CorrienteResources Inc.(A Development Stage
Enterprise)

Consolidated Financial StatementsAs at December 31, 2008
and 2007 and for the years ended December 31, 2008 and 2007(expressed
in Canadian dollars)

---

Managements Responsibility for Financial Reporting

The accompanying consolidated financial statements of Corriente
Resources Inc. (the company) have been prepared by management in accordance
with accounting principles generally accepted in Canada, and within the
framework of the summary of significant accounting policies in these
consolidated financial statements.

A system of internal accounting control is maintained by
management in order to provide reasonable assurance that assets are safeguarded
and that transactions are properly recorded and executed in accordance with
managements authorization. This system includes established policies and
procedures, the selection and training of qualified personnel and an
organization providing for appropriate delegation of authority and segregation
of responsibilities.

The Audit Committee of the Board of Directors meets
periodically with management and the companys independent auditors to review
the scope and results of their annual audit and to review the consolidated
financial statements and related financial reporting and control matters prior
to submitting the consolidated financial statements to the Board of Directors
for approval.

The consolidated financial statements have been audited by
PricewaterhouseCoopers LLP on behalf of the shareholders and their report
follows.

|Kenneth R. Shannon                | Darryl F. Jones      
|----------------------------------- | -----------------------
|President & Chief Executive Officer | Chief Financial Officer
|                                    |                        
|Vancouver, British Columbia         |                        
|March 30, 2009                      |                        

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Managements Report on Internal Control over Financial
Reporting

The management of Corriente Resources Inc. is responsible for
establishing and maintaining adequate internal control over financial reporting.
The United States Securities and Exchange Act of 1934 in Rule 13a-15(f ) and
15d-15(f ) defines this as a process designed by, or under the supervision of,
the companys principal executive and principal financial officers and effected
by the companys board of directors, management and other personnel, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles and includes those policies and
procedures that:

- Pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company;
- Provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and
- Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the companys
assets that may have a material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements on a timely basis.
Also, projections of any evaluation of effectiveness of internal control over
financial reporting to future periods are subject to risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the companys internal
control over financial reporting as at December 31, 2008. In making this
assessment, the companys management used the criteria, established in
Internal Control-Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).

Based upon this assessment, management concluded that the
companys internal control over financial reporting was effective as at December
31, 2008.

The effectiveness of the companys internal control over
financial reporting as at December 31, 2008 has been audited by
PricewaterhouseCoopers LLP, our independent auditors, as stated in their report
which appears herein.

|Kenneth R. Shannon                | Darryl F. Jones      
|----------------------------------- | -----------------------
|President & Chief Executive Officer | Chief Financial Officer
|                                    |                        
|Vancouver, British Columbia         |                        
|March 30, 2009                      |                        

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Independent Auditors Report

To the Shareholders of Corriente Resources Inc.

We have completed integrated audits of Corriente Resources Inc.s 2008 and 2007 consolidated financial statements and of its internal control over financial reporting as at December 31, 2008. Our opinions, based on our audits, are presented
below.

Consolidated Financial statements

We have audited the accompanying consolidated balance sheets of Corriente Resources Inc. as at December 31, 2008 and 2007, and the related consolidated statements of changes in shareholders equity, statements of earnings (loss), and
comprehensive income (loss) and statements of cash flows for each of the years in the two year period ended December 31, 2008. These financial statements are the responsibility of the Companys management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits of the Companys financial statements in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we
plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. A financial statement audit also includes assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as at December 31, 2008 and 2007 and the results of its operations and its cash flows for each of
the years in the two year period ended December 31, 2008 in accordance with Canadian generally accepted accounting principles.

Internal control over financial reporting

We have also audited Corriente Resources Inc.s internal control over financial reporting as at December 31, 2008, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO). The Companys management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in
the accompanying Managements Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Companys internal control over financial reporting based on our audit.

---

We conducted our audit of internal control over financial
reporting in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective
internal control over financial reporting was maintained in all material
respects. An audit of internal control over financial reporting includes
obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, testing and evaluating the
design and operating effectiveness of internal control based on the assessed
risk, and performing such other procedures as we consider necessary in the
circumstances. We believe that our audit provides a reasonable basis for our
opinion.

A companys internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A
companys internal control over financial reporting includes those policies and
procedures that (i) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the companys assets that could have a
material effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as at December 31,
2008 based on criteria established in Internal Control  Integrated Framework
issued by the COSO.

PricewaterhouseCoopers LLP

Chartered Accountants Vancouver, British Columbia March
30, 2009

---

Corriente Resources Inc.
(a development stage
enterprise) Consolidated Balance SheetsAs at December 31, 2008 and
2007


(expressed in thousands of Canadian dollars)

|                                                      |   | 2008    |   |   | 2007    |  
|----------------------------------------------------- | - | ------- | - | - | ------- | -
|                                                      |   |         |   |   |         |  
|Assets                                                |   |         |   |   |         |  
|                                                      |   |         |   |   |         |  
|Current assets                                        |   |         |   |   |         |  
|Cash and cash equivalents                             | $ | 18,540  |   | $ | 93,272  |  
|Investments (note 3)                                  |   | 75,237  |   |   |        |  
|Accounts receivable and prepayments                   |   | 84      |   |   | 339     |  
|Convertible loan (note 4)                             |   | 957     |   |   | 461     |  
|                                                      |   |         |   |   |         |  
|                                                      |   | 94,818  |   |   | 94,072  |  
|                                                      |   |         |   |   |         |  
|Long-term assets                                      |   |         |   |   |         |  
|Mineral properties (note 4)                           |   | 94,489  |   |   | 77,779  |  
|Equipment (note 5)                                    |   | 1,541   |   |   | 1,914   |  
|Other assets (note
      6)                           |   | 4,285   |   |   | 4,260   |  
|                                                      |   |         |   |   |         |  
|                                                      |   | 100,315 |   |   | 83,953  |  
|                                                      |   |         |   |   |         |  
|TOTAL ASSETS                                          | $ | 195,133 |   | $ | 178,025 |  
|                                                      |   |         |   |   |         |  
|Liabilities                                           |   |         |   |   |         |  
|                                                      |   |         |   |   |         |  
|Current liabilities                                   |   |         |   |   |         |  
|Accounts payable relating to mineral
      properties | $ | 1,402   |   | $ | 1,656   |  
|Other accounts
      payable and accrued liabilities  |   | 193     |   |   | 223     |  
|                                                      |   |         |   |   |         |  
|                                                      |   | 1,595   |   |   | 1,879   |  
|                                                      |   |         |   |   |         |  
|Shareholders Equity                                  |   |         |   |   |         |  
|Share capital                                         |   | 235,996 |   |   | 234,438 |  
|Options (note 7 (c))                                  |   | 4,718   |   |   | 3,736   |  
|Contributed surplus                                   |   | 1,472   |   |   | 1,378   |  
|Deficit                                               |   | (48,648 | ) |   | (63,406 | )
|                                                      |   |         |   |   |         |  
|                                                      |   | 193,538 |   |   | 176,146 |  
|                                                      |   |         |   |   |         |  
|TOTAL
      LIABILITIES AND SHAREHOLDERS EQUITY      | $ | 195,133 |   | $ | 178,025 |  

Nature of operations  note 1Commitments  note
4Measurement uncertainty  note 4Subsequent event  note
15

|Approved by the Board of Directors |                       
|---------------------------------- | ----------------------
|Kenneth
      Shannon            | Anthony
      Holler
|Director                           | Director              

The accompanying notes are an integral part of these
consolidated financial statements.

