TwinTrader Breakout (ETQ)

Corriente Resources, Inc. (ETQ)
Triple Top Breakout, August 5, 2008

Corriente Resources, Inc., through its subsidiaries, engages in the acquisition, exploration, and development of copper-gold mineral properties located primarily in Ecuador, South America. The company owns a 100% interest in approximately 62,000 hectares located within the Corriente Copper Belt region in Morona Santiago province, which contains 4 copper and copper-gold porphyry deposits, including Mirador, Mirador Norte, Panatza, and San Carlos. It also holds interests in six additional copper and copper-gold exploration targets, known as Dolorosa, La Florida, San Luis, San Marcos, San Miguel, and Sutzu located within the Corriente Copper Belt region.

Price Objective: $7.50

What’s driving this stock?

Details of Ecuador’s new mining laws appear to be more favorable to miners in Ecador than originally speculated. Ecuador’s new mining law won’t be as harsh as the critics say, according to Mark Turner, analyst at Hallgarten & Co.

In a report, Mr. Turner said that comments from Ecuadorean mining and energy minister Galo Chiriboga gives the impression that the new mining law provides a stable environment to mining companies in the country.