Corriente Resources Inc.: Due Diligence Site Visits Underway in Ecuador

VANCOUVER, BRITISH COLUMBIA, Jul 31 (MARKET WIRE) --
Corriente Resources Inc. (TSX: CTQ)(AMEX: ETQ) -

The Panantza - San Carlos majority partnership marketing process that was
outlined in the company's January 31, 2008 news release is continuing as
planned. This process is being carried out under the direction of a Citi
and CanaccordAdams team that has completed the work of securing
confidentiality agreements and guiding potential partners through the
electronic data room. We are now conducting in-country due diligence
visits with a number of interested industry parties from around the
world, all of whom have the capability of advancing a multi-Billion
dollar copper district. The first due diligence trips have already been
completed and more are in the planning stage over the next 60 days. The
due diligence process includes a technical review of all of Corriente's
assets in Ecuador and meetings with local community and indigenous
representatives. In addition, meetings are being held with senior
government officials in Quito to form a better understanding of the
intentions of the Government of Ecuador regarding the development of
responsible mining in the country. Following completion of the Ecuador
due diligence phase, the advisory team plans to start negotiations
regarding terms of an investment in one or more of the company's projects.

As part of the ongoing dialogue with the Ecuador Government, the
company's senior Ecuador management recently met with President Rafael
Correa. President Correa's message to the Company was "I have a vision of
responsible mining that will bring to the Ecuadorian people the benefits
of resource development. Mining will go ahead in Ecuador and our role in
government is to ensure such development is fair to all stakeholders,
including the local communities."

In a bid to ease access to the country for investors, while further
encouraging Ecuador's growing tourism industry, the government has lifted
all short term visa restrictions to allow unlimited travel to Ecuador for
up to 90 days per year with no visa. The Ecuador Government also recently
exempted import duties and taxes on many capital goods imported into the
country until such time as COMEXI (the government's economic development
body) determines such exemptions are no longer needed.

Corriente CEO and President, Ken Shannon, commented "While President
Correa's office has yet to release a draft of the government's new Mining
Law, we remain optimistic that recent dialogue and events continue to
confirm that mining will be an integral component of Ecuador's future
economic and social development. With over CDN$ 86 Million in the
treasury and an excellent Ecuador-based development team in place,
Corriente is well-positioned to continue working with the Ecuador
Government to develop a responsible mining industry for the benefit of
all stakeholders."

ABOUT CORRIENTE

Corriente controls a 100% interest in approximately 62,000 hectares
located within the Corriente Copper Belt, Ecuador. The Belt currently
contains four copper and copper-gold porphyry deposits: Mirador, Mirador
Norte, Panantza and San Carlos, as well as six additional copper
exploration targets. Corriente is currently in discussions with a number
of potential partners about their majority participation in the company's
Panantza - San Carlos Project.

Kenneth R. Shannon, CEO and President

Certain statements contained in this News Release, which provides an
update on the company's Panantza-San Carlos Project marketing process,
constitutes forward-looking statements within the meaning of the United
States Private Securities Litigation Reform Act of 1995. Forward-looking
statements include among other things, statements regarding projected
production rates and capital costs, estimates regarding copper prices,
mineral resources and anticipated grades and internal rates of return.
Forward-looking statements are statements that are not historical facts
and that are subject to a variety of risks and uncertainties, which could
cause actual events or results to differ materially from those reflected
in the forward-looking statements, including, but not limited to, risks
related to the exploration stage of the company's projects; discussions
with prospective joint venture partners and related potential outcomes;
market fluctuations in prices for securities of exploration-stage
companies; uncertainties about the availability of additional financing;
uncertainties related to fluctuations in copper prices; the possibility
that Corriente may change its plans with respect to one or more
properties; and other risks and uncertainties described in the company's
Annual Information Form for the year ended December 31, 2007, and
registration statement on Form 40-F filed with Canadian securities
regulators and the U.S. Securities and Exchange Commission, respectively.
Although we believe the expectations reflected in our forward-looking
statements are reasonable, results may vary, and we cannot guarantee
future results, levels of activity, performance or achievements.

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

Contacts:
Corriente Resources Inc.
Mr. Dan Carriere
Senior Vice-President
(604) 687-0449
(604) 687-0827 (FAX)
Email: copper@corriente.com
Website: www.corriente.com

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