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Corriente Resources Inc.
(a development stage
enterprise) Consolidated Statements of Changes in Shareholders Equity
For the years ended December 31, 2008 and 2007


(expressed in
thousands of Canadian dollars, except for number of shares)

|                                  |  | Common Shares |  |   |         |  |   |         |   |   |             |  |   |         |  
|--------------------------------- |  | ------------- |  | - | ------- |  | - | ------- | - | - | ----------- |  | - | ------- | -
|                                  |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|                                  |  |               |  |   | Share   |  |   |         |   |   | Contributed |  |   |         |  
|                                  |  | Number        |  |   | Capital |  |   | Options |   |   | Surplus     |  |   | Deficit |  
|Balance at December 31, 2006      |  | 74,752,393    |  | $ | 233,553 |  | $ | 2,585   |   | $ | 993         |  | $ | (48,394 | )
|Common shares issued for cash     |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|pursuant to exercise of options   |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|(note 7 (c))                      |  | 175,000       |  |   | 592     |  |   |        |   |   |            |  |   |        |  
|Grant-date fair value of options  |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|exercised (note 7 (c))            |  |              |  |   | 293     |  |   | (293    | ) |   |            |  |   |        |  
|Grant-date fair value of options  |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|expired or forfeited (note 7 (c)) |  |              |  |   |        |  |   | (385    | ) |   | 385         |  |   |        |  
|Stock based compensation on       |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|unexercised options (note 7 (c))  |  |              |  |   |        |  |   | 1,829   |   |   |            |  |   |        |  
|Loss for the year ended           |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|December 31, 2007                 |  |              |  |   |        |  |   |        |   |   |            |  |   | (15,012 | )
|Balance at December 31, 2007      |  | 74,927,393    |  |   | 234,438 |  |   | 3,736   |   |   | 1,378       |  |   | (63,406 | )
|Common shares issued for cash     |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|pursuant to exercise of options   |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|(note 7 (c))                      |  | 375,000       |  |   | 1,058   |  |   |        |   |   |            |  |   |        |  
|Grant-date fair value of options  |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|exercised (note 7 (c))            |  |              |  |   | 500     |  |   | (500    | ) |   |            |  |   |        |  
|Grant-date fair value of vested   |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|options forfeited (note 7 (c))    |  |              |  |   |        |  |   | (94     | ) |   | 94          |  |   |        |  
|Stock based compensation on       |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|unexercised options (note 7 (c))  |  |              |  |   |        |  |   | 1,576   |   |   |            |  |   |        |  
|Earnings for the year ended       |  |               |  |   |         |  |   |         |   |   |             |  |   |         |  
|December 31, 2008                 |  |              |  |   |        |  |   |        |   |   |            |  |   | 14,758  |  
|Balance at December 31, 2008      |  | 75,302,393    |  | $ | 235,996 |  | $ | 4,718   |   | $ | 1,472       |  | $ | (48,648 | )

The accompanying notes are an integral part of these
consolidated financial statements.

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Corriente Resources Inc.
(a development stage
enterprise) Consolidated Statements of Earnings (Loss) and Comprehensive
Income (Loss) For the years ended December 31, 2008 and 2007


(expressed in thousands of Canadian dollars, except for per share
amounts and number of shares)

|                                                                    |   | 2008       |   |   | 2007       |  
|------------------------------------------------------------------- | - | ---------- | - | - | ---------- | -
|                                                                    |   |            |   |   |            |  
|Administration expenses                                             |   |            |   |   |            |  
|Management fees, wages, benefits and stock-based
      compensation | $ | 1,873      |   | $ | 1,609      |  
|Corporate development and shareholder
      expenses                |   | 544        |   |   | 518        |  
|Legal, accounting and regulatory                                    |   | 506        |   |   | 1,007      |  
|Office and related                                                  |   | 288        |   |   | 245        |  
|Other                                                               |   | 80         |   |   | 119        |  
|                                                                    |   |            |   |   |            |  
|                                                                    |   | 3,291      |   |   | 3,498      |  
|                                                                    |   |            |   |   |            |  
|Other (income) expenses                                             |   |            |   |   |            |  
|Foreign exchange (gain) loss                                        |   | (15,879    | ) |   | 15,539     |  
|Interest income (note 8)                                            |   | (2,050     | ) |   | (5,111     | )
|Management fees (note 8)                                            |   | (120       | ) |   | (60        | )
|Severance costs                                                     |   |           |   |   | 1,257      |  
|Gain on sale of assets                                              |   |           |   |   | (111       | )
|                                                                    |   |            |   |   |            |  
|                                                                    |   | (18,049    | ) |   | 11,514     |  
|                                                                    |   |            |   |   |            |  
|Earnings (loss) and comprehensive income (loss) for the
      year  | $ | 14,758     |   | $ | (15,012    | )
|                                                                    |   |            |   |   |            |  
|Earnings (loss) per share                                           |   |            |   |   |            |  
|Basic and diluted                                                   | $ | 0.20       |   | $ | (0.20      | )
|                                                                    |   |            |   |   |            |  
|Weighted average number of shares outstanding                       |   |            |   |   |            |  
|Basic                                                               |   | 75,088,978 |   |   | 74,844,105 |  
|                                                                    |   |            |   |   |            |  
|Diluted                                                             |   | 75,321,884 |   |   | 74,844,105 |  

The accompanying notes are an integral part of these
consolidated financial statements.

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Corriente Resources Inc.
(a development stage
enterprise) Consolidated Statements of Cash Flows For the years ended
December 31, 2008 and 2007


(expressed in thousands of Canadian
dollars)

|                                                                  |   | 2008    |   |   | 2007    |  
|----------------------------------------------------------------- | - | ------- | - | - | ------- | -
|                                                                  |   |         |   |   |         |  
|Cash flows from (applied to) operating
      activities           |   |         |   |   |         |  
|Earnings (loss) for the year                                      | $ | 14,758  |   | $ | (15,012 | )
|Items not affecting cash                                          |   |         |   |   |         |  
|Stock-based
      compensation (note 7 (c))                       |   | 802     |   |   | 699     |  
|Accrued management fees (note 4)                                  |   | (120    | ) |   | (60     | )
|Accrued interest
      receivable on convertible loan (note 4)    |   | (61     | ) |   | (25     | )
|Depreciation                                                      |   | 32      |   |   | 28      |  
|                                                                  |   |         |   |   |         |  
|Changes in non-cash working capital                               |   |         |   |   |         |  
|Accounts
      receivable and prepayments                         |   | 255     |   |   | (133    | )
|Accounts payable
      and accrued liabilities                    |   | (30     | ) |   | 320     |  
|                                                                  |   |         |   |   |         |  
|                                                                  |   | 15,636  |   |   | (14,183 | )
|                                                                  |   |         |   |   |         |  
|Cash flows from (applied to) investing
      activities           |   |         |   |   |         |  
|Investments                                                       |   | (75,237 | ) |   |        |  
|Mineral property costs                                            |   | (15,691 | ) |   | (18,545 | )
|Convertible loan                                                  |   | (315    | ) |   | (376    | )
|Payments to acquire equipment                                     |   | (128    | ) |   | (1,473  | )
|Other assets                                                      |   | (55     | ) |   | 240     |  
|Cash balance of spun-off company (note 4)                         |   |        |   |   | (94     | )
|                                                                  |   |         |   |   |         |  
|                                                                  |   | (91,426 | ) |   | (20,248 | )
|                                                                  |   |         |   |   |         |  
|Cash flows from financing activities                              |   |         |   |   |         |  
|Proceeds from
      issuance of common shares, net of issue costs |   | 1,058   |   |   | 592     |  
|                                                                  |   |         |   |   |         |  
|                                                                  |   | 1,058   |   |   | 592     |  
|                                                                  |   |         |   |   |         |  
|Decrease in cash and cash equivalents                             |   | (74,732 | ) |   | (33,839 | )
|                                                                  |   |         |   |   |         |  
|Cash and cash
      equivalents  beginning of year               |   | 93,272  |   |   | 127,111 |  
|Cash and cash equivalents  end of year                           | $ | 18,540  |   | $ | 93,272  |  

Supplemental cash flow information (note 11)

The accompanying notes are an integral part of these
consolidated financial statements.

