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Correa Says Responsible Mining Will Go Ahead in Ecuador VANCOUVER, CANADA, April 25, 2008 – Corriente announces that the company and seven other mining companies (Aurelian Resources, Cornerstone Capital Resources, Dynasty Metals & Mining, Ecometals Limited, IAMGOLD, International Minerals Corporation and Salazar Resources) collectively met with President Correa and other top officials yesterday afternoon in Quito to discuss the future of mining in Ecuador and the impact of the previously announced Mining Mandate. The companies welcomed President Correa's repeated statements that responsible mining will go ahead in Ecuador. He said that the purpose of the Mining Mandate was to allow the Government to get its house in order and new mining laws in place so that responsible mining can proceed. The President invited the mining companies to meet with the Ministry (of Mines and Petroleum) to help formulate the new mining laws, starting this coming Monday, April 28. Present from the Government were President Rafael Correa; Dr. Galo Chiriboga, Minister of Mines and Petroleum; Dr. José Serrano, Deputy Secretary of Mines; Dr. Agustin Paladines, Mining Advisor to the President; Fernando Alvarado, Advisor to the President; Ricardo Patiño, Minister of Politics; and Dr. Ramon Torres, Business Advisor to the President. The Canadian Ambassador to Ecuador, Christian LaPointe, accompanied the companies and presented the concerns of the Canadian Government for a fair, stable and long-term investment environment in Ecuador. Corriente continues to seek clarity from the Ecuador Government regarding the Mining Mandate's specific application to the company's operations over the next six months and will issue updates as information becomes available. The Company looks forward to working with the Ministry starting next week. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release announcing an update on the recently announced Mining Mandate in Ecuador constitutes forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include among other things, statements regarding projected production rates and capital costs, estimates regarding copper prices, mineral resources and anticipated grades and internal rates of return. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including risks related to the exploration stage of the company’s projects; market fluctuations in prices for securities of exploration-stage companies; uncertainties about the availability of additional financing; uncertainties related to fluctuations in copper prices; the possibility that Corriente may change its plans with respect to one or more properties; and other risks and uncertainties described in the company’s Annual Information Form for the year ended December 31, 2007, and registration statement on Form 40-F filed with Canadian securities regulators and the U.S. Securities and Exchange Commission, respectively. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. April 21, 2008 ECUADOR CONSTITUTIONAL ASSEMBLY - MINING MANDATE UPDATE
VANCOUVER, CANADA, April 21, 2008 - Further to the company's news release of April 18, 2008, Corriente has completed an initial review of the new Mining Mandate that was approved by the Ecuador Constitutional Assembly on April 18, 2008. A number of the articles contained in this Mandate are very unclear and consequently, we are not yet able to fully assess any potential impact on some of our concession holdings in the country. After a meeting with mining sector representatives on Friday, April 18, 2008, the President of Ecuador, through the Presidential Press, issued a statement clarifying the intent of the Mining Mandate, which states the following:
In March 2008, Corriente was given title confirmation from the Ministry of Mines and Petroleum ("MMP") as part of the company's annual audit process. This process confirmed that all of our concessions are in good standing. To date, we are not aware of any changes in the "good-standing" status of our concessions. We are in the process of finalizing meetings with the office of the President of Ecuador and the MMP over the next few days to be able to provide more clarity to investors about the intent and potential impact of the Mandate. Over the last eight years Corriente has invested over CDN$ 80 Million in its Ecuador projects, using capital provided by investors in Canada, United States and Europe. These capital contributions have allowed the company to advance the potential mineral wealth of Ecuador from a very early exploration stage, where almost nothing was known about the geology of southeast Ecuador, to establishing the existence and feasibility of world class copper resources. These resources have the potential to bring billions of dollars in infrastructure development and associated jobs for the benefit of the people of Ecuador. Uncovering the existence of these important copper resources has required years of drilling and engineering studies by our dedicated Ecuadorian team and support from local communities, who realize there can be a better future for their children utilizing the benefits from responsible resource development. Corriente CEO and President, Ken Shannon, commented, "We believe that the President's message has been consistent over the last six months. That message is that there is a place in Ecuador for responsible mining and Corriente supports the President in advancing this message. While the Mining Mandate has obscured this message, we do not believe there are any pervasive changes to the President's plans for mining in Ecuador. Clearly, it is important for the Government of Ecuador to provide greater clarity so that mining companies and their shareholders can believe in the Administration's plans for allowing responsible mining in Ecuador. Events such as those over the last few days confirm that frontier mining development requires patience and a long-term outlook. We continue to believe that mining can make an important contribution to the future in Ecuador. With over CDN$ 90 Million in the treasury and an excellent Ecuador-based development team in place, Corriente is well-positioned to continue working with the Ecuador Government in developing a responsible mining industry for the benefit of all stakeholders." ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. April 18, 2008 ECUADOR CONSTITUTIONAL ASSEMBLY PASSES NEW MINING MANDATE
