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Gold/Mining/Energy : Canadian Rocket Red's Picks

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From: Rocket Red	6/17/2007 3:51:42 PM
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Resignation of Ecuador's Energy and Mining Minister could prove positive for Corriente Resources The resignation Thursday of Ecuador's energy and mines minister could be a positive development for Canadian mining companies with projects in Ecuador. Albert Acosta resigned after deciding he will run for election to a new 130-member legislative body that his political ally, President Rafael Correa, hopes to win a majority in thus providing a counterweight to the country's Congress. The news spurred on share prices of Canadian mining companies with projects in the country, including Aurelian Resources (ARU/TSX), whose shares have jumped 6% since Thursday and Corriente Resources (CTQ/TSX), up as much as 12%. According to Wellington West analyst Catherine Gignac, Corriente, who awaits government approvals for its Mirador project in Ecuador, could turn Mr. Acosta's resignation into a real opportunity. "The Minister is known to oppose mine development," she said in a note to clients. "The replacement is expected to be pro-mining and could bring Corriente Resources back to develop Mirador." Ms. Gignac has a "buy" rating on Corriente shares and a $7 price target. David Pett dpett@nationalpost.com communities.canada.com

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