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Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

|1 | Nature of operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | Corriente Resources Inc. and its subsidiaries
      (collectively, Corriente or the company) are engaged in the
      exploration and development of mineral properties primarily in Ecuador,
      South America. The company considers itself to be a development stage
      enterprise.                                                                                                                                                                                                                                                                                                                                                                                                                    
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | The business of mining and exploring for minerals
      involves a high degree of risk and there can be no assurance that current
      exploration and development programs will result in profitable mining
      operations. The recoverability of amounts shown for mineral properties is
      dependent upon the discovery of economically recoverable reserves, receipt
      of necessary permits and regulatory approvals, the ability of the company
      to obtain financing to complete its development and future profitable
      operations or sale of the properties. The investment in and expenditures
      on mineral properties comprise a significant portion of the companys
      assets.
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|2 | Significant accounting policies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | Basis of presentation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | These consolidated financial statements have been
      prepared in accordance with generally accepted accounting principles
      (GAAP) in Canada, which as described in note 14, differ in certain
      respects from GAAP in the United States of America.                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | Basis of consolidation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | The consolidated financial statements include the
      accounts of the company, its subsidiaries, all of which are wholly-owned,
      and any variable interest entities (VIEs) where the company is the
      primary beneficiary. The company has determined that it does not have any
      material VIEs as at December 31, 2008 and 2007. All significant
      inter-company balances have been eliminated.                                                                                                                                                                                                                                                                                              
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | Mineral properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | The company capitalizes all costs related to investments
      in mineral property interests on a property-by-property basis. Such costs
      include mineral property acquisition costs, exploration and development
      expenditures. The company also capitalizes the costs for future income
      taxes related to mineral property costs that will not be eligible for
      deduction against future taxable income.                                                                                                                                                                                                                                                                                     
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | The amounts shown for mineral property acquisition costs
      and deferred exploration expenditures represent costs incurred to date and
      do not necessarily reflect present or future values.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | Mineral property expenditures will be amortized over the
      useful lives of the properties upon commencement of commercial production,
      or written down to fair value if the properties are abandoned, become
      impaired or the claims allowed to lapse.                                                                                                                                                                                                                                                                                                                                                                                                                                               
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  | The acquisition of title to mineral properties is a
      complicated and uncertain process. The company has taken steps, in
      accordance with industry standards, to verify mineral properties in which
      it has an interest. Although the company has made efforts to ensure that
      legal title to its properties is properly recorded in the name of the
      company, there can be no assurance that such title will ultimately be
      secured.                                                                                                                                                                                                                                                 

1

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Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

Equipment is stated at cost.
Depreciation of equipment is provided on a declining-balance basis over the
estimated useful life at annual rates of between 5% and 100% commencing when the
related asset is available for use.

Asset impairment

When events or changes in circumstances
indicate that the carrying amounts of the related assets may not be recoverable,
management of the company reviews and evaluates the carrying value of each asset
for impairment. If the total estimated future cash flows on an undiscounted
basis are less than the carrying amount of the asset, an impairment loss is
measured and assets are written down to fair value which is normally the
discounted value of future cash flows. Where estimates of future net cash flows
are not available and where other conditions suggest impairment, management
assesses whether the carrying value can be recovered by considering alternative
methods of determining fair value. When it is determined that an asset is
impaired, the assets carrying value is written down to its estimated fair value
in accordance with the Canadian Institute of Chartered Accountants (CICA)
Handbook Section 3063 Impairment of Long-Lived Assets.

Managements estimates of credit risk,
mineral prices, mineral resources, foreign exchange rates, production levels and
operating, capital and reclamation costs are subject to risks and uncertainties
that may affect the determination of the recoverability of deferred mineral
property costs or other assets, such as the convertible loan receivable from Q2
Gold Resources Inc. Although management has made its best estimate of these
factors, it is possible that material changes could occur that may adversely
affect managements estimate of the net cash flows to be generated from its
assets.

Cash and cash equivalents

Cash and cash equivalents comprise cash
on deposit with banks and highly liquid short-term interest bearing investments
with a term to maturity at the date of purchase of 90 days or less from the date
of acquisition.

Investments

Investments comprise short-term
interest bearing promissory notes with a term to maturity at the date of
purchase of greater than 90 days but less than 1 year from the date of
acquisition. The company has the intent and ability to hold these notes until
maturity and therefore has classified them as held-to-maturity. These
investments are initially recorded at fair value and subsequently measured at
amortized cost using the effective interest rate method.

Marketable securities are recorded at
their fair value on the date of acquisition and are classified as
available-for-sale or held for trading. The fair value of the securities is
adjusted at each subsequent balance sheet date and the resulting unrealized
gains or losses are included in other comprehensive income or net earnings for
the period, as appropriate. The company held no marketable securities at
December 31, 2008 and 2007.

Foreign currency translation

As at December 31, 2008, the Canadian
dollar is the functional currency of the company.

The companys subsidiaries are
considered integrated foreign operations and their financial statements are
translated into Canadian currency, the parent companys functional currency,
using the temporal method.

2

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

Monetary assets and liabilities are
translated at the exchange rate in effect at the balance sheet date;
non-monetary items are translated at historical exchange rates; revenue and
expense items are translated at the average rate of exchange for the period,
except for depreciation, which is translated at the same rate as the assets to
which they relate. Translation gains and losses are reflected in the companys
reported earnings or loss for the period.

Financial instruments

Under CICA Section 3855, Financial
Instruments - Recognition and Measurement, all financial instruments are
classified into one of the following five categories: held for trading financial
instruments, held-to-maturity investments, loans and receivables,
available-for-sale financial assets or other financial liabilities. Held for
trading financial instruments are measured at fair value (or marked to market)
and all gains and losses are included in the reported earnings or loss for the
period in which they arise. Available-for-sale financial instruments are
measured at fair value (or marked to market) with revaluation gains and losses
excluded from reported earnings or loss and included in accumulated other
comprehensive income until the instruments are derecognized or impaired. Loans
and receivables, investments and other financial liabilities are measured at
amortized cost using the effective interest method.

The companys financial instruments
have been classified as follows:

| | Instrument                                           | Classification             
| | ---------------------------------------------------- | ---------------------------
| | Cash and cash equivalents                            | Held for trading           
| | Investments                                          | Held-to-maturity           
| | Accounts receivable                                  | Loans and receivables      
| | Convertible loan receivable                          | Loans and receivables      
| | EIA security deposits                                | Held-to-maturity           
| | Accounts payable relating to mineral properties      | Other financial liabilities
| | Other accounts payable and accrued
      liabilities | Other financial liabilities

Derivatives embedded in other financial
instruments or other host contracts are treated as separate derivatives when the
risks and characteristics are not closely related to those of the host contracts
and the host contracts are not measured at fair value, with changes in fair
value recognized in earnings or loss for the period. Any derivatives are
recorded on the balance sheet at fair value. Mark-to-market adjustments on these
instruments are included in earnings or loss for the period. The company does
not have any material derivative financial instruments or embedded derivatives
at December 31, 2008 or 2007.

Transaction costs incurred to acquire
or issue financial instruments are included in the underlying balance.

