Aurelian Update on Ecuadorian Mining Law and Political Process

About this update from Tesoro Minerals Corp.

[{"type":"text","content":"\n\n\n\nTrading Symbol TSX:ARU\n\n\nTORONTO, July 18 /CNW/ - Aurelian Resources Inc. (TSX:ARU) today provided\nan update regarding Ecuador's draft mining law and expected political\nmilestones over the coming months in response to shareholder requests.\n\n\nOn June 27, 2008 the Ministry of Mines and Petroleum (MMP) announced\ncompletion of work on a draft law. Preparation of the draft legislation\ninvolved an extensive consultation process with stakeholders such as\ncommunities, local governments, NGOs and mining companies, including Aurelian.\nThe draft law was sent on the same day to President Rafael Correa, who is\nreviewing the document with his advisors. No update has been provided by the\ngovernment as to when the final version of the draft law will be made public.\n\n\n"An earlier version of the draft law posted on the MMP web site was\nreasonable," said Patrick F.N. Anderson, President and CEO. "We are confident\nthat President Correa wants to see a responsible mining industry in Ecuador."\n\n\nThe potential passage of the new mining law would be part of a very full\npolitical calendar in Ecuador for the next year, including the following\nmilestones as reported in the media:\n\n\n- The new President of the Assembly, Fernando Cordero, stated that the\n Assembly will complete its work on July 25 and will deliver the\n proposed constitution to the Supreme Electoral Council. At this time\n the Assembly is to be dissolved and will probably be replaced by an\n interim legislative body, although details are still being debated\n regarding its start date, duration, composition, and legislative\n powers.\n- Ecuadorean media have reported that the date for the referendum will\n be announced on August 21, and that this date will most likely be\n October 5 with final results to be published on October 21.\n- Ecuadorean media have reported that the dates for general elections\n will be announced on November 6, followed by candidate inscriptions on\n December 10, elections on February 8, 2009 and results on March 10,\n 2009. If necessitated by a vote of less than 40% for the leading\n Presidential candidate, the second round of Presidential elections\n will occur on March 22, 2009, with final results on April 11, 2009.\n The newly elected legislative body will take office on April 26, 2009\n and the new President ...

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