VANCOUVER, CANADA, April 18, 2008 – Corriente announces that it has been advised by its Quito office that earlier today the Constitutional Assembly of Ecuador passed a new Mining Mandate. The company has requested an official version of this Mining Mandate and will advise further as to the impact of this Mandate on the company's operations in Ecuador when the company's analysis is completed. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com . P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. April 3, 2008 UPDATED FEASIBILITY STUDY FOR MIRADOR SHOWS ATTRACTIVE STARTER PROJECT WITH MAJOR COPPER GROWTH POTENTIAL
Project to produce 130 Million pounds of copper annually VANCOUVER, CANADA, April 03, 2008 – Corriente announces that an updated Feasibility Study Technical Report ("FS") has been completed for the company's 100% owned Mirador Project ("the Project") in southeastern Ecuador. The FS projects an average of almost 130 Million pounds of annual copper production for the Project and shows a projected initial capital cost of approximately US$ 399 Million and approximately US$ 19 Million in working capital, which would be spent over a two year construction period prior to the start of production. The FS calls for daily throughput of the concentrator facility of approximately 30,000 tonnes per day, which is a material improvement over the original Feasibility Study results released by the company in April 2005, which planned for 25,000 tonnes per day. Mr. Ken Shannon, CEO of Corriente stated, "The Company is pleased that its efforts to continue to refine the economics of the starter project at Mirador are meeting with success and each iteration of the project shows increasing value for shareholders and stakeholders. Combined with our Panantza – San Carlos project, Corriente now has a fully stocked pipeline of near term and longer term projects from which to build a significant copper producer from the ground up."
Resources Total estimated resources for the Mirador Project (excluding Mirador Norte), at a 0.4% copper cut-off, are as follows:
The mine plan for the FS utilized 181 Million tonnes or approximately 41% of the overall Measured and Indicated Resource contained within the Mirador deposit. Mineral resources at the adjacent Mirador Norte project have not been included in the FS. Total estimated resources for Mirador Norte, at a 0.4% copper cut-off, are as follows:
Mining Ore and waste quantities were generated from a 3-D model of the deposit. The FS resource at Mirador of 181 Million tonnes was arbitrarily restricted in this starter project FS and with infrastructure changes, the portion of Mirador resources that could be available for mining would significantly increase (see Table above). The LOM strip ratio is estimated to be 0.81 (waste):1(ore). Processing The process plant is a conventional concentrator that would process 30,000 tonnes per day of copper ore containing 0.62% Cu, 0.20g/t Au and 1.63 g/t Ag over the life of the mine. The plant has been specifically designed to allow a doubling of throughput to 60,000 tonnes per day by twinning the process circuit beside the existing layout. Several major components of the flow sheet are already sized to cope with such an expansion, including the crusher and main ore conveyor. The copper concentrate produced is expected to average 30% Cu. The concentrate would be transported via a 418 km highway to a dedicated bulk materials port at Machala that is included in the planned mine infrastructure. The Corriente port site was granted approval for an Environmental Impact Assessment, as announced by the company on December 10, 2007. Infrastructure The existing Amazon highway system comes within six kilometres of the Project site and local gravel roads will require upgrading to improve mine access. The conceptual design of the FS calls for a 111 km, 230 kV transmission line to be constructed to connect directly to the main electrical grid at Sinincay. Socio-Economic The principal needs of the local communities and government are employment and infrastructure development. Extensive migration of residents within Ecuador and abroad has occurred because of the poor local job market. The company has been working on a program of dialogue over the last six years with the local communities and government to ensure that any development at Mirador is sensitive to their needs and fits with the requirement that projects are environmentally and socially responsible. Construction The estimated cost to build the 30,000 tonne per day plant and associated infrastructure is US$ 418 Million, including working capital of approximately US$ 19 million. Labour is estimated at 2.7 Million man-hours of direct construction work and mine pre-development. The execution period to allow for long lead-time items for the Project is estimated to be 36 months total, which includes a construction period of approximately 24 months. Copper Price Sensitivity The Project base case uses a long term copper price assumption of US$ 1.75/lb. Holding all other costs and prices constant, varying copper prices provides the following table. These results highlight the strong economics of the Project at various copper prices up to US$ 3.00/lb, a level which is significantly less than current spot market price for copper.