Income taxes

Income taxes are calculated using the
asset and liability method. Temporary differences arising from the difference
between the tax basis of an asset or liability and its carrying amount on the
balance sheet are used to calculate future income tax liabilities or assets.
Future income tax assets and liabilities are measured using substantively
enacted tax rates and laws that are expected to apply when the temporary
differences are expected to reverse. Assets are recognized only to the extent it
is more likely than not that they will be realized. A valuation allowance is
provided against future income tax assets to the extent it is considered more
likely than not that the future income tax assets will not be realized.

3

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

Earnings (loss) per share

Basic earnings (loss) per share is
calculated on the earnings (loss) available to common shareholders using the
weighted average number of common shares outstanding during the period. The
company follows the treasury stock method for the calculation of diluted
earnings or loss per share. Under the treasury stock method, the weighted
average number of common shares outstanding for the calculation of diluted loss
per share assumes that the proceeds to be received on the exercise of dilutive
stock options and the unrecognized portion of the fair value of stock options
are applied to repurchase common shares at the average market price for the
period. Stock options are dilutive when the average market price of the common
shares during the period exceeds the exercise price of the options. In years of
loss, basic and diluted loss per share are the same because the effect of
potential issuances of shares under options would be anti-dilutive.

Use of estimates

The preparation of financial statements
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Significant estimates and
assumptions are used in determining possible impairment of mineral property
costs, the fair values of stock-based compensation and financial instruments,
asset retirement obligations and future income taxes. The company evaluates its
estimates on an on-going basis and bases them on various assumptions that are
believed to be reasonable under the circumstances. The companys estimates form
the basis for making judgments about the carrying value for assets and
liabilities that are not readily apparent from other sources. Actual results may
differ from those estimates.

Stock-based compensation

The company has a stock option plan as
described in note 7 (c).

The company grants stock options to
employees, directors and consultants as an element of compensation. The cost of
the service received as consideration is measured based on an estimate of fair
value at the date of the grant. The grant-date fair value is recognized as
compensation expense or capitalized to mineral properties (for grants to
individuals working directly on mineral projects), over the related service
period with a corresponding increase in options, a separate component of
shareholders equity. On exercise of stock options, the company issues common
shares from treasury and the consideration received together with the
compensation expense previously recorded to stock options is credited to share
capital. The grant-date fair value of vested stock options that are forfeited is
reclassified from stock options to contributed surplus. The previously expensed
amounts for stock options that are forfeited that had not vested is recovered
through earnings. The estimated fair value assigned to the stock options that
were both vested and forfeited during the years ended December 31, 2008 and 2007
were included in management fees, wages, benefits and stock-based compensation
or mineral properties.

The company uses the Black-Scholes
option pricing model to estimate the fair value of each stock option. The
Black-Scholes option pricing model requires the company to estimate the expected
term of the options granted, the volatility of the companys common shares and
an expected dividend yield. The company estimates the expected term of the
options granted by calculating the average term after considering the companys
historical experience involving stock option exercise; forfeitures and expiries;
volatility is estimated with reference to historical volatility data; and the
company does not currently anticipate paying any cash dividends in the
foreseeable future and therefore has used an expected dividend yield of zero as
detailed in note 7(c). The Black-Scholes model also requires the company
to input a risk-free interest rate and the company uses the Bank of Canada
marketable bond rates.

4

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

Asset retirement obligations

The company accounts for asset
retirement obligations (ARO) by recognizing the fair value of a liability for
an ARO in the period in which it is incurred if a reasonable estimate of fair
value can be made. The associated asset retirement costs are recorded to the
capitalized carrying amount of the related long-lived asset. The company has
determined that it has no material AROs at December 31, 2008 and 2007.

Comprehensive income

Other comprehensive income is the
change in the companys net assets that results from transactions, events and
circumstances from sources other than the companys shareholders and includes
items that would not normally be included in the determination of earnings or
loss for the period, such as unrealized gains or losses on available-for-sale
investments.

Investments classified as
available-for-sale are reported at fair market value (or marked to market) based
on quoted market prices with unrealized gains or losses excluded from earnings
or loss and reported as other comprehensive income or loss. At December 31, 2008
and 2007, the company had no investments designated as available-for-sale.

Comparative figures

Certain comparative figures have been
reclassified to conform to the presentation adopted in the current period.

The company adopted the following CICA
standards effective January 1, 2008:

Capital disclosures and financial
instruments  disclosures and presentation

On December 1, 2006, the CICA issued
three new accounting standards: Handbook Section 1535, Capital Disclosures,
Handbook Section 3862, Financial Instruments  Disclosures, and Handbook
Section 3863, Financial Instruments  Presentation. Section 1535 specifies the
disclosure of (i) an entitys objectives, policies and processes for managing
capital; (ii) quantitative data about what the entity regards as capital; (iii)
whether the entity has complied with any capital requirements; and (iv) if it
has not complied, the consequences of such non-compliance. The new Sections 3862
and 3863 replace Handbook Section 3861, Financial Instruments  Disclosure and
Presentation, revising and enhancing its disclosure requirements, and carrying
forward unchanged its presentation requirements. These new sections place
increased emphasis on qualitative and quantitative disclosures about the nature
and extent of risks arising from financial instruments, including specified
minimum disclosures of credit risk, liquidity risk and market risk (including
interest rate, foreign exchange rate and price risk). The quantitative
disclosures must provide information on the extent to which the entity is
exposed to risk, based on information provided internally to the entitys key
management personnel. Refer to notes 12 and 13.

General Standards of Financial
Statement Presentation

CICA Handbook Section 1400, General
Standards of Financial Statement Presentation, has been amended to include
requirements to assess and disclose an entitys ability to continue as a going
concern. The changes are effective for interim and annual financial statements
beginning on or after January 1, 2008. The standard 5 requires that management make an
assessment of a companys ability to continue as a going concern and to use the
going concern basis in the preparation of the financial statements unless
management either intends to liquidate the company or to cease trading, or has
no realistic alternative but to do so. When management is aware, in making its
assessment, of material uncertainties related to events or conditions that may
cast significant doubt upon a companys ability to continue as a going concern,
those uncertainties should be disclosed. The company has performed such an
assessment and has concluded that it is appropriate to present these
consolidated financial statements using the going concern assumption.

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

|3 | Investments                                                                                                                                                                  
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                                              
|  | The following table summarizes the companys investments
      in promissory notes of the Province of Ontario and a Canadian Crown
      corporation as at December 31, 2008:

| |                           |   |               |  |  |       |  |  |                   |  |   | in thousands | 
| | ------------------------- | - | ------------- |  |  | ----- |  |  | ----------------- |  | - | ------------ | 
| |                           |   | in thousands  |  |  |       |  |  |                   |  |   | of Canadian  | 
| |                           |   | of US dollars |  |  |       |  |  |                   |  |   | dollars      | 
| |                           |   | Purchase      |  |  |       |  |  |                   |  |   | Amortized    | 
| | Description               |   | cost          |  |  | Yield |  |  | Maturity date     |  |   | cost         | 
| | Province of Ontario       | $ | 24,920        |  |  | 1.25% |  |  | February 19, 2009 |  | $ | 30,397       | 
| | Export Development Canada |   | 36,744        |  |  | 1.65% |  |  | April 20, 2009    |  |   | 44,840       | 
| |                           | $ | 61,664        |  |  |       |  |  |                   |  | $ | 75,237       | 

The company has no investments in
asset-backed commercial paper.

|4 | Mineral properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|  | Corriente Copper Belt, Ecuador                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|  | Under various agreements signed and completed with
      certain Ecuadorian subsidiaries of BHP Billiton Plc ("BHP Billiton"), the
      company has earned a 100% interest in BHP Billitons mineral properties
      located in the Rio Zamora copper porphyry district (the Corriente Copper
      Belt) in Ecuador. This required the issue of shares to BHP Billiton and
      the expenditure of exploration funds under the terms of these agreements.
      Additionally, these mineral properties are subject to a 2% Net Smelter
      Royalty (NSR) payable to BHP Billiton, though the company has options to
      reduce the NSR to 1% for the Mirador/Mirador Norte, Panantza and San
      Carlos mineral properties upon the payment of US$2 million to BHP Billiton
      for each such option exercised.

