Aurelian Resources Inc. 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 powers.
– 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 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.
For further information
Patrick Anderson, Chief Executive Officer, Phone: (416) 868-9100
Marla Gale, Director of Investor Relations, Phone: (416) 868-9100, Email: firstname.lastname@example.org
Source: Aurelian Resources Inc.