Cornerstone Capital Resources reports that remarks by Ecuador’s new Minister of Mines and Petroleum, Derlis Palacios, indicate the new mining law should be enacted by early January 2009. The appointment of Palacios to replace outgoing Minister Galo Chiriboga was announced earlier this month.  Speaking to a group of
geologists and engineers in Cuenca last week, Minister Palacios said that the new mining law would be “socialised”; that is, available for public review and comment, over the next three to four weeks before being submitted to the “congresillo” (the transitional legislative assembly) for final passing into law. 

The final draft law is expected to be available for consultation on the Ministry’s website October 28. In the meantime, a director of the Ministry confirmed on October 22 that the Mining Mandate issued on April 18 this year will continue until January 2, 2009 at which time its original term of 180 working days will expire. 

Cornerstone has maintained key staff in Ecuador during the mining moratorium and is well-positioned to re-activate exploration programs on its high potential Shyri project with partner Coastport Capital, and the Macara project with its strategic partner, Newmont Mining. Cornerstone also has excellent precious metal prospects on its 100%-owned Monterrey and Bella Maria properties.