Ecuador Authorizes Corriente To Restart Works On Mirador

Canada's Corriente Resources Inc. (CTQ.T,ETQ) said Monday that it has received a formal notification from Ecuador's Ministry of Non-Renewable Natural Resources to restart all advance development work on the Mirador Project.

"We are looking forward to working closely with the Ministry as we move the Mirador Project forward in a just fashion that meets both the urgent local needs and fully addresses the important concerns of all stakeholders," said Ken Shannon, Corriente's chief executive, in a press release.

Ministry officials were not immediately available for comment.

Mirador is located in Zamora Chinchipe province.

Ecuadorian lawmakers in April 2008 froze mining activity, revoking around 80% of mining concessions and suspending the other 20%.

In January of this year, a new mining law was approved, but regulations were needed to administer the law and allow the resumption of activity.

Last week President Rafael Correa signed regulations which will allow the resumption of mining activity in the Andean country.

Ecuador's current mining output is minimal. Large-scale projects have generally centered on nonmetallic products such as cement.

Local units of Corriente Resources, Kinross Gold Corp. (KGC,K.T), International Minerals Corp. (IMZ.T,IMZLF), Iamgold Corp. (IAG,IMG.T), Trilliant Exploration, Mariana Resources Ltd. (MARL.LN,MRLDF) and others have mining concessions in Ecuador.

-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; [e-mail]