Corriente Resources Inc.

Corriente Resources Inc.

May 25, 2006 09:05 ET

Corriente Resources Inc. Announces Closing of $125 Million Equity Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 25, 2006) -


Corriente Resources Inc. (TSX:CTQ)(AMEX:ETQ) announces today that it has closed its offering of 19,231,000 common shares at a price of $6.50 per share, pursuant to its short form prospectus dated May 18, 2006 to raise gross proceeds of $125,001,500. The net proceeds of the offering will be used to fund the further advancement of the company's Mirador Copper Project in Ecuador, as well as for general working capital purposes.

The underwriting syndicate for the offering was led by Canaccord Capital Corporation and included Desjardins Securities Inc., Sprott Securities Inc. and Wellington West Capital Markets Inc.

Corriente CEO, Ken Shannon, commented, "With the announcement of our successful EIA approval on May 4, 2006 and this completion of our equity component, we are through the two main hurdles that copper development companies face prior to construction of operations. We are pleased to be in this strong position and can continue to move forward with scalable development of the Corriente Copper Belt as planned."

Corriente is moving towards construction of a starter operation at its Mirador copper-gold operation. Beyond the Mirador project, Corriente has a unique pipeline of copper resource development projects. Corriente controls a 100% interest in over 50,000 hectares located within the Corriente Copper Belt, Ecuador. The Belt currently contains three copper and copper-gold porphyry deposits, Mirador, Panantza and San Carlos, as well as the newly discovered Mirador Norte prospect. Additional exploration activities will be ongoing, as six additional copper and copper-gold exploration targets have been identified in the Corriente Copper Belt to date.

Kenneth R. Shannon, Chief Executive Officer

Certain statements contained in this news release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company's plans to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the Company's Annual Information Form dated April 24, 2006, a copy of which is available at

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act of 1933.

Disclosure statements as required by National Instrument 43-101 are available at our website

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

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