Corriente Resources Announces First Phase Drill Results from Famatina Project, Argentina, New High-Grade Veins Found South of Current Drilling.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 12, 2000

Corriente(TSE:CTQ.)

The first phase drill program was completed in December 1999 and resulted in 10 shallow holes targeted at bonanza gold mineralization (for map see website). These shallow holes (generally less than 100m depth) were targeted at the upward extension of high-grade gold intersections, that were established by Rio Tinto during drilling in the mid-1990's. The results confirm the presence of high-grade gold and copper mineralization along narrow veins. Hole 99-1 intersected underground workings at the target depth. Holes 99-4,5,6 and 8 all intersected veins but the assays were less than the high-grade threshold of 10 g/t gold. Results from the first phase program are as follows (note only values greater than 10 g/t gold are listed).

Drill   From    To      Gold  Silver  Copper
hole     (m)    (m)     (g/t)  (g/t)   (%)

99-2     22     23      13.7   40.8    15.1
99-2     51     52      10.6   33.5    10.4
99-3     16     17      10.3    5.8     4.0
99-7     70     72      11.6    0.4     0
99-7     72     74      15.5    1.1     0
99-9     51.65  52.5    18.4   13       0.5
99-9     71.15  72.15   24.1   32.5     2.1
99-10    22.1   22.75   28.9   56.4     0

The next phase of drilling in the San Pedro area will be targeted at a deeper elevation of the vein system and will test the model that gold grades are increasing with depth. Drilling is expected to start in late January 2000.

An underground sampling program in the late fall 1999 has produced a number of high- grade gold and silver vein samples in areas of workings which are south of the main Mexicana Ridge veins. Results include silver values from the Atacama vein which averages 1360 ppm silver (40 oz/ton) over 14 chip samples and the Esperenza vein which averages 877 ppm silver (25 oz/ton) over 11 chip samples. The veins are averaging 0.5 metres in width and have been traced over a 650 metre strike length. In addition to the silver, lesser amounts of gold and base metals are present in these veins.

The Gibraltar vein is a separate gold target and averages 35 g/t gold (1 oz/ton) from six samples over a 100 metre strike length. The vein averages 0.5 to 1 metre in width. Drill testing of these new veins is scheduled for February.

Kenneth R. Shannon, President

Disclosure statements as required by the TSE and National Instrument 43-101 are available at our website www.corriente.com

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.