6

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

The following is a summary of the
companys deferred mineral property expenditures for each year in the two-year
period ended December 31, 2008:

| |                            |   |          |  |   | in thousands of Canadian dollars |  |   |       |  
| | -------------------------- | - | -------- |  | - | -------------------------------- |  | - | ----- | -
| |                            |   | Mirador/ |  |   |                                  |  |   |       |  
| |                            |   | Mirador  |  |   | Panantza/                        |  |   |       |  
| |                            |   | Norte    |  |   | San Carlos                       |  |   | Other |  
| | Balance December 31, 2006  | $ | 51,416   |  | $ | 6,243                            |  | $ | 3,590 |  
| | Property acquisition       |   | 50       |  |   | 25                               |  |   |      |  
| | Deferred exploration and   |   |          |  |   |                                  |  |   |       |  
| | development costs  net of |   |          |  |   |                                  |  |   |       |  
| | recoveries                 |   | 14,962   |  |   | 1,181                            |  |   | 584   |  
| | Spun-off gold exploration  |   |          |  |   |                                  |  |   |       |  
| | targets                    |   |         |  |   |                                 |  |   | (272  | )
| | Balance December 31, 2007  |   | 66,428   |  |   | 7,449                            |  |   | 3,902 |  
| | Property acquisition       |   | 40       |  |   | 47                               |  |   | 16    |  
| | Deferred exploration and   |   |          |  |   |                                  |  |   |       |  
| | development costs  net of |   |          |  |   |                                  |  |   |       |  
| | recoveries                 |   | 15,007   |  |   | 1,365                            |  |   | 235   |  
| | Balance December 31, 2008  | $ | 81,475   |  | $ | 8,861                            |  | $ | 4,153 |  

1 Also see note 15.

Other

At December 31, 2008, the balance
comprises the La Florida, San Luis, San Marcos, San Miguel and Sutzu copper
exploration targets in the Corriente Copper Belt, and expenditures to develop
the companys concentrate shipping port facility in Machala, Ecuador.

Measurement uncertainty

On April 18, 2008, the Constitutional
Assembly of Ecuador approved a Mining Mandate (the Mandate) which established
a number of conditions and restrictions on metallic mining concessions
previously issued by the Government of Ecuador. According to the Ministry of
Mines and Petroleum (the MMP), the new Mining Law (note 15) enacted on January
29, 2009 establishes the new legal framework for mining. However, the
Regulations underlying the Mining Law have yet to be developed, creating some
uncertainty regarding the mining industry in Ecuador. To date, the companys
discussions with the MMP and legal counsel have not resulted in a determination
of any material impairment in the carrying value of the companys concessions as
a result of the lack of defined Regulations or clear governmental confirmation
that the Mandate is no longer in effect.

7

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

Spin-off of gold exploration
targets

On April 3, 2007, the company announced
that its Board of Directors had approved the spin-off of the companys Caya 36
(Tundayme) and Piedra Liza gold assets into a new company, by means of a Plan of
Arrangement (the Arrangement).

The Arrangement was approved by
shareholders at the companys May 24, 2007 Annual and Special General Meeting
and closed on June 18, 2007. Under the Arrangement, which was also approved by
the British Columbia Supreme Court, the companys shareholders received shares
of a new private company, Q2 Gold Resources Inc. (Q2 Gold) which holds the
gold assets, on the basis of one (1) Q2 Gold share for every three (3) common
shares of Corriente held by them at the close of business on June 15, 2007. The
company believes the Arrangement and spin-off is not material to the company,
therefore note disclosure on discontinued operations is not presented.

The Arrangement was accounted for by
the company at the time of the transaction by showing a recovery of mineral
property costs of $272,000, a reduction of cash of $94,000 and the creation of a
Convertible Loan receivable of $366,000.

Convertible loan to Q2 Gold

In connection with the Arrangement and
to assist Q2 Gold with its business objectives, Corriente and Q2 Gold entered
into a collateralized, interest-bearing convertible loan agreement dated April
23, 2007, pursuant to which Corriente agreed to lend Q2 Gold up to $750,000
including accrued interest, to be advanced in installments (the Convertible
Loan). The Convertible Loan maximum facility was increased from $750,000 to
$1,500,000 and the maturity date extended to December 31, 2009, by an amendment
dated September 25, 2008.

Corriente also provides certain
non-technical management services including, but not limited to, office, general
accounting, administrative and shareholder services, pursuant to a management
services agreement dated September 1, 2007, effective July 1, 2007 (the
Agreement). The Agreement provides for a fee of $10,000 per month for such
services, which is accrued pursuant to the Loan. For the year ended December 31,
2008, the company has accrued $120,000 (2007  $60,000) in management services
costs due from Q2 Gold, which is included in the Convertible Loan balance at
December 31, 2008.

As at December 31, 2008, a total of
$957,000 was owed by Q2 Gold to the company, consisting of $871,000 of principal
and $86,000 of accrued interest. The Loan principal and unpaid interest are due
on the earlier of December 31, 2009 (previously December 31, 2008) and the first
date on which Q2 Gold obtains a prospectus filing receipt with respect to any of
its securities in any province of Canada. At any time prior to maturity,
Corriente can require Q2 Gold to convert, in whole or in part, the principal
amount outstanding and accrued interest of the Loan into Q2 Gold Shares at a
conversion price equal to $0.10 per share. Q2 Gold can repay any portion of the
outstanding Loan at any time prior to maturity or conversion. The company
believes the conversion feature of the Loan is not material, therefore
recognition and measurement of the embedded derivative is not being presented.

The current state of financial markets
makes it uncertain that Q2 Gold will be able to raise the necessary debt or
equity capital to repay the Convertible Loan at maturity. In the event of any
default of the repayment of the Convertible Loan, the Q2 Gold assets which
collateralize the Convertible Loan would become property of the company in
accordance with the terms of the agreement. Management believes that the Q2 Gold
assets would have a fair value greater than or equal to the current carrying
value of the Convertible Loan. Significant 8 changes in the fair value of the underlying assets could have
an impact on the company up to a maximum of the carrying value of the
Convertible Loan.

