Corriente Resources Inc.: Ecuador Government GrantCorriente Resources Inc.: Ecuador Government Grants License for Copper Concentrate Port Project
Tuesday October 28, 7:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Oct 28, 2008 -- The Ministry of Environment in Ecuador has approved the Environmental License for Corriente (Toronto:CTQ.TO - News)(ETQ - News) to build and operate a dedicated port near Machala for the shipping of copper concentrate from the Corriente Copper Belt. The company 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. The port provides access for a Pacific shipping route for the company's copper concentrate and is one of the key components of the infrastructure package required for development of the Corriente Copper Belt.
Corriente received the Environmental Impact Study and the Environmental Management Plan approval for the port in May 2008 and has been working steadily with the Ministry of Environment to grant the Environmental License. Receipt of this License is a major step in the approval process for the port and is a clear indication of the course charted by the administration of President Correa, which is advancing mining in Ecuador.
Corriente CEO and President, Ken Shannon, commented, "We see approval of the Port License as part of the story of growing momentum for responsible mining in Ecuador and Corriente continues to work with the government of Ecuador to ensure this vision becomes reality."
Approval of the new Mining Law is next on the legislative agenda of the Correa administration and approval of this Law will send a strong signal to international markets that Ecuador is committed to make responsible mining an important part of the country's future.
ABOUT CORRIENTE
Corriente controls a 100% interest in approximately 62,000 hectares located within the Corriente Copper Belt, Ecuador. The Belt currently contains four copper and copper-gold porphyry deposits: Mirador, Mirador Norte, Panantza and San Carlos, as well as six additional copper exploration targets.
Kenneth R. Shannon, CEO and President