Govt suspends Corriente's exploration work, aims to calm protests
- Ecuador Thursday, December 7, 2006 18:12 (GMT -0400)
The department of environmental protection at Ecuador's energy and mines ministry (MEM) has halted the exploration activity that Canadian miner Corriente Resources <http://www.bnamericas.com/factfile_detail.jsp?idioma=I§or=0&documento=12072> (TSX: CTQ) was carrying out in the country.
More than a response to demands and pressure from communities, the measure aims to reduce tension and conflicts between the community and the company, a MEM press official told BNamericas.
"The president of Ecuador [Alfredo Palacio] said that no mining activity is justified if there are deaths, injuries and attacks," the official added.
For the last several days communities in the areas of Morona Santiago and Zamora Chinchipe in the country's southeast, where the company is advancing its Mirador gold-copper project, have been protesting against the exploration works, blocking roads and facing off with authorities.
The vice president of Ecuador's mining chamber CME, César Espinosa, said the communities in the mine's zone of influence are not the ones instigating the protests.
"Those communities are pro-mining and I would calculate that 90% of the population is in favor of mining," he stated.
Espinosa stressed that the movement against mining activity over the past several days is basically being directed by international NGOs and activists who oppose mining "in Ecuador and everywhere."
The MEM official agreed. "There is a fairly visible presence of environmentalist groups and that is the problem, that is the heart of the matter," the official added.
According to Espinosa, the demonstrations have turned violent, "which is why we have had to start lawsuits against those who have infringed the law."
DIALOGUE
Francisco Cevallos, corporate affairs coordinator for Corriente, was quoted by local newspapers as saying the company is willing to accept unconditional mediation and proposed reaching a consensus for a peaceful solution.
Likewise, Espinosa said that the CME is helping companies and communities come together and achieve constructive dialogue.
In his view, the problem arose due to a lack of information about mining, and said the chamber is going ahead with an aggressive campaign to inform the communities "of what the modern, responsible mining that we are promoting really is."
INVESTMENTS
These protests among the communities could spark the withdrawal of investments, scared off by a lack of security in the country, according to CME.
"It is estimated that Ecuador would miss out on US$1.4bn in mining investments in the next three years, as well as another US$50bn from mining in the following 15 years," CME said in a document.
When asked about the issue, Espinosa said: "Yes, there is a risk, there always is, but I believe the companies are already used to this type of movement and they have shown themselves firm in their purpose of carrying out mining activities."
Corriente is in the process of obtaining permits to build an initial 25,000t/d operation at Mirador.
In Ecuador the company also has the Tundayme and Piedra Liza gold concessions that total 6,600ha and are near Mirador, as well as the Panatza and San Carlos copper deposits.
By Harvey Beltrán <mailto:hbeltran@bnamericas.com> Business News Americas
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Copyright 2006 British Broadcasting Corporation
All Rights Reserved
BBC Monitoring Latin America - Political
Supplied by BBC Worldwide Monitoring
December 4, 2006 Monday
LENGTH: 325 words
HEADLINE: Six wounded in Ecuador clash at mining company
BODY:
Text of report by Ramon Calderon: "Six wounded during conflict with mining
company in Zamora", published by Ecuadoran newspaper El Universo website on 4
December
Two soldiers and four civilians were wounded during an armed confrontation at
1600 on 2 December in El Quimi, Tundayme Parish.
The incident took place between two groups of citizens, one in favour and the
other against the presence of the Ecuacorriente company, which has the
mining concession dubbed Condor Mirador in the Tundayme area.
As a result of the gunfire, two soldiers from Jungle Battalion 21 Condor of
Gualaquiza were wounded: William Ching Moran and Jairo Ramon Andrade Holguin,
who were treated at the Gualaquiza hospital and subsequently transferred to the
hospital at Infantry Brigade No 7 in Loja.
The prognosis for Andrade is guarded because he has birdshot lodged in his
skull; he has been taken to the military hospital in Cuenca.
Of the four wounded civilians, one was identified as Jose Raul Tuku Yanpif,
who sustained several birdshot wounds.
Byron Altamirano, acting provincial police commander, regretted the
atmosphere of anxiety in El Pangui, but he admitted that there are only two
officers and 25 policemen to maintain order and citizen security in the area.
"Our job is establish dialogue and prevent confrontations," he said.
On 1 December an assembly was held at the El Pangui coliseum; the event was
attended by the mayors of Yantzaza, Benito Suquisupa; El Pangui, Segundo
Encarnacion; Morona Santiago, Franklin Mejia; Deputies Salvador Quishpe and
Gonzalo Aguilar; Zamora Governor Jose Paqui, and a representative for the
Ecuacorriente company.
During the meeting, opposition to mining activity was reaffirmed and a
proposal was made to demand the abolition of the concession granted to the
company.
After the assembly concluded a march was staged to El Quimi, where it wasw
broken up by members of the army.
Source: El Universo website, Guayaquil, in Spanish 4 Dec 06
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 2006
Commission File Number 001-32748
CORRIENTE RESOURCES INC.
(Translation of registrant's name into English)
520 - 800 West Pender Street, Vancouver, British Columbia, CANADA V6C 2V6
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F _____ Form 40-F X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _____ No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________
--------------------------------------------------------------------------------
Tundayme/Piedra Liza Gold Exploration Targets
Corriente recently engaged an independent consultant to complete a review of its Ecuador gold concession package totaling 6,600 hectares containing encouraging gold targets that are not part of the current copper development program within the Corriente Copper Belt. Following completion of this review and accompanying 43-101 Technical Report, the company plans to distribute ownership of these concession rights to existing shareholders in the first quarter of 2007.
The gold concessions include the Tundayme prospect, which is immediately adjacent to Corriente’s Mirador copper deposit land holdings and is approximately 15 km from Aurelian Resources Inc.’s newly discovered Fruta del Norte gold zone. The Tundayme prospect has approximately 8 km of north-south trending structures that extend along strike to the Mirador project. This 8 km trend is oriented in the same direction as the Fruta del Norte mineralized trend and parts have had preliminary prospecting and soil sampling performed by Corriente. Further work is required to follow-up anomalous gold soil and rock samples from that initial work. Also included is a second set of concessions approximately 50 km southwest of Mirador called the Piedra Liza prospect. Within the Piedra Liza prospect, four clusters of anomalous gold soil samples occur over a 6 km trend that is on-strike and north of the Nambija area, which has produced over three million ounces of gold by local estimates. Follow-up ground work identified altered rock samples with maximum gold values at 1 - 4 g/t. The Qualified Person for this disclosure is John Drobe, P.Geo, Chief Geologist.
Corriente is a copper development company and remains focused on moving its Mirador copper-gold project into production, along with development of the large Panantza-San Carlos copper complex in the north of the Corriente Copper Belt. The Tundayme and Piedra Liza gold prospects are not considered core to Corriente’s copper growth plans and will be transferred to a new corporation that will be financed separately from Corriente. |
