Regulations to the Mining Law Signed in Ecuador
posted on Nov 06, 2009 08:53AM
Development and exploration company moving towards initial production.
|November 5, 2009|
|Corriente Resources Inc.: Regulations to the Mining Law Signed in Ecuador|
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2009) - Corriente Resources Inc. (TSX:CTQ)(NYSE Amex:ETQ) -
The Company is pleased to announce that President Correa has signed the Regulations to the Mining Law that was proclaimed earlier this year. The ceremony for the Presidential approval was held on Wednesday, November 4, 2009 in Zaruma, Ecuador which is an important center for the small mining industry in Ecuador. The Company expects to receive a copy of the new Regulations shortly.
Commented Ken Shannon, Corriente's President and CEO, "With the Regulations signed, real progress has been made in the development of a responsible mining sector in Ecuador. Corriente now will be able to carry out advanced development work on our projects under these new Regulations. We expect a significant increase in opportunities for members of our local communities who are the key stakeholders in a future which encompasses responsible mining. With the price of copper doubling since the beginning of the year as the global economy recovers, the outlook for the Company's projects has improved materially."
Negotiations still continue with the selected party regarding the potential sale of the company as last reported in the Company's news release dated July 20, 2009. The extension of these discussions with the selected party has presented the company with an opportunity to respond to renewed interest we are receiving in our copper projects in Ecuador. Several groups have completed their review of project information in the company's data room and requests have been received for Ecuador site visits. Corriente intends to take advantage of this newly improved copper environment to ensure shareholders are presented with the best outcome.
Further comments or announcements will be made by the company as developments warrant. No assurance can be given that the negotiations will result in an agreement for any sale of the company.
Corriente holds a 100% interest in four known copper and copper-gold porphyry deposits that are being strategically developed as the Mirador Project (which includes our Mirador Norte deposit) and the Panantza-San Carlos Project, for which NI 43-101 Technical Reports have been filed on SEDAR (www.sedar.com).
The company also holds 100% of concession interests covering approximately 430 square kilometres, in which six additional copper exploration targets have been identified. Taken together, the known project deposits and exploration targets represent a potential long-term district development opportunity for large-scale copper-gold mining in southeast Ecuador.
Kenneth R. Shannon, CEO and President