NEWS RELEASE

ECUADORIAN MINERALS CORPORATION

August 15, 2001

Trading: TSE.EMC

ECUADORIAN AMENDS OPTION AGREEMENT WITH RIO TINTO AT BEROEN, ECUADOR
UPDATE ON ECUADOR AND PERU GOLD PROJECTS

Beroen Property, Ecuador

Ecuadorian Minerals Corporation (“EMC”) has signed a Letter Agreement with Rio Tinto Mining and Exploration Ltd (“Rio Tinto”) to amend certain terms of the October 8, 1998 Option Agreement (the “Original Agreement”) between EMC and Rio Tinto for the Beroen gold-silver property in southwestern Ecuador. Under the terms of the Original Agreement, EMC is acquiring a 100% interest in Rio Tinto’s mineral concessions together with Rio Tinto’s rights in the previously-existing joint venture agreement with EMC (collectively “the Property”).

Under the new Letter Agreement, the cash option payment of US$800,000 that was due to Rio Tinto on October 8, 2001 has been changed to a total of US$200,000 payable as to US$45,000 in cash and US$155,000 in common shares of EMC, the latter subject to regulatory approval. In addition, the cash option payment of US$1million due on October 8, 2002 has now been changed to US$200,000. Annual cash option payments (both with an October 8 anniversary date) for 2003 and 2004 will now be US$300,000 and US$400,000, respectively. Upon completion of a bankable feasibility study a cash payment of US$700,000 will be payable and upon commencement of commercial production a further US$1million together with a 2.5% Net Smelter Return (“NSR”) royalty will be due to Rio Tinto.

In November 2000, EMC announced a revised in-house inferred resource estimate for the Beroen project of approximately 1.07 million gold ounces and 7.6 million silver ounces for the Alejandra and Dorada Zones (see table below) with significant potential for additional mineralization along strike and at depth. EMC also completed a 30m long exploration tunnel (adit) across the Alejandra Zone which reported average uncut grades of 21.9g/t gold and 216 g/t silver from 66 samples, including 4.5m at 83 g/t gold and 1,060 g/t silver. Individual assay values range from 0.3 to 159 g/t gold and 9 to 1,450 g/t silver.

Beroen Project - Inferred Resources (November 2000)

Note: All gold and silver grades are based on uncut gold and silver assays.

Upon completion of new equity financing (expected to be completed in September) a Phase 3 exploration program will commence at Beroen comprising additional core drilling (4,000 to 5,000m), further underground exploration, metallurgical testwork and preliminary engineering studies with a view to producing a basic scoping study on the Beroen deposit(s). The primary focus will be to expand and test the continuity of the high grade mineralization in the Alejandra North Zone and its northeast extension, and to test for the possibility of additional “blind” mineralization in the area, both along strike and at depth. Further drilling will also be carried out in the Dorada Zone.

Vetaspata Property, Peru

In December 1998, EMC announced the discovery of high grade, sediment-hosted gold mineralization in a series of stacked, gold-bearing horizons (“mantos”). Average uncut grade of rock panel samples collected at that time for both surface and underground sites was 17g/t gold within the mineralized “manto” horizons.

Initial core drilling program (19 drill holes totaling 1,729m) completed in December 1999 showed the manto bodies to extend over a broad area (800m by 550m) and to occur as a multiple stacked system. Highest intercepts were in drill hole VC-8 and included 14.4 g/t gold over 1.8m (including 0.8m at 24.4 g/t gold at a depth of 15m together with a further manto horizon carrying 28.8 g/t gold over 0.8m at a depth of 32.7m).

Detailed underground rock panel sampling together with the results of EMC’s previous underground rock sampling provided an average, uncut gold grade of 17.2 g/t (175 samples) at a 5 g/t gold cut-off. At a 10 g/t gold cut-off, an average uncut grade of 25.9 g/t gold was obtained (93 samples). Average thickness of manto sampled was approximately 1m.

Subject to financing, a Phase 2 drill program will consist of close-spaced drilling to track the high grade mineralization outwards from initial drill target. Small-scale mining is also being considered by EMC.

General

EMC has granted an aggregate of 792,500 Incentive Share Options pursuant to its Stock Option Plan, including 415,000 to directors and officers and 377,500 to employees and consultants. The exercise price is Cdn$1.00 per share and the options are exercisable until August 2011. Granting of these options is subject to regulatory approval.

Stephen J. Kay, President and CEO

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.

For additional information, contact Investor Relations at Tel: (480) 483-9932 or Fax: (480) 483-9926.

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