Corriente Resources: Near Surface Copper-Gold Zone Found at Taca-Taca.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--July 6, 1998-- CORRIENTE RESOURCES(TSE:CTQ.) Initial results are starting to become available from the current 3,000 metre diamond drilling program underway at the Taca-Taca copper project in northern Argentina. The target of this program is to test a series of shallow structural zones, which are believed to have acted as channelways for supergene copper solutions. These copper solutions were leached from the Taca-Taca porphyry deposit and transported away from the mineralized centre by groundwater flow. The focus on supergene copper targets is due to the fact that low-cost heap leach and SX-EW technology can be used to process this kind of leachable copper mineralization. The goal will be to develop enough geological resources for a low-cost copper leaching operation grading greater than 0.6 percent copper. The first drillhole (TK-35) intersected supergene copper mineralization (chalcocite) starting at a depth of 18 metres. The following intersection occurs in the main structural zone that was targeted by the drilling;

Drillhole   From      To       Width      Copper       Gold

TK-35       56 m     112 m      56 m   1.37 percent  0.58 g/t

It is important to note that there is a low-grade envelope around this structural zone that produces a mineralized intercept from 18 to 122 metres averaging 0.8 percent copper. This intersection provides solid evidence of the presence of supergene copper close to surface and outside of the original primary copper mineralized system. Hole TK-35 is approximately 1 kilometre north of the edge of the porphyry deposit as outlined by Corriente/BHP drilling over the last two years. The balance of the current drill program will be to continue to test and evaluate additional potential channelways for supergene copper solutions to the north of Taca- Taca. Additional assays will be released as available for the balance of the current drilling program.

As a result of this significant and separate new discovery to the north of Taca-Taca, Corriente Resources has placed a high priority on renegotiations with the underlying property owners of Taca-Taca. Corriente was committed to spending approximately an additional $600,000 U.S. on drilling by October, 1998 and making payments totalling $4.6 Million U.S. in the next 27 months. Corriente has been successful with these renegotiations and has been able to reduce these commitments to a onetime payment of $3 Million U.S. with no further work commitments (a saving of up to $2.2 Million U.S.) to secure a 100 percent interest in the property. To help place this in perspective, the previous operator of the project calculated a geological resource of 440 million tonnes of 0.58 percent copper and 0.18 g/t gold which can also be expressed as 5.3 billion pounds of copper and 2.4 million ounces of gold. Copper deposits are typically valued "in the ground" at a range of 1-5 cents per pound of contained copper. At the low end of the range this would value Taca-Taca at $50 Million U.S. To be able to assume 100 percent ownership of such an asset for $3 Million U.S. is an unusual opportunity in the junior resource business. It should be noted that the copper valuation described above does not place any figure on the existing gold mineralization or for the newly discovered supergene copper zone found by the recent drill program in the north part of the property.

Corriente has calculated both the volume of leached rock on the property (rock stripped of its copper) and the known resource of supergene copper that was identified by the Corriente/BHP joint venture. There is a shortfall between the two numbers of between 4 and 8 billion pounds of copper, which we believe represents the potential target for supergene copper mineralization. Exploration for this missing copper will continue in the outlying regions of the property using techniques such as structural mapping, trenching, drilling and geophysics. The success of hole TK-35 is an example of the kinds of mineralized intercepts with which we hope to build a significant supergene copper resource.

As a longer term project Corriente will also advance the evaluation of the deep copper, gold and molybdenum resources at the Taca-Taca porphyry project. Focus for the evaluation will be to look at underground mining of a smaller tonnage of high grade material and to assess the possibility of in-situ mining the resource with a series of injection and extraction wells.

With 100 percent ownership of one of the largest porphyry copper deposits ever discovered in Argentina, Corriente is well positioned for a turnaround in the copper market. During the current period of low metal prices, Corriente will take the opportunity to add value to the project by careful investment of exploration capital on selected targets on the property. As part of this process, Corriente will continue its current discussions with major mining companies regarding possible participation in a joint venture for the development of Taca-Taca. However, with cash funds on hand for over three years of exploration, there is no intention to form any joint venture unless there is a significant benefit to Corriente shareholders.

Kenneth R. Shannon, President

    CONTACT: Corriente Resources Inc.
              Mr. Dan Carriere, 604/ 687-0449
              604/ 687-0827  (FAX)
              http://www.corriente.com/