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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: LoneClone	12/11/2006 7:53:24 PM
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Nicaragua reaches out to Canadian investors 11/12/06 globeinvestor.com TORONTO (Reuters) - Nicaragua looked to reassure Canada's mining community on Monday that it is safe to invest in the Central American country after former Marxist guerrilla Daniel Ortega won the presidential election last month. Nicaraguan envoy Ernesto Martinez Tiffer said during a visit to Toronto that the 61-year old Ortega has changed since the 1980s, when the Sandinista leader led Nicaragua through a bitter civil war against U.S.-backed contra rebels. He was president from 1985 to 1990. "Of course he is different," said Tiffer, an envoy for the newly elected government, who has three decades of experience in the country's energy sector. "We have an experience we cannot repeat." The re-elected Ortega says he has dropped his Marxist and military past and now promotes a moderate socialist agenda. He beat a conservative former banker in the November election and will take office in January. "We are open to investors and guarantee investments," said Tiffer, pointing out that Nicaragua has transformed itself into one of the safest and fastest growing countries in Latin America. "The government recognizes foreign investors' property rights and there is equal treatment of foreign and domestic investment," Tiffer said. Over the past year, other countries in Latin America have spooked investors by talking about nationalizing the mining and energy sectors. But Tiffer said Nicaragua needs money and investment partners to help lift the country out of abject poverty. Nicaragua is the second poorest country in the Western Hemisphere. "To take advantage of our resources, we need a partner, we need investors," said Tiffer. "If there is a country that can help us fight the poverty we cannot refuse that." Canadian-listed companies that do business in Nicaragua include miner Glencairn Gold Corp. , copper producer Aur Resources Inc. and metal explorer Fortress Minerals Corp. .

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