Aurelian and Corriente Shares Up on Meeting with Ecuadorian President

Investors jumped back into Aurelian Resources Inc. (AUREF.PK) on Friday morning, and took the stock back above C$4 for the first time in a week.

The spike was brought on by news that Aurelian Resources Inc. and seven other mining companies met with Ecuador's President Correa on Thursday afternoon to discuss the future of mining in the South American country, as well as the new mining mandate issued earlier this month that immediately suspended mining activities for the next 180 days.

The mandate also limits mining companies to holding a maximum of three concessions. For Aurelian, that means retaining title to the single concession containing the Fruta del Norte epithermal gold-silver deposit, as well as two others that Aurelian believes contain the most prospective geology for additional epithermal discoveries.

The companies at the meeting said in a joint statement that they welcomed President Correa's repeated statements that responsible mining will go ahead in Ecuador.

Mr. Correa said that the purpose of the mining mandate was to allow the government time to draft and implement a new mining law so that responsible mining can proceed. Mr. Correa invited the mining companies to meet with the ministry to help formulate the new mining law starting this coming Monday, April 28.

Mining stocks with interests in Ecuador fell like a rock when the new mandate was announced, wiping out more than half the share value in several companies, including Aurelian, Dynasty Metals and Mining Inc. [DMM/TSX] and Corriente Resources Inc. (ETQ), in just two days of trading.

Both Dynasty and Corriente also climbed higher Friday morning, rising 20% and 14%, respectively.