Cornerstone Capital Resources Inc V.CGP

IMG in trouble, but is CGP affected too?

[nijinsky70]

I found this posted on the ARU BB. Shyri is surrounded? or near by? IMG's Quimsacocha project. What impact will there be for CGP? By the way, this reporter Alonso Soto of Reuters, has been known to be very bias against mining in Ecuador, and every time he writes ARU's share price took a hit. His reporting may have been exaggerated here as well, so please be fore-warned. --------------------------------- 17:27 14Nov2007 RTRS-Ecuador orders Iamgold to quit some concessions QUITO, Nov 14 (Reuters) - Ecuador said on Wednesday it has ordered Canada's Iamgold Corporation to abandon around 30 percent of its concessions inside the Quimsacocha exploration project over environmental concerns. Mining Deputy Minister in charge Javier Cordova said the company has 15 days to abdicate its concessions or face sanctions, which he did not specify. He said the move aims to protect water sources at the 9,600-hectare Quimsacocha project located 480 kms south of the capital, Quito. "Iamgold ... will have to abandon at least 3,000 hectares of its concessions granted in the Quimsacocha area," Cordova told reporters. "We are talking about the Cerro Casco and Rio Falso concessions." He added that the ministry has talked with the company "and I think we are going in the right path." A company spokeswoman was not immediately available for comment. It was not immediately known if those two concessions have reported important mineral deposit discoveries. Toronto-base Iamgold is exploring for gold, silver and copper at the Quimsacocha project, which has been the target of environmentalists and some local villagers who say the project would pollute key water sources. Ecuador has little precious metals output, but analysts say it holds large deposits of gold and copper. President Rafael Correa has promised sweeping reforms to the country's nascent mining sector to stablish new contracts and royalties to companies exploring for metals. Companies currently don't pay royalties, but an annual ownership fee for its concessions. Some of the firms exploring in the Andean country include Aurelian Resources and Corriente Resources . (Reporting by Alonso Soto; Editing by Christian Wiessner) (([e-mail]; Tel: [phone] ext 102)) Keywords: ECUADOR MINING/IAMGOLD