In general, the FS indicates that the Project is more sensitive to copper revenue and less sensitive to capital cost, gold price or operating cost fluctuations. The cost estimates and financial analyses set out above are subject to important qualifications, assumptions and exclusions, all of which are set out in the FS. In order to fully understand these figures, the NI 43-101 Technical Report referred to below should be read in its entirety. The FS study was completed by a team of in-house staff and external engineering consultants, including SNC-Lavalin Chile S.A., Merit Consultants International Inc., Hoffert Processing Solutions Inc. and Knight Piésold Ltd. The full NI 43-101 Technical Report will be available on SEDAR within 45 days of this announcement. The Qualified Person for the above disclosure is John Hoffert, P. Eng. Current Activity at Mirador Work at the site is currently focused on the continuation of activities related to the Environmental Impact Assessment Amendment ("EIAA"). A work force of approximately 50 people is currently upgrading infrastructure at the Project for the required EIAA activities. Work is continuing on new home construction in the nearby village of Tundayme as part of the program of relocating several local residents away from the area of proposed mining activity at Mirador. Studies on local hydropower options are being carried out as part of a long-term development plan for energy needs at Mirador. A new office has been opened in the canton capital of El Pangui,, which will serve as the regional headquarters for work on the Mirador Project. Next Steps at Mirador Over the next three months, the work force at Mirador is expected to double as work starts on technical studies which are part of the EIAA program. In addition the company is working with the Government of Ecuador to define the terms of an Investment Contract. The Government has indicated a timeline for this process that would see completion in mid-2008. According to Mr. José Serrano, the Sub-Secretary of the Ministry of Mines and Petroleum, "The Ministry is in dialogue with the company's Ecuador subsidiary, Ecuacorriente S.A., about designing agreements that permit a development at Mirador that entail benefits for all sectors involved." Panantza - San Carlos Project Corriente is in the process of securing a partner for the company's US$ 1.3 Billion Panantza - San Carlos project approximately 40 km to the north of Mirador, as announced by the company on January 31, 2008. At US$ 1.75/lb copper, this project has an after-tax Net Present Value of US$ 1.2 Billion at an 8% discount rate, and an after-tax Internal Rate of Return of 19.7%. Corriente has executed Confidentiality Agreements with multiple parties who are engaged in preliminary project data review. Following completion of the data review, the company plans to move to an in-country due diligence process. During this phase of due diligence, Corriente will work with CORPEI, which is the Ecuadorian Corporation for Exports and Investments Promotion. According to CORPEI President, Mr. Ricardo Estrada, "CORPEI considers the Panantza - San Carlos project an unprecedented opportunity for Ecuador to gain investors competitive with those of other large mining countries in Latin America. The Government is aspiring to initiate responsible mining and a new era of development based on mineral resources and for these reasons, CORPEI is prepared to work together with the company to advance this project." ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release announcing the updated Feasibility Study for Mirador constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include among other things, statements regarding projected production rates and capital costs, estimates regarding copper prices, mineral resources and anticipated grades and internal rates of return. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including risks related to the exploration stage of the company's projects; market fluctuations in prices for securities of exploration-stage companies; uncertainties about the availability of additional financing; uncertainties related to fluctuations in copper prices; the possibility that Corriente may change its plans with respect to one or more properties; and other risks and uncertainties described in the company's Annual Information Form for the year ended December 31, 2007, and registration statement on Form 40-F filed with Canadian securities regulators and the U.S. Securities and Exchange Commission, respectively. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. January 31, 2008 CORRIENTE INITIATES PANANTZA-SAN CARLOS PARTNERSHIP PROCESS
