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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Newcrest Mining Limited    NCM   AU000000NCM7

NEWCREST MINING LIMITED

(NCM)
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Newcrest Mining : Cornerstone Capital Resources and Newcrest Mining Sign Definitive Option and Farm-in Agreement for Caa Brava Gold-Copper Project in Ecuador

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04/23/2019 | 04:56am EDT

Cornerstone Capital Resources Inc. (Cornerstone or the Company) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) is pleased to announce that Cornerstone and its subsidiary Caabrava Mining S.A. have signed a binding option and farm-in Agreement with Newcrest International Pty Limited (Newcrest), a subsidiary of Newcrest Mining Limited (ASX: NCM) for Cornerstones Caa Brava and Tioloma properties in Ecuador (Figure 1) (the Project), targeting epithermal gold-silver and porphyry gold-copper deposits in south central Ecuador. This Agreement implements and replaces the Heads of Agreement announced February 19, 2019: Click Here

President and CEO Brooke Macdonald said: "Newcrest is one of the largest gold mining companies in the world, operating mines in Australia, Papua New Guinea, and Indonesia, and we are pleased to have entered into this Agreement with them. Newcrest is also partnering with us on the Miocene project in Chile (see news release dated December 10, 2018). We look forward to working with the Newcrest team on these properties.

Cornerstone applauds the Ecuadorian Ministry of Environment (ME)s issuance in March of Ministerial Accord 020 (amending Ministerial Accord 009 of January 24, 2019), being the regulations for scout (exploratory) drilling using up to 30 drill platforms during the initial exploration phase of an exploration project, and the issuance in the last week of the Application Form to obtain an environmental registration the obtainment of which is a condition to benefit from the scout drilling program. Cornerstone is studying the Application Format and expects to make an application for scout drilling in the coming months.

In the meantime, Cornerstone continues to advance its almost completed environmental impact assessment (EIA) for Caa Brava that would provide for drilling during the initial and advanced stages of exploration and beyond during the economic evaluation phase and expects to be submitting the EIA to ME for comments within 4 to 6 weeks time.

Teams from both companies are already meeting to define work programs and activities to be implemented in the following weeks and months.

(c) The Observer 2019 Observer Media Ltd. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
CORNERSTONE CAPITAL RESOURCES INC. -2.44% 0.2 Delayed Quote.-25.00%
NEWCREST MINING LIMITED 0.93% 30.54 End-of-day quote.38.81%
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Financials ($)
Sales 2019 3 719 M
EBIT 2019 932 M
Net income 2019 580 M
Debt 2019 509 M
Yield 2019 0,98%
P/E ratio 2019 26,58
P/E ratio 2020 21,49
EV / Sales 2019 4,27x
EV / Sales 2020 3,68x
Capitalization 15 364 M
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Mean consensus HOLD
Number of Analysts 11
Average target price 18,0 $
Spread / Average Target -10,0%
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NameTitle
Sandeep Biswas Chief Executive Officer, Executive Director & MD
Peter Algernon Franc Hay Independent Non-Executive Chairman
Gerard Bond CFO, Finance Director & Executive Director
Philip Stanley Aiken Independent Non-Executive Director
Roger John Higgins Independent Non-Executive Director
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