Aurelian Resources Was Stolen By Kinross and Management But Will Not Be Forgotten
The company whose shareholders were better than its management
Message: Reply from Oromonte
Dear Mr. Ross: Thanks for your enquiry. Oromonte management certainly understands and shares your grave concerns. At this point I am not informed as to what other companies are doing in Ecuador about the recent Mining Mandate news in Ecuador other than what is contained in their news releases this week, nor can I speak for them. Over the past few months Oromonte’s people in Ecuador, along with the various Chambers of Commerce, have been meeting with government officials to educate them further about modern mining exploration and to lobby for constructive revisions to the mining laws. Given the Friday April 18th Constitutional Assembly Mining Mandate resolution, we are still gathering information, including a legal opinion, and are assessing the situation and next steps to be taken. Most of the Mining Mandate articles will require the Ecuadorean Government to develop further implementation policy and legislation, as referred to in Oromonte’s April 22nd news release. Therefore, it will be necessary to see what the President and Government actually do with the Constitutional Assembly Mining Mandate in practice. The President and Minister of Mines & Petroleum have indicated their support for a modern mining industry and understand its socio-economic benefits to the country, including the country’s need for such a viable industry, international investment, jobs, revenues and expertise. We therefore expect the actual new mining legislation to be much more pragmatic than the populist Constitutional Assembly’s Mining Mandate itself. In addition, if the Government soon issues a draft of its new mining legislation, we trust there will be opportunities to work with others to lobby for amendments prior to any such laws coming into effect. As well, we expect an opportunity at some point for each Canadian company to meet with government officials to negotiate its new operating relationship in Ecuador. Clearly the larger companies with major deposits closer to development, such as Aurelian and Corriente Resources, will be first in line for such negotiations and opportunities to pragmatically influence government implementation policy further. I trust my response is somewhat comforting to you as we consider what the best next steps should be in a measured way as the Government policy unfolds. Best wishes, Bruce Bruce Cottingham, CEOOromonte Resources Inc.
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