Corriente Resources Inc.
TSX : CTQ
AMEX : ETQ

Corriente Resources Inc.

May 16, 2006 15:10 ET

Corriente Resources Inc.: Requested Changes to Technical Report to be Completed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 16, 2006) - Corriente Resources Inc. (TSX:CTQ)(AMEX:ETQ) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Following a review of our recently announced prospectus financing by the B.C. Securities Commission (BCSC), Corriente has requested Mine Development Associates (MDA) to make a change in its Technical Report on Corriente's Mirador project, which was filed on SEDAR on February 13, 2006. The Technical Report upgraded some of the resources at Mirador to reserves based on information from an independent feasibility study filed on Sedar May 13, 2005. The MDA report differs from the disclosure in Corriente's November 17, 2005 press release entitled "Mirador Mine Life Extended To 38 Years With New Optimization Results For Starter Copper Project" and its Annual Information Form dated March 24, 2006. The amended Technical Report, to be issued later this week by MDA, will reclassify the stated mineral reserves back to resources to match our other disclosure, and will include supporting information for the economic analyses announced in our November 17, 2005 release.

Corriente is moving towards construction of a starter operation at its Mirador copper-gold operation. Mirador is one of the few new, sizeable copper projects available for near-term production. 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 materially differ 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 continuous disclosure filings as found at www.sedar.com.

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, www.corriente.com.

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

Contact Information