Corriente Resources Inc.

Corriente Resources Inc.

January 11, 2005 09:15 ET

Corriente Resources Inc.-Mirador Copper Deposit: Starter Project Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CORRIENTE RESOURCES INC.

TSX SYMBOL: CTQ

JANUARY 11, 2005 - 09:15 ET

Corriente Resources Inc.-Mirador Copper Deposit:
Starter Project Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 11, 2005) - Corriente
Resources Inc. (TSX:CTQ)

Alternate Tailings Pond and Mill locations selected to provide
significant upside to project and allow for future expansion

Work to date on the feasibility study has established the key components
of the metallurgical performance and resource base required to support
the 25,000 tonne/day starter operation at the Mirador copper-gold
project. The last stages of the feasibility study have been focused on
optimization of capital and operating costs. Additional work has also
been carried out on future opportunities for the project. One of these
opportunities has led to a review of an alternative proposed tailings
pond site located near the main access highway to the west of the
Mirador Project in southern Ecuador. This review, which was carried out
in December, compared the potential changes to capital and operating
costs and environmental and social impacts of the new site versus the
current plan to have all facilities located above the open pit. The
review has concluded that instead of offering a minor improvement to the
Mirador project, the new tailings site would significantly enhance the
economics and in fact suggests that the mill could be moved to the same
location for even greater efficiencies of operation. This relocation
would establish most of the mine infrastructure near the main
interprovincial highway and power line, providing improved
transportation access for parts, consumables, staff and trucking of
copper concentrate to the coast.

Peter Lighthall, VP of Mining, AMEC Earth and Environmental, commented
"This new site appears to have potential for a material positive impact
on both the capital and operating costs at Mirador, with co-incident
reduced impacts on biodiversity and the environment."

Given the positive nature of this change, Corriente is amending the
feasibility study to incorporate this new location for the tailings pond
and mill. This change should allow for the completion of the feasibility
study during the first quarter. Corriente will confirm the geotechnical
suitability of the site for this proposed tailings pond and amend the
Environmental Impact Assessment, which is currently nearing completion.
Corriente CEO, Ken Shannon, says "We are pleased to have this
opportunity to add additional economic value to the starter project at
Mirador and to continue to strengthen the social and environmental
aspects of the project. The new site also provides abundant room for
potential project expansion in the future so that larger throughputs at
the Mirador project will be able to use this same infrastructure."

Corriente controls a 100% interest in over 50,000 hectares located
within the Corriente Copper Belt. The Belt extends over a 20 x 80
kilometre area in southeast Ecuador. The Belt currently contains three
copper and copper-gold porphyry deposits, Mirador, Panantza and San
Carlos. Six additional copper and copper-gold exploration targets have
been identified in the Corriente Copper Belt to date.

Kenneth R. Shannon, President

Disclosure statements as required by National Instrument 43-101 are
available at our website www.corriente.com.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Corriente Resources Inc.
    Mr. Dan Carriere
    Senior Vice-President
    (604) 687-0449
    (604) 687-0827 (FAX)
    Email: invest@corriente.com
    Website: www.corriente.com
    The Toronto Stock Exchange has neither approved nor disapproved of the
    information contained herein.