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

|5 | Equipment                                                                          
|- | -----------------------------------------------------------------------------------
|  |                                                                                    
|  | The following table summarizes information about
      equipment as at December 31:

| |                             |   |       |  |   |              |  |   | in thousands of Canadian dollars |  |   |       |  |   |              | 
| | --------------------------- | - | ----- |  | - | ------------ |  | - | -------------------------------- |  | - | ----- |  | - | ------------ | 
| |                             |   |       |  |   |              |  |   |                                  |  |   |       |  |   |              | 
| |                             |   |       |  |   | 2008         |  |   |                                  |  |   |       |  |   | 2007         | 
| |                             |   |       |  |   | Accumulated  |  |   |                                  |  |   |       |  |   | Accumulated  | 
| |                             |   | Cost  |  |   | Depreciation |  |   | Net                              |  |   | Cost  |  |   | Depreciation | 
| |                             |   |       |  |   |              |  |   |                                  |  |   |       |  |   |              | 
| | Computer                    | $ | 959   |  | $ | 698          |  | $ | 261                              |  | $ | 891   |  | $ | 477          | 
| | Construction barge facility |   | 640   |  |   | 56           |  |   | 584                              |  |   | 640   |  |   | 28           | 
| | Software fees and licences  |   | 412   |  |   | 382          |  |   | 30                               |  |   | 406   |  |   | 299          | 
| | Office                      |   | 409   |  |   | 157          |  |   | 252                              |  |   | 395   |  |   | 112          | 
| | Vehicles                    |   | 383   |  |   | 193          |  |   | 190                              |  |   | 383   |  |   | 128          | 
| | Communications              |   | 285   |  |   | 107          |  |   | 178                              |  |   | 253   |  |   | 61           | 
| | Field equipment             |   | 97    |  |   | 51           |  |   | 46                               |  |   | 91    |  |   | 40           | 
| |                             |   |       |  |   |              |  |   |                                  |  |   |       |  |   |              | 
| |                             | $ | 3,185 |  | $ | 1,644        |  | $ | 1,541                            |  | $ | 3,059 |  | $ | 1,145        | 

|6 | Other assets                                                                          
|- | --------------------------------------------------------------------------------------
|  |                                                                                       
|  | The following table summarizes information about other
      assets as at December 31:

| |                                                |   | in thousands of Canadian dollars | 
| | ---------------------------------------------- | - | -------------------------------- | 
| |                                                |   | 2008                             | 
| | EIA security deposits                          | $ | 4,057                            | 
| | Advances on mineral property expenditures      |   | 228                              | 
| | Insurance proceeds receivable on loss of barge |   |                                 | 
| |                                                | $ | 4,285                            | 

As a requirement of the MMP of Ecuador
to approve the Mirador projects Environmental Impact Assessment (EIA), the
company was required to post a deposit of US$3,024,000 ($3,683,000) in favour of
the MMP as security against the companys obligations under the Mirador EIA. A
similar EIA security deposit in favour of the MMP of US$307,000 ($374,000) was
required as security against the companys obligations under the Machala Port
EIA.

Advances on mineral property
expenditures include payments to contractors and suppliers made pursuant to
supply agreements prior to the contracted goods and services being provided.

In November 2007, the company
experienced an accidental loss of its construction barge. The carrying value of
the barge was written down by $723,000 (US$709,000). The related shoreline and
barge facilities remain intact. During the first quarter of 2008, the company
received full payment from its insurance company equal to the amount written
down. Costs associated with the reconstruction of the barge will be added to the
barges carrying value after reconstruction is completed.

9

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

|7 | Share capital
|- | -------------
|  |              
|  | a)           
|  |              
|  |              
|  |              
|  | b)           
|  |              
|  |              
|  |              
|  | c)           

The company has in place an incentive
stock option plan dated November 1996, last amended April 18, 2006 (the Option
Plan) for directors, officers, employees and consultants to the company and its
subsidiaries. The Option Plan provides that the directors of the company may
grant options to purchase common shares on terms that the directors may
determine, within the limitations of the Option Plan. The number of common
shares available for the grant of options under the Option Plan and all other
share compensation arrangements of the company is set at a rolling maximum
number that shall not be greater than 10% of the companys current outstanding
number of shares outstanding at any given time. The exercise price of each
option cannot be lower than the closing market price of the shares on the
trading day immediately prior to the date of grant of the option. As at December
31, 2008, options to purchase a total of 2,910,000 (2007  2,702,500) shares
were outstanding and 1,559,689 (2007  1,322,966) of the outstanding options
were vested.

Effective February 1, 2006, stock
options granted have the following vesting provisions:

- Options granted to executive officers, directors and other head office
  personnel vest on the basis of 1/16th of the total each quarter (from grant
  date), with such vesting being accelerated based on a change in control of
  Corriente or the attainment of clearly identified milestones, as determined by
  the companys Directors.
- Options granted to subsidiary personnel vest on a cumulative basis of 50%
  of the total granted after 12 months from the grant date, 75% of the total
  granted after 18 months from the grant date and 100% of the total granted
  after 24 months from grant date, with such vesting being accelerated based on
  a change in control of Corriente, as determined by the companys Directors.

For the year ended December 31, 2008,
the company recognized a stock-based compensation charge of $1,576,000 (2007 
$1,829,000), of which $802,000 (2007  $699,000) is included in management fees,
wages, benefits & stock-based compensation and $774,000 (2007  $1,130,000)
is capitalized in mineral properties.

10

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

The weighted average fair value of
stock options granted during the year ended December 31, 2008 was $2.18 (2007 
$1.96) and was estimated using the Black-Scholes Option Pricing Model with the
following assumptions:

| |                                     |  | 2008       |  |  | 2007       | 
| | ----------------------------------- |  | ---------- |  |  | ---------- | 
| |                                     |  |            |  |  |            | 
| | Risk-free interest rate             |  | 3.013.69% |  |  | 3.954.66% | 
| | Expected dividend yield             |  |           |  |  |           | 
| | Expected stock price volatility     |  | 6567%     |  |  | 6062%     | 
| | Expected option
      life in years |  | 2.75       |  |  | 3          | 

Option pricing models require the
input of highly subjective assumptions including expected price volatility.
Changes in the subjective input assumptions can materially affect the fair value
estimate.

The following table summarizes
information about options granted during the twelve months ended December 31,
2008:

| |                     |  |                                                   |  |  | Number of |  |   |                | 
| | ------------------- |  | ------------------------------------------------- |  |  | --------- |  | - | -------------- | 
| | Expiry dates        |  | Optionees                                         |  |  | options   |  |   | Exercise Price | 
| |                     |  |                                                   |  |  |           |  |   |                | 
| | January 2, 2013     |  | Head office
      employee and executive officers |  |  | 320,000   |  | $ | 5.41           | 
| | June1,2013          |  | Head office employees                             |  |  | 85,000    |  |   | 4.60           | 
| | June1,2013          |  | Subsidiary office
      employees and consultants |  |  | 275,000   |  |   | 4.60           | 
| | June1,2013          |  | Directors                                         |  |  | 125,000   |  |   | 4.60           | 
| |                     |  |                                                   |  |  |           |  |   |                | 
| | Total
      granted |  |                                                   |  |  | 805,000   |  |   |                | 

A summary of changes to stock options
outstanding and exercisable is as follows:

| |                                               |  | 2008      |   |   | 2007     | 
| | --------------------------------------------- |  | --------- | - | - | -------- | 
| |                                               |  |           |   |   | Weighted | 
| |                                               |  |           |   |   | average  | 
| |                                               |  | Number of |   |   | exercise | 
| |                                               |  | options   |   |   | price    | 
| | Options outstanding 
      beginning of year |  | 2,702,500 |   | $ | 4.19     | 
| | Granted                                       |  | 805,000   |   |   | 4.92     | 
| | Exercised                                     |  | (375,000  | ) |   | 2.82     | 
| | Expired                                       |  |          |   |   |         | 
| | Forfeited                                     |  | (222,500  | ) |   | 4.83     | 
| |                                               |  |           |   |   |          | 
| | Options outstanding  end of year             |  | 2,910,000 |   | $ | 4.52     | 
| |                                               |  |           |   |   |          | 
| | Options exercisable  end of year             |  | 1,559,689 |   | $ | 4.28     | 

