Trading Symbol TSX:ARU
TORONTO, July 18 /CNW/ - Aurelian Resources Inc. (TSX:ARU) today provided
an update regarding Ecuador's draft mining law and expected political
milestones over the coming months in response to shareholder requests.
On June 27, 2008 the Ministry of Mines and Petroleum (MMP) announced
completion of work on a draft law. Preparation of the draft legislation
involved an extensive consultation process with stakeholders such as
communities, local governments, NGOs and mining companies, including Aurelian.
The draft law was sent on the same day to President Rafael Correa, who is
reviewing the document with his advisors. No update has been provided by the
government as to when the final version of the draft law will be made public.
"An earlier version of the draft law posted on the MMP web site was
reasonable," said Patrick F.N. Anderson, President and CEO. "We are confident
that President Correa wants to see a responsible mining industry in Ecuador."
The potential passage of the new mining law would be part of a very full
political calendar in Ecuador for the next year, including the following
milestones as reported in the media:
- The new President of the Assembly, Fernando Cordero, stated that the
Assembly will complete its work on July 25 and will deliver the
proposed constitution to the Supreme Electoral Council. At this time
the Assembly is to be dissolved and will probably be replaced by an
interim legislative body, although details are still being debated
regarding its start date, duration, composition, and legislative
- Ecuadorean media have reported that the date for the referendum will
be announced on August 21, and that this date will most likely be
October 5 with final results to be published on October 21.
- Ecuadorean media have reported that the dates for general elections
will be announced on November 6, followed by candidate inscriptions on
December 10, elections on February 8, 2009 and results on March 10,
2009. If necessitated by a vote of less than 40% for the leading
Presidential candidate, the second round of Presidential elections
will occur on March 22, 2009, with final results on April 11, 2009.
The newly elected legislative body will take office on April 26, 2009
and the new President will take office on May 3, 2009.
- All of these dates are projections made in Ecuadorean media. The
official dates will be published by the relevant authorities.
Aurelian is hopeful that there will be space within this tight agenda for
processing of the new mining law and will issue further updates when more
precise information becomes available.
Aurelian Resources Inc. is a publicly-listed (TSX:ARU) company engaged in
exploring, discovering and developing mineral wealth in Ecuador. The Fruta del
Norte (FDN) discovery lies at the heart of the Condor Project, located in
south-eastern Ecuador. The initial Inferred Resource for FDN was released in
October 2007 and included 58.9 million tonnes grading 7.23 g/t gold and 11.8
g/t silver for 13.7 million ounces of contained gold and 22.4 million ounces
of contained silver (Report titled "A Mineral Resource Estimate for the Fruta
del Norte Deposit, Cordillera del Condor Project, Zamora-Chinchipe Province,
Ecuador" and dated November 15, 2007 filed on www.sedar.com). Aurelian is
committed to working with the government and people of Ecuador to achieve a
modern, sustainable mining industry, which will play an important role in the
future growth of the country. Visit www.aurelian.ca for more information.
Forward Looking Statement
Some of the statements contained herein may be forward-looking statements
which involve known and unknown risks and uncertainties. Without limitation,
statements regarding future political events, potential mineralisation,
metallurgy and resources, exploration results, and future plans and objectives
of the Company are forward looking statements that involve various degrees of
risk and may not be within the control of the Company. The following are
important factors that could cause the Company's actual results to differ
materially from those expressed or implied by such forward looking statements:
changes in the world wide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated with
development, construction and mining operations, the uncertainty of future
profitability, the uncertainty of access to additional capital, and political
risks in Ecuador.
For further information:
For further information: Patrick Anderson, Chief Executive Officer,
Phone: (416) 868-9100; Marla Gale, Director of Investor Relations, Phone:
(416) 868-9100, Email: email@example.com