in International Management, and his Bachelor’s Degree in Geology (BSc) from the University of Montreal. He is fluent in English, French and Spanish.
Andrew Hussey, P. Geo.
Lands Manager
Andrew's exploration career has been largely in the role of an exploration geologist with both major and junior mineral exploration/mining companies as well as with various geological consultants. His technical experience spans several metallogenic environments in Newfoundland and Labrador including VMS, magmatic Ni-Cu-Co and gold. Through working with Noranda Inc. and Thundermin Resources Inc., Mr. Hussey has gained considerable knowledge of VMS environments in central Newfoundland. Prior to joining Cornerstone, Mr. Hussey worked for Thundermin Resources Inc. during mine feasibility studies on the Duck Pond VMS deposit. Mr. Hussey's superior GIS, technical and administrative skills make him ideally suited for the role of lands/data manager. Mr. Hussey is a native of Newfoundland and a professional geoscientist registered with the Association of Professional Engineers and Geoscientists of Newfoundland as well as a graduate of Memorial University with a B.Sc. (Honours) degree in Geology (1994).
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