11

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

The following table summarizes
information about stock options outstanding and exercisable at December 31,
2008:

| |          |  |          |  |  | Number of   |  |  | Number of   | 
| | -------- |  | -------- |  |  | ----------- |  |  | ----------- | 
| | Exercise |  | Years to |  |  | options     |  |  | options     | 
| | prices   |  | expiry   |  |  | outstanding |  |  | exercisable | 
| |          |  |          |  |  |             |  |  |             | 
| | $2.27    |  | 1.6      |  |  | 360,000     |  |  | 360,000     | 
| | 4.50     |  | 2.1      |  |  | 25,000      |  |  | 25,000      | 
| | 5.25     |  | 2.1      |  |  | 400,000     |  |  | 275,000     | 
| | 5.50     |  | 2.4      |  |  | 60,000      |  |  | 60,000      | 
| | 5.35     |  | 2.4      |  |  | 100,000     |  |  | 62,500      | 
| | 5.37     |  | 2.7      |  |  | 85,000      |  |  | 47,813      | 
| | 5.10     |  | 2.7      |  |  | 75,000      |  |  | 42,188      | 
| | 4.70     |  | 2.7      |  |  | 255,000     |  |  | 255,000     | 
| | 4.59     |  | 3.0      |  |  | 35,000      |  |  | 30,000      | 
| | 4.10     |  | 3.0      |  |  | 290,000     |  |  | 126,875     | 
| | 3.66     |  | 3.4      |  |  | 125,000     |  |  | 46,875      | 
| | 4.90     |  | 3.5      |  |  | 295,000     |  |  | 139,063     | 
| | 5.41     |  | 4.0      |  |  | 320,000     |  |  | 60,000      | 
| | 4.60     |  | 4.4      |  |  | 485,000     |  |  | 29,375      | 
| |          |  |          |  |  |             |  |  |             | 
| |          |  | 3.0      |  |  | 2,910,000   |  |  | 1,559,689   | 

|8 | Related party transactions and balances                                                                                                                                                                                                                                                                                                                                                                                                    
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|  | Included in management fees and interest income are
      $120,000 (2007  $60,000) and $61,000 (2007  $25,000), respectively, for
      the year ended December 31, 2008 in respect of administrative services and
      accrued interest on the Convertible Loan provided by Corriente to Q2 Gold.
      Q2 Gold has common officers and a common Board of Directors, except that
      Q2 Gold has one additional independent director.
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|  | The foregoing related party transactions are recorded at
      the exchange amount which is the amount of consideration paid or received
      as established and agreed to between the parties.                                                                                                                                                                                                                                           
|  |                                                                                                                                                                                                                                                                                                                                                                                                                                            
|  | At December 31, 2008, the balance of the Convertible Loan
      receivable from Q2 Gold (note 4), including management fees and accrued
      interest, was $957,000 (2007  $461,000).                                                                                                                                                                                                                                                    

12

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

|9 | Income taxes                                                                                                                                                        
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                                     
|  | The reconciliation of income taxes attributable to
      continuing operations computed at statutory rates to the income tax
      expense (recovery) is as follows:

| |                                                          |   | In thousands of Canadian dollars |  
| | -------------------------------------------------------- | - | -------------------------------- | -
| |                                                          |   |                                  |  
| |                                                          |   | 2008                             |  
| |                                                          |   |                                  |  
| | Canadian statutory tax rates                             |   | 31.00%                           |  
| |                                                          |   |                                  |  
| | Income tax expense (recovery) computed at
      Canadian |   |                                  |  
| | statutory rates                                          | $ | 4,575                            |  
| | Difference in foreign tax rates                          |   | 139                              |  
| | Expired tax losses                                       |   |                                 |  
| | Permanent differences                                    |   | 253                              |  
| | Impact of change in tax rates applied to
      opening   |   |                                  |  
| | future tax assets                                        |   | 474                              |  
| | Differences in prior year tax returns filed              |   | 761                              |  
| | Non-deductible (taxable) portion of capital
      losses |   |                                  |  
| | (gains)                                                  |   | (2,461                           | )
| | Change in valuation allowance                            |   | (3,526                           | )
| | Other                                                    |   | (215                             | )
| |                                                          |   |                                  |  
| | Income tax expense (recovery)                            | $ |                                 |  

The significant components of the
companys future income tax assets and liabilities are as follows:

| |                          |   | in thousands of Canadian dollars |  
| | ------------------------ | - | -------------------------------- | -
| |                          |   |                                  |  
| |                          |   | 2008                             |  
| |                          |   |                                  |  
| | Future income tax assets |   |                                  |  
| | Losses carried forward   | $ | 1,195                            |  
| | Mineral properties       |   | 1,154                            |  
| | Share issuance costs     |   | 877                              |  
| | Equipment and other      |   | 261                              |  
| |                          |   |                                  |  
| |                          |   | 3,487                            |  
| | Valuation allowance      |   | (3,487                           | )
| |                          |   |                                  |  
| |                          | $ |                                 |  

At December 31, 2008, the company has
Canadian losses for tax purposes of approximately $4,427,000 which expire on
various dates to 2028.

13

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

|10 | Segmented information                                                                                                                                                                                                                
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                      
|   | The company operates within a single operating segment,
      which is the exploration and development of copper- gold mineral
      properties. The companys mineral property interests are in Ecuador, as
      set out in note 4.
|   |                                                                                                                                                                                                                                      
|   | Geographic segmentation of the companys assets is as
      follows:                                                                                                                                                                 

| |                     |   |        |  |   |         |  |   | in thousands of Canadian dollars |  |   |        |  |   |         | 
| | ------------------- | - | ------ |  | - | ------- |  | - | -------------------------------- |  | - | ------ |  | - | ------- | 
| |                     |   |        |  |   |         |  |   |                                  |  |   |        |  |   |         | 
| |                     |   |        |  |   | 2008    |  |   |                                  |  |   |        |  |   | 2007    | 
| |                     |   |        |  |   |         |  |   |                                  |  |   |        |  |   |         | 
| |                     |   | Canada |  |   | Ecuador |  |   | Total                            |  |   | Canada |  |   | Ecuador | 
| |                     |   |        |  |   |         |  |   |                                  |  |   |        |  |   |         | 
| | Cash and cash       |   |        |  |   |         |  |   |                                  |  |   |        |  |   |         | 
| | equivalents         | $ | 17,577 |  | $ | 963     |  | $ | 18,540                           |  | $ | 93,028 |  | $ | 244     | 
| | Investments         |   | 75,237 |  |   |        |  |   | 75,237                           |  |   |       |  |   |        | 
| | Accounts receivable |   |        |  |   |         |  |   |                                  |  |   |        |  |   |         | 
| | and prepayments     |   | 84     |  |   |        |  |   | 84                               |  |   | 339    |  |   |        | 
| | Convertible loan    |   | 957    |  |   |        |  |   | 957                              |  |   | 461    |  |   |        | 
| | Mineral properties  |   |       |  |   | 94,489  |  |   | 94,489                           |  |   |       |  |   | 77,779  | 
| | Equipment           |   | 113    |  |   | 1,428   |  |   | 1,541                            |  |   | 122    |  |   | 1,792   | 
| | Other
      assets  |   |       |  |   | 4,285   |  |   | 4,285                            |  |   |       |  |   | 4,260   | 
| |                     |   |        |  |   |         |  |   |                                  |  |   |        |  |   |         | 
| |                     | $ | 93,968 |  | $ | 101,165 |  | $ | 195,133                          |  | $ | 93,950 |  | $ | 84,075  | 

With the exception of severance costs
in relation to restructuring of $Nil (2007  $1,257,000) incurred by the
companys Ecuador operations, the consolidated statements of loss (earnings) for
the years ended December 31, 2008 and 2007 reflect the Canadian operations.

|11 | Supplemental cash flow information                                    
|-- | ----------------------------------------------------------------------
|   |                                                                       
|   | Cash and cash equivalents at December 31 comprise the
      following:

| |                                                             |   | in thousands of Canadian dollars | 
| | ----------------------------------------------------------- | - | -------------------------------- | 
| |                                                             |   | 2008                             | 
| | Cash on hand and balances with banks                        | $ | 4,588                            | 
| | Short-term investments, with maturity dates
      less than |   |                                  | 
| | 90 days at acquisition                                      |   | 13,952                           | 
| |                                                             | $ | 18,540                           | 

At December 31, 2008, the companys
short-term investments are invested in overnight Canadian chartered bank
deposits with R1-High investment ratings (DBRS) that are easily liquidated and
mature daily. The company has no investments in asset-backed commercial paper.

