SolGold and Cornerstone announce cooperation pact for massive Cascabel project
(Kitco News) - After years of board room maneuvers, SolGold (TSX: SOLG) and Cornerstone Capital Resources (TSXV: CGP) announced Wednesday that they are cooperating to advance the Cascabel Project in northern Ecuador.
Both SolGold and Cornerstone have stakes in Cascabel. Cornerstone describes the project as the largest gold-enriched copper porphyry in the world discovered in the last ten years. It is the only available tier-one copper-gold asset in the world not owned by a global, multi-national mining company, writes Cornerstone.
Relations between the two companies have been fraught. Cornerstone has been the subject of hostile takeovers attempts by SolGold.
In 2020 SolGold announced a US$100 million royalty financing with Franco-Nevada.
"[It] is our view that the proposed Franco-Nevada Royalty Financing will significantly destroy shareholder value for all SolGold shareholders," wrote Cornerstone responding to news about the financing.
In the past five trading days, SolGold has traded up sharply, adding about $7 to trade at $36.05. Over the same period, Cornerstone has added about 30 cents to trade at $4.45.