VANCOUVER, CANADA, January 31, 2008 – Corriente announces that it has started the process of contacting interested parties to become strategic partners in the development of the Panantza – San Carlos Project in southeast Ecuador, as previously announced in a press release on November 19, 2007. To assist in this process, Corriente has engaged the advisory services of Citi and Canaccord Adams to secure a majority partner for the Panantza – San Carlos Project. Corriente CEO Ken Shannon commented, "Panantza – San Carlos is one of the few available large-scale copper projects in the world. With estimated capital costs in the order of US$1.3 billion, this project is better suited for advancement by a large company having the financial and technical resources required to fast-track its development to production." Bringing on a majority partner for Panantza – San Carlos will allow Corriente to maintain its focus on the Mirador Project, which is located approximately 40 km to the south. An updated feasibility study for Mirador is expected to be released during the first quarter of 2008 and will outline the project development plans of Corriente. As a key milestone in the development of a large scale responsible mining sector in Ecuador, the company is in negotiations with the Ministry of Mines and Petroleum on a development and investment framework for mining projects in Ecuador. Efforts to complete this framework are expected to continue over the next few months. Separate from the framework dialogue, discussions are progressing with the Ministry regarding the resumption of field activities at Mirador beyond the current EIAA work program. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. December 10, 2007 ECUADOR MINISTRY OF ENVIRONMENT APPROVES MACHALA PORT EIA. Port to ship all copper concentrate from planned Mirador mine
VANCOUVER, CANADA, December 10, 2007 – Corriente announces that the Ministry of Environment in Ecuador has approved the Environmental Impact Assessment (“EIA”) of the planned port operation in Machala, which is designed to act as a shipping facility for all Corriente copper concentrates to be produced in Ecuador. Corriente owns a 27 hectare port site on the Santa Rosa Channel in Machala, which is connected to the Mirador project by a 400 km paved highway. Receipt of the EIA is an important part of the overall Mirador project approval process and provides the key access for a Pacific shipping route for copper concentrates. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. December 5, 2007 CORRIENTE'S RESPONSIBLE MINING ACTIVITIES SUPPORTED BY MAJOR ECUADORIAN INDIGENOUS ASSOCIATION
VANCOUVER, CANADA, December 5, 2007 – CONFENIAE, an association representing approximately 220,000 people from all 16 indigenous nationalities of the Ecuadorian Amazon, held a Special Assembly on Thursday, November 29th in Puyo, Ecuador. During the Special Assembly, the CONFENIAE leadership overwhelmingly voted in favor of a resolution supporting the responsible mining activities of EcuaCorriente S.A. (Corriente) in the Zamora Chinchipe and Morona Santiago Provinces of Ecuador, as part of their goal to eradicate indigenous poverty in the region. CONFENIAE has immediately requested the recognition of their resolution by CODENPE (Council for the Development of Ecuadorian Nationalities and Peoples). In addition, CONFENIAE leader, José Aviles, who was elected in 2005, had his leadership unanimously upheld through a special vote during the Special Assembly, confirming full support from the leaders and communities represented through CONFENIAE. José Aviles commented, "We, the indigenous people of the Ecuadorian Amazon, have overwhelmingly voted against poverty and voted for life with hope by implementing a new economic model for our people. The indigenous peoples of the Ecuadorian Amazon deserve a life with dignity and we will move forward in accessing our natural resources in partnership with responsible Canadian mining companies like EcuaCorriente." In October 2007, José Aviles, along with Shuar Federation of Zamora Chinchipe President, Rubén Naichap (representing over 5,000 people from 55 Shuar communities in the project area), traveled to Canada to meet with Canadian aboriginal leaders. Dialogue was focused on the positive social and economic benefits that Canadian aboriginal associations enjoy through working co-operatively with responsible mining and industry in their regions. During the trip, the leaders met with Dale LeClair, National President of the Métis National Council, representing the National and International voice of over 1 million aboriginal people in Canada. As a result of this meeting, Mr. LeClair accepted an invitation by CONFENIAE to attend and speak at the CONFENIAE Special Assembly. Mr. LeClair spoke about the need to eradicate poverty, the issues of deforestation and the price of poverty and its impact on indigenous people. He also shared real life experiences about how the Métis are solving poverty through meaningful partnerships with responsible resource extraction companies. Following his speech, Mr. LeClair received a standing ovation followed by a formal signing ceremony of an International Co-operation Agreement with Shuar Federation President, Rubén Naichap, officially beginning the relationship between the Shuar people of the Zamora Chinchipe Province of Ecuador and the Métis National Council of Canada. Mr. LeClair stated, "I am very pleased to have seen first hand the Mirador project area and to have had the opportunity to meet local leaders who are very supportive of the project. The Métis National Council is very pleased to have signed an International Cooperation agreement with the Shuar Federation of Zamora Chinchipe, which will allow our