14

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

During the years ended December 31,
2008 and 2007, the companys significant non-cash operating and investing
activities were as follows:

| |                                                               |   | in thousands of Canadian dollars |  
| | ------------------------------------------------------------- | - | -------------------------------- | -
| |                                                               |   | 2008                             |  
| | Stock-based
      compensation included in mineral properties | $ | 774                              |  
| | Change (decrease) in other assets and accrued liabilities     |   |                                  |  
| | relating to equipment                                         | $ | 723                              |  
| | Depreciation
      included in mineral properties             | $ | 473                              |  
| | Change in other assets and accounts payable and accrued       |   |                                  |  
| | liabilities relating to mineral properties                    | $ | (224                             | )
| | Insurance claim
      related to equipment                    | $ |                                 |  
| | Recovery of
      mineral property costs from the Arrangement | $ |                                 |  

|12 | Capital management                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The companys primary objective when managing capital is
      to safeguard the companys ability to continue as a going concern in order
      to pursue the development and exploration of its mineral properties and to
      maintain a flexible capital structure which optimizes the costs of capital
      at an acceptable risk. In the management of capital, the company defines
      capital that it manages as share capital (2008  $235,996,000; 2007 
      $234,438,000), cash and cash equivalents (2008  $18,540,000; 2007 
      $93,272,000) and investments (2008  $75,237,000; 2007  $Nil).                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The company manages the capital structure and makes
      adjustments to it in light of changes in economic conditions and the risk
      characteristics of the underlying assets. The company intends to continue
      to assess new resource properties and seek to acquire an interest in
      additional properties if it feels there is sufficient geologic or economic
      potential and if it has adequate financial resources to do so. To maintain
      or adjust its capital structure, the company may attempt to issue new
      shares, issue debt, acquire or dispose of assets or adjust the amount of
      cash and cash equivalents and investments.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | In order to facilitate the management of its capital
      requirements, the company prepares annual expenditure budgets that are
      updated as necessary depending on various factors, including successful
      capital deployment and general industry conditions. The companys annual
      and updated budgets are approved by the Board of Directors.                                                                                                                                                                                                                                                                                                            
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | At this stage of the companys development, in order to
      maximize ongoing development efforts, the company does not pay out
      dividends.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | The companys investment policy is to invest its cash in
      highly liquid short-term interest-bearing R1-High investment rated (DBRS)
      investments with maturities less than one year from the original date of
      acquisition.                                                                                                                                                                                                                                                                                                                                                                                                                                  

15

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

The company expects its current capital
resources will be sufficient to carry its exploration and development plans and
operations through its current operating period. The company is currently not
subject to externally imposed capital requirements.

|13 | Management of financial
risk
|-- | ----------------------------

The companys financial instruments are
exposed to certain financial risks, including credit risk, liquidity risk and
market risk (including interest rate, foreign exchange rate and copper price
risk).

Credit risk

Credit risk is the risk of an
unexpected loss if a customer or third party to a financial instrument fails to
meet its contractual payment obligations. The companys credit risk is primarily
attributable to cash and cash equivalents and investments.

The companys cash and cash equivalents
and investments are held at a large Canadian financial institution, which has no
known liquidity problems. Any cash maintained in Ecuador is held in a
well-established bank. The companys cash equivalent investments (presented as
part of cash and cash equivalents) are comprised of financial instruments issued
by a Canadian chartered bank, which carry a R1-High (DBRS) investment rating and
are easily liquidated, as they mature daily. The companys largest concentration
of financial assets, investments, are exclusively in instruments of the Province
of Ontario and a Canadian Crown corporation and carry a R1-High (DBRS)
investment rating and are easily liquidated. The company has no investments in
asset-backed commercial paper. The company manages counterparty credit risk by
regularly monitoring counterparty credit ratings.

The companys accounts receivable
consist mainly of GST receivable due from the Government of Canada. The EIA
deposits included in other assets are held in a major US bank and are comprised
of financial instruments issued by a large US bank.

The convertible loan in the amount of
$957,000 is due from Q2 Gold, a related company, and its subsidiaries. Q2 Golds
assets are primarily made up of concessions located in Ecuador and are believed
to have gold resource potential. The convertible loan is collateralized by the
assets of Q2 Gold (note 4).

Liquidity risk

Liquidity risk is the risk that the
company will not be able to meet its financial obligations as they fall due. The
company manages liquidity risk through the management of its capital structure
and financial leverage as outlined in note 12 to the consolidated financial
statements.

Accounts payable relating to mineral
properties and other accounts payable and accrued liabilities are due within the
current operating period. As at December 31, 2008, the company had total cash
and cash equivalents and investments of $93,777,000 to settle current
liabilities of $1,595,000.

Market risk

Market risk is the risk of loss that
may arise from changes in market factors such as interest rates, foreign
exchange rates, and prices.

16

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

(a) Currency risk

The companys expenditures are
predominantly in US dollars and any future equity raised is expected to be
predominantly in Canadian dollars. The company conducts the majority of its
business in Ecuador, which uses the US dollar as its primary economic currency.
Future project development expenditures are expected to be paid in US dollars. A
significant change in the relative currency exchange rates between the Canadian
dollar and the US dollar would have an effect on the companys balance sheets,
statements of earnings (loss) and cash flows.

As such, the company is subject to risk
due to fluctuations in the exchange rates for the US and Canadian dollar.
Beginning in 2007, the company began maintaining balances in Canadian and US
dollars in a proportion related to the magnitude of future mineral property,
plant and equipment, and administrative expenditures, and the jurisdictions in
which they will likely be made. The company has not hedged its exposure to
currency fluctuations.

At December 31, 2008, the company is
exposed to currency risk through the following financial assets and liabilities
denominated in US dollars:

| |                                                       |   | in thousands of US dollars |  
| | ----------------------------------------------------- | - | -------------------------- | -
| |                                                       |   | December 31,               |  
| |                                                       |   | 2008                       |  
| |                                                       |   |                            |  
| | Cash and cash equivalents                             | $ | 3,703                      |  
| | Investments                                           |   | 61,771                     |  
| | Other assets                                          |   | 3,518                      |  
| | Accounts payable
      relating to mineral properties |   | (1,151                     | )

Based on the above net exposures as at
December 31, 2008, and assuming that all other variables remain constant, a 10%
depreciation or appreciation of the Canadian dollar against the US dollar would
result in an increase or decrease of approximately $6,800,000 in the companys
net earnings.

(b) Interest rate risk

Interest rate risk is the risk that the
fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates.

The risk that the company will realize
a loss as a result of a decline in the fair value of the investments or EIA
deposits included in other assets is limited because these deposits will be held
to maturity, have fixed interest rates and were issued by Canadian Crown
corporations or major banks. Changes in interest rates would not have a
significant impact on the consolidated statements of earnings (loss).

(c) Price risk

Commodity price risk is defined as the
potential adverse impact on earnings and economic value due to commodity price
movements and volatilities. The company closely monitors commodity prices of
copper, individual equity movements, and the stock market to determine the
appropriate course of action to be taken by the company. Fluctuations in pricing
may be significant. Price risk