"Alberto Acosta" is a name that shareholders of Aurelian Resources Inc. have gotten to know all too well. He is the chief architect of the infamous mining mandate that shut down mining activity in Ecuador and left Aurelian's share price in tatters.

Now a report has emerged out of Ecuador that Mr. Acosta has offered to resign his post as leader of the constituent assembly because he feels he is not supported by the governing Alianza Pais party. According to Reuters, Mr. Acosta wants the assembly to have more time to finish re-writing the country's constitution, which would include a proper mining law. There are only five weeks left to do so.

It is unclear whether his resignation will actually be accepted.

BMO Capital Markets analyst John Hayes noted that the news clearly implies a rift between Mr. Acosta and president Rafael Correa, who is a much stronger supporter of mining. However, it remains to be seen whether this will affect the country's mining laws in a significant way.

"The negative fallout that followed the introduction of the mining mandate in mid-April 2008 and the subsequent suspension of mining activity may have isolated Acosta from the party and its executive," Mr. Hayes wrote in a note to clients.

Investors clearly think his departure would be a positive, as shares of Aurelian and other Ecuador miners rallied Monday.

Peter Koven