Vancouver – Based on a recent review of its property holdings in Ecuador, Corriente Resources (CTQ-T, ETQ-X) is drawing up plans to spin-off two gold properties in order to focus on its more advanced copper-gold and copper assets in the South American nation.
Corriente is focused on advancing its Mirador copper-gold project into production, and is also developing the large Panantza/San Carlos copper complex. Both core projects are within the Corriente copper belt of southeastern Ecuador.
The review of other property holdings identified two concessions covering 6,600 hectares that are not part of the company’s ongoing copper development program in the Corriente belt. Both contain “encouraging” gold targets that warrant follow-up exploration.
The Tundayme gold concession is situated immediately adjacent to the Mirador copper project, and is also about 15 km from the newly discovered Fruta del Norte gold zone being explored by Aurelian Resources (ARU-V). This discovery sent shares of Aurelian skyrocketing to more than $20 from less than $1 six months ago.
Corriente notes that the Tundayme concession covers about 8 km of north-south trending structures that extend along strike to Mirador, and are oriented in the same direction as the Fruta del Norte mineralized trend. Corriente’s preliminary prospecting and soil sampling programs have revealed anomalous gold soil and rock samples that warrant additional testing.
The second concession, Piedra Liza, is situated about 50 km southwest of Mirador. Previous work identified four clusters of anomalous gold soil samples over a 6-km-long strike length on strike and north of the Nambija region, which has produced more than 3 million oz. gold (based on local estimates). Follow-up exploration returned gold values of 1-4 grams gold per tonne from altered rock samples.
Corriente shareholders of record on or about Oct. 31, 2006, will be eligible to receive shares of the new corporation that will be formed to hold the two gold concessions. Plans call for the new entity to then become a publicly traded vehicle.
Corriente owns 100% of more than 60,000 hectares of properties in the Corriente belt of Ecuador, and plans to begin constructing a starter operation at Mirador in the coming year. Earlier this year the company awarded an engineering and procurement contract to SNC-Lavalin for the 25,000-tonne-per-day starter project.
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