organizations to work more closely together for the common benefit of our peoples." "The Shuar Federation of Zamora Chinchipe and our communities have learned about the benefits of responsible mining through the sharing of experiences from our Indigenous counterparts in Canada. We also see clearly the benefits that mining has contributed to First Nations and Aboriginal peoples of Canada and deeply appreciate the investment being made by the shareholders of EcuaCorriente in creating opportunities and a better quality of life for our people," announced Rubén Naichap, President of the Shuar Federation of Zamora Chinchipe. Corriente also announces that Tom Milner will be retiring from the position of President of Corriente at the end of this year. Tom will continue his involvement with Corriente as a Mining Technical Advisor. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. November 19, 2007 PRELIMINARY ASSESSMENT FOR PANANTZA-SAN CARLOS COPPER PROJECT DEMONSTRATES POSITIVE ECONOMICS AND MAJOR COPPER INVESTMENT POTENTIAL IN ECUADOR
Project to produce over 400 Million pounds of copper annually. VANCOUVER, CANADA, November 19, 2007 – Corriente announces that a positive preliminary assessment ("PA") has been completed for the company's 100% owned Panantza–San Carlos Copper Project ("the Project"), situated approximately 40 kms north of Corriente's 100% owned Mirador copper project in southeastern Ecuador. The PA projects over 400 Million pounds of annual copper production for the Project and shows a projected capital cost of approximately US$ 1.3 Billion, which would be spent over a two year construction period prior to the start of production. The company plans to move the Project to the Feasibility Study stage with a planned budget of approximately US$ 12 Million in field and engineering work over the next two years. Mr. Ken Shannon, CEO of Corriente stated, "The Company is pleased with the positive economics of this new copper Project and with the favourable culmination of our efforts to respond to the demands of several segments of Ecuadorian society looking to attract responsible investment to the country. The development of major mineral resources will be for the benefit of the communities of the Morona-Santiago and Zamora-Chinchipe provinces as well as the entire country. Corriente will work with the communities and the Government to ensure social, environmental and economic sustainability. Under these key conditions implemented by the current administration of President Raphael Correa, we feel Ecuador is ready to start its mining future." Highlights
Resource Total estimated inferred resources at Panantza and San Carlos are as follows:
Mining Ore and waste quantities were generated from 3-D models of both deposits. The potential resource at San Carlos was restricted by tailings capacity. With an expanded tailings design, the portion of San Carlos resources that could be available for mining would significantly increase. Mining of 189,000 tonnes per day of ore and waste would commence with the Panantza deposit and move to San Carlos at year 10. The current mine plan calls for co-disposal of waste rock in either the tailings storage facility or the mined out Panantza pit, depending on the phase of mining. The strip ratio for Life of Mine is 1.1(waste):1(ore). Processing The process plant is a conventional concentrator that would process 90,000 tonnes per day of copper ore containing 0.62% Cu, 0.008% Mo, 1.3 g/t Ag and 0.05 g/t Au over the life of the mine. The copper concentrate produced is expected to average 29.5% Cu and a separate molybdenum concentrate is expected to average 49% Mo. The concentrate would be transported via a 473 km pipeline to a port on the coast for shipping to smelters. Infrastructure The existing Amazon highway system comes within six kilometres of the Project site and local gravel roads would have to be upgraded to improve mine access. The conceptual design of the PA calls for a 111 km, 230 kV transmission line to be constructed to connect directly to the main electrical grid at Sinincay. Socio-Economic The principal needs of the local population are employment and infrastructure development. Extensive migration of residents within Ecuador and abroad has occurred because of the poor local job market. The company has started a program of dialogue with the local communities and government to ensure any development at Panantza and San Carlos is sensitive to their needs and fits with the requirement that projects are environmentally responsible. Construction The estimated cost to build the 90,000 tonne per day plant and associated infrastructure is US$ 1.3 Billion, with an accuracy estimated to range from -5% to +35%. Labour is estimated at 4,500,000 man-hours of direct construction work and mine pre-development. The execution period for the Project would be 41 months total, with a construction period of approximately 24 months. Copper Price Sensitivity The Project was based on a copper price assumption of US$ 1.50/lb; holding all other prices constant and varying copper prices provides the following table, which highlights the strong economics of the Project at current copper prices which exceed US$ 3.00/lb.
