Corriente gets updated Mirador resource estimate

Vancouver — A new independent resource estimate on Corriente Resources’ (CTQ-T) Mirador copper-gold project in southeast Ecuador has been completed.

The updated estimate, completed by engineering firm AMEC, is based on 90 drill holes totaling over 24,000 metres. Results are reported to a depth of about 500 metres below surface.

An indicated resource of 262 million tonnes grading 0.69% copper and 0.21 grams gold per tonne was calculated with a 0.5% copper cut-off grade. An additional 216 million tonnes of inferred resource was outlined at a grade of 0.62% copper and 0.18 grams gold, using the same cut-off parameter. The resource calculation contains both hypogene and supergene mineralization in the porphyry system.

Corriente is in the process of finalizing its feasibility study for Mirador, which is outlining a proposed 20-25,000 tonne-per-day operation. Completion of the study is anticipated in late-2004.

The company recently completed metallurgical studies that indicated positive recoveries of copper from Mirador ore. A concentrate of 30% copper is anticipated with a 90% recovery rate.

Drilling at Mirador began in 2000, discovering a large copper-gold porphyry system. Subsequent work has outlined the deposit that sits within the Corriente Copper Belt which is now held 100% by the company. Within the belt, are three significant copper deposits, Mirador, San Carlos and the Panantza.

Corriente’s involvement in the area initially stemmed from an agreement inked in 1999 with Billiton, now BHP Billiton (BHP-N), whereby Corriente could earn a 70% interest in projects within the newly discovered copper porphyry belt. Subsequently, Corriente acquired 100% interest in the projects when BHP Billiton allowed its participating interest to drop to a 2% NSR in 2002-03.

Corriente reports 45.1 million shares outstanding, as of the latest figures, and the issue has recently traded in the $3.00-3.50 per share range.