UPDATE 2-Newmont partner halts Ecuador gold project
(Recasts, adds stock activity)
NEW YORK, April 30 (Reuters) - Cornerstone Capital Resources Inc (CGP.V), a strategic partner of Newmont Mining Corp (NEM.N), said Wednesday it has suspended gold exploration work of its Macara Project in southern Ecuador.
Cornerstone, a Canadian mining exploration company, said it provided a notice of force majeure due to the mining mandate issued by Ecuador's Constituent Assembly on April 18, which placed a moratorium on exploration and mineral development activities for up to 180 days.
The declaration of force majeure is a legal requirement under the terms of the Cornerstone-Newmont agreement in order to suspend exploration work and expenditures during the moratorium, it said.
The Macara properties comprise four legally granted concessions and 17 concession applications in process. All properties are in the early stages of exploration and evaluation, Cornerstone said.
In addition, Cornerstone also provided notice of force majeure on the Shyri Project in south-central Ecuador.
Cornerstone shares were down 0.5 Canadian cent to 23 Canadian cents a share on the TSX Venture Exchange, while Newmont's stock inched up 18 cents at $43.11 a share on the New York Stock Exchange. (Reporting by Frank Tang; editing by Matthew Lewis)
