News - hopes in New Year in Ecuador
Oromonte hopes Ecuador will resolve issues in new year
2007-12-12 13:14 ET - News Release
Mr. Bruce Cottingham reports
OROMONTE PRESIDENT REPORTS FAVOURABLY FROM ECUADOR
Oromonte Resources Inc. is encouraged by recent actions and comments made by
President Correa and other officials regarding Ecuador's intentions to enable a
responsible modern mining industry along with the related foreign
investment.
Oromonte president, Burkhard Franz, who is currently in Ecuador, reports
that: "Many mining personnel are very positive here and are now seeing the
possibility of light at the end of the tunnel. We are hopeful that our company's
quest for mining policy clarity and legislative certainty will be resolved early
in the new year enabling officials to move forward with the current backlog in
environmental permit applications. Our management and industry people here are
very encouraged by recent events."
The recently convened and government party majority constitutional assembly
is now engaged in establishing the mechanisms to move forward with the
government's legislative agenda in the new year, including mining legislation.
The government's costly social development program will rely heavily on the
country's natural resources in the future. As reported in Ecuador Mining News
Nov. 26, 2007, President Correa states "he will welcome mining if firms respect
workers, communities, the state and the environment." As well, the article notes
President Correa's statement about how the "future of this country might be
mining...." It notes that "Correa's requirements for international mining
entrepreneurs are nothing new." The Ecuador Mining News further explains that
"Most of the international mining firms are currently running ambitious medical
and educational programs in the communities, while patiently waiting for the
government to introduce royalties, a tax they are accustomed to paying
anyway."
Oromonte Resources finds the Ecuadorean President's statements encouraging
and consistent with its responsible approach to exploration. It is Oromonte's
policy to ensure local communities are familiar with its projects and modern
mining methods, have an opportunity for input through community consultations,
and support the exploration activities that can ultimately provide social and
economic benefits to them while protecting their environment.
We seek Safe Harbor.