In general, the PA indicates that the Project is more sensitive to copper price and copper recovery than to capital and operating cost fluctuations. The PA study was completed by a team of in-house staff and external engineering consultants, including Merit Consultants International Inc., Hoffert Processing Solutions Inc. and Knight Piésold Ltd. The full NI 43-101 Technical Report will be available on SEDAR within 45 days of this announcement. Recommendations The Project is recommended to proceed to the Feasibility Study stage, which has an estimated budget requirement of approximately US$ 12 Million. The work would include detailed diamond drilling at both deposits to fully delineate mineralization and provide core for metallurgical and geotechnical studies. This work is planned to extend over a two year period. In addition, a program of extensive community dialogue is planned to ensure that the voice of local residents is reflected in any planned development ideas. Part of this dialogue will include several public consultations, which will form part of the on-going permitting process. Fieldwork is not expected to start until the completion of negotiations with the Ecuador government regarding the lifting of a suspension order that applies to the company's Mirador, Panantza and San Carlos concessions. Given the world-class size of the proposed Panantza-San Carlos development, Corriente intends to seek an investment partner who would work to advance Panantza–San Carlos as part of a cluster of projects in southeast Ecuador that are envisioned to form a Mining Center of Excellence. In parallel with the advancement of a jointly developed Panantza-San Carlos Project, Corriente will move forward its 100% owned Mirador project as planned. The principles for development of these projects will be investment in the earth, following the practices of modern responsible mining. Responsible mining will provide a balance between protection for the environment, which is crucial to the people of Ecuador, and jobs and infrastructure development, which are also critically important for this region. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. November 14, 2007 MINISTRY OF MINES AND PETROLEUM CONFIRMS THAT CORRIENTE'S MINING CLAIMS ARE IN GOOD STANDING
VANCOUVER, CANADA, November 14, 2007 – Recent radio and television interviews with Ecuador's President Rafael Correa have quoted the President stating that the Government will look to take back concessions that are not in the exploitation phase or have not had investments into exploration or development. Corriente wishes to announce that the Ecuadorian Ministry of Mines and Petroleum has confirmed that Corriente's mining concessions are in good standing and do not fall under the Presidents definition of non-productive concessions. Corriente is underway with work on its Environmental Impact Assessment Amendment, as announced on October 29th, 2007, and is currently in constructive and constant conversations with the Ministry and communities towards the re-start of activities at the company's Mirador copper project. These dialogues are focused on environmental protection, sustainable development, as well as State and community participation. To date, Corriente has invested more than $US 50 Million into the discovery and development of its copper projects in Ecuador, including investments in social programs, education, health care and technical training within communities in the project areas. As part of its long term vision, Corriente is also working with Ecuadorian universities to stimulate research and development of projects and technologies that emphasize best practices in the development of mining to ensure environmental responsibility and long term economic sustainability that improves the quality of life for communities in the country. Corriente has signed agreements with the Escuela Politécnica Nacional and the Universidad de Guayaquil and is in the process of formalizing agreements with several additional institutions. Research and training currently underway are focused on degrees specializing in the area of hydro-electric and renewable energy. Corriente will also initiate research and development programs in the areas of bio-combustibles, bio-diversity preservation and creation, agriculture, environmental education and geo-tourism, among others. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. October 29, 2007 CORRIENTE RESUMES WORK ON MIRADOR ENVIRONMENTAL IMPACT ASSESSMENT AMENDMENT
Based on discussions with the Ecuador Ministry of Mines and Petroleum, Corriente has given notification of the resumption of activities related to the development of an Environmental Impact Assessment Amendment (EIAA), covering the complete Mirador concession area, starting November 2007. The EIAA is an amendment to the previously-approved Environmental Impact Assessment for the Mirador concession area that will incorporate engineering enhancements completed on the Mirador project. "The resumption of these activities is the result of multiple open and transparent conversations that have been taking place over the past few months with the Ministry that are leading to formal bilateral negotiations", commented Corriente CEO, Ken Shannon. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449, e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. June 20, 2007 PANANTZA COPPER RESOURCES CONTINUE TO GROW
