Mirador is one of the few new, sizable copper projects in the world available for near term production.
Mineral resources at Mirador include Measured and Indicated of 438 Mt at 0.61% Cu, 0.19 g/t Au and 1.5 g/t Ag and Inferred of 235 Mt at 0.52% Cu, 0.17 g/t Au and 1.3 g/t Ag. Corriente has completed a feasibility study on milling 30,000 tonnes per day from a 181 million tonne in-pit resource, over a 19 year mine life, and with a 0.8:1 strip ratio. See full report here.
In early May 2006, Corriente announced that the Ecuadorian Ministry of Mines and Petroleum (“MMP”, formerly called the Ministry of Energy and Mines) approved the Mirador Project’s Environmental Impact Assessment (“EIA”). At the end of May 2006, the company raised CDN $125 million in equity for the project.
The EIA covered both the environmental aspects of proposed mining operations in Mirador and community and social plans associated with the same project. During the lengthy preparation of the EIA, the company worked closely with the MMP to ensure that the report met all required government guidelines and regulations. The Mirador EIA is one of the most comprehensive documents on social and environmental issues ever submitted to the MMP in Ecuador for a mining project. The submission of the EIA and subsequent approval followed an extensive consultation process with local communities carried out in late November and early December 2005.
In September 2006, the company filed an amendment to the EIA (“EIAA”) to allow for mill, tailings and dump location changes to the original mine plan. Subsequent public consultations were successful. In May 2007, the company was advised by the MMP that this amended EIA will require further study. It is currently being revised for re-submittal and during this ongoing review process, the company continues to operate under the terms of the original EIA. Corriente recently resumed activities related to the development of this EIAA, which will incorporate engineering enhancements completed on the Mirador Project.
The Qualified Person for the resource estimate(s) quoted above is John Drobe, P.Geo, Chief Geologist.