Scoping Study For A Combined Panantza-San Carlos Project Advances VANCOUVER, CANADA, June 20, 2007 – Corriente announces that an updated resource estimation has been completed for the company's Panantza project in the Corriente Copper Belt in southeast Ecuador, which utilizes results from the most recent drilling program. Using a 0.4% copper cut-off, the inferred copper resources at Panantza are now estimated at 463 million tonnes, containing approximately 6.7 billion pounds of copper at a grade of 0.66% copper. This estimate represents an increase of almost a billion pounds of contained copper in comparison to the company's most recent disclosure for Panantza (please see current district copper totals in the table at the end of this release). This increase is a result of additional mineralization that was discovered along the south margin of the Panantza deposit during the course of drilling. The next phase of drilling planned for Panantza is in the order of 24 holes, totaling over 7500 metres of coring. This drilling program will attempt to delineate the full extent of the Panantza copper mineralization that is still open to the south, north and at depth. The Qualified Person for this disclosure is John Drobe (P.Geo) of Corriente and the 43-101 Technical Report that details this work will be posted to SEDAR and the company's website within 45 days. The company is also well advanced on a Preliminary Assessment (“Scoping Study”) for a combined Panantza and San Carlos project, given their close proximity (4 km apart) to each other. Corriente has engaged a team of engineering consultants, including Merit Consultants International Inc., Hoffert Processing Solutions Inc. and Knight Piésold Ltd. to complete this scoping work. The Scoping Study will consider a large central milling facility having a capacity of up to 90,000 tonnes per day and a project life of twenty years. An operation of this size and project length is estimated to process a combined copper resource from the Panantza and San Carlos deposits in excess of 600 Million tonnes, from an estimated total copper resource for these two deposits that is in excess of 1.1 billion inferred tonnes at a grade of 0.63% Cu. The milling process is forecast to produce an average of over 400,000,000 pounds of copper per year. This Scoping Study is planned to be completed later this summer and will be released as soon as it is available. Management recognizes that the size of the combined Panantza – San Carlos project is better suited to the capabilities of a large integrated copper mining company in partnership with Corriente. Consequently, discussions have begun with several parties who are interested in a mining operation of large scale, which will enable the company to stay focused on development of the Mirador project as a priority. Corriente CEO, Ken Shannon commented, “Advancing two large mining projects in one district presents a unique opportunity to significantly improve the economic stability of the region and would provide thousands of high-paying jobs as an alternative to their current subsistence economy. We remain committed to working with local communities, indigenous supporters and the government to continue to develop responsible mining in Ecuador and look forward to the resumption of our activities following a lifting of the suspension of field work at Mirador.”
* does not include copper oxide mineralized material that was previously included in resource estimate ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449 , e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com . P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. Disclosure statements as required by National Instrument 43-101 are available at our website. Click here. Readers are advised that the information posted is accurate at the time of posting but may be superseded by subsequent disclosures. June 8, 2007 GOLD ASSET SPIN-OFF TO BE EFFECTIVE JUNE 18, 2007
VANCOUVER, BRITISH COLUMBIA, June 8, 2007 – Corriente announces that the spin-off of Q2 Gold Resources Inc. ("Q2 Gold") approved by shareholders at the company's May 24, 2007 Annual and Special General Meeting is expected to close on June 18, 2007. In the arrangement transaction (the "Arrangement"), Corriente will transfer its Caya 36 and Piedra Liza gold concessions to Q2 Gold in exchange for shares of that company, and then distribute those shares to Corriente's shareholders. The Arrangement has now been approved by the British Columbia Supreme Court. Under the Arrangement, Corriente shareholders will receive one (1) new Corriente common share and one-third of one (1/3) Q2 Gold share for every Corriente share held at the close of business on June 15, 2007. Registered shareholders (i.e., those who personally hold a Corriente share certificate in their name) are reminded to send their Corriente share certificates and completed Letter of Transmittal to the depositary, Computershare Investor Services Inc., in order to receive their new Corriente shares and Q2 Gold shares. Shareholders who have their Corriente shares held with a financial services or brokerage firm will find that their account representative's back office will automatically look after this exchange procedure. ABOUT CORRIENTE "Dan Carriere" Daniel A. Carriere For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449 , e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com . P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. May 29, 2007 ENVIRONMENTAL IMPACT ASSESSMENT UPDATE FOR MIRADOR
VANCOUVER, BRITISH COLUMBIA, May 29, 2007 – As part of the ongoing permitting process in Ecuador, Corriente has been advised by the Ministry of Mines that proposed amendments to the company's previously approved Environmental Impact Assessment ("EIA") at Mirador will require further study. Corriente had requested the amendments as part of the continuing process of engineering initiatives designed to enhance the Mirador project. Corriente has requested a technical report from the government outlining the areas of concern and will respond to the report in due course. During this ongoing review process, the company continues to operate under the terms of its existing Environmental Impact Assessment that was granted in May 2006. Corriente is aware of several news reports from yesterday suggesting that the Company will have to start the EIA process from the beginning, but the last official communication from the Ministry of Mines in mid-May states that the additional work to be requested by the government refers to the amendments and not the original EIA permit. Any material updates will be announced as they are available. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449 , e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. May 7, 2007 PLAN OF ARRANGEMENT FOR GOLD ASSET SPIN-OFF SENT TO SHAREHOLDERS
VANCOUVER, BRITISH COLUMBIA, May 7, 2007 – Corriente announces that the name of the previously announced gold spin-off company is Q2 Gold Resources Inc. ("Q2 Gold"). Corriente will place an arrangement transaction (the "Arrangement") before its shareholders for approval, in which Corriente will transfer its Caya 36 and Piedra Liza gold concessions to Q2 Gold in exchange for shares of that company, and then distribute those shares to Corriente's shareholders. Under the Arrangement, Corriente shareholders will receive one Q2 Gold share for every three shares of Corriente held by them as of the effective date of the transaction, which is expected to be on or about June 15, 2007. As previously announced, Q2 Gold intends to take the next several months to carry out a planned exploration program on the gold targets and to assess possible plans to maximize shareholder value, including mergers, joint ventures, or an initial public offering of Q2 Gold shares. In the meantime, in order to assist Q2 Gold with its business objectives, Corriente has agreed to lend Q2 Gold up to $750,000 under a secured, interest-bearing convertible loan agreement. If the full amount of the loan were advanced and subsequently converted, Corriente would hold 7,500,000 shares, representing approximately 23% of the issued and outstanding shares of Q2 Gold immediately following the Arrangement. The Arrangement will be voted on by shareholders at Corriente's annual and special general meeting on May 24, 2007. The information circular for that meeting has been mailed to shareholders and filed under the company's name on SEDAR and EDGAR. While the information circular indicates that the shares of Q2 Gold will not be transferable without the consent of its board until such time as Q2 completes an initial public offering or lists its shares on a Canadian stock exchange, Corriente has since decided to amend Q2 Gold's articles to delete those restrictions. However, since no application will be made at this time to list Q2 Gold's shares on any exchange, holders of Q2 Gold shares may not be able to sell them. A copy of the independent valuation of the Caya 36 and Piedra Liza gold concessions prepared for Corriente's board will be made available on its website at www.corriente.com. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449 , e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the company's continuous disclosure filings as found at www.sedar.com. P.S. We encourage you to add your name to our e-mail alert list for speedy access to our News Releases. E-mail us at copper@corriente.com CORRIENTE RESOURCES INC. April 25, 2007 COMMUNITIES PUSH FEDERAL GOVERNMENT TO LIFT SUSPENSION AT MIRADOR
VANCOUVER, BRITISH COLUMBIA, April 25, 2007 – In addition to the company's current and planned discussions with the federal government, local communities are continuing to lobby the government of Ecuador through the offices of the Ministry of Mines to lift the suspension of development activities at the Mirador Project site in southern Ecuador. Corriente has obtained copies of letters from a variety of groups including the Shuar Federation of Zamora-Chinchipe, Tundayme Parish Board, El Pangui County Consortium of Parish Boards and nine Shuar communities in Canton Gualaquiza and Bomboiza. These groups represent a broad and representative cross-section of the local stakeholders that will be impacted by the development of the Mirador copper-gold project. The determination of the communities to have their voice heard is reflected in some of the comments directed towards the government of Ecuador. These comments include those from the Pangui Parish which said, "We respectfully request that the work suspension of EcuaCorriente be lifted immediately….As residents of this forgotten corner in our native country, we are the true witnesses of the importance of Ecuacorriente's contribution to the development of our communities." Another voice was heard in the Shuar community letter from the Bomboiza and Gualaquiza Cantons which said, "We, the undersigned, respectfully request that the work suspension of EcuaCorriente be lifted with immediate effect. Due to the work suspension, a conflict between neighbors has arisen. We feel that it has been provoked on the basis of bad intentions and erroneous information from ecological and religious groups, identified as activists against mining…". Finally, a comment from the Shuar Federation of Zamora Chinchipe calls for "….the immediate resumption of the technical and social activities that the company EcuaCorriente has been performing in the Pangui and Tundayme Parishes. Our request is based on our right for self-determination, which is guaranteed in the constitution, in order to decide our future…". Ken Shannon, CEO of Corriente commented, "Corriente has always been committed to full environmental responsibility to our local communities who are counting on us for jobs and other benefits, such as significantly improved housing, medical services and education. We see a bright future for the people of our communities and those in other regions in the country from responsible and co-operative modern mining activities. We are very encouraged to see them standing solidly with us in our combined efforts." Corriente is supportive in helping the voice of these local communities be heard by all parties concerned as part of an extensive civil dialogue that is vitally important to the future of all Mirador stakeholders. We believe that the will of the people, as voiced by these letters, will lead to a decision by the government to allow activities to resume and we look forward to joining with our communities for a responsible mining future at Mirador. ABOUT CORRIENTE "Ken Shannon" Kenneth R. Shannon For further information please contact Mr. Dan Carriere, Senior Vice-President at (604) 687-0449 , e-mail: dcarriere@corriente.com Certain statements contained in this News Release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company's plans to materially differ from any future results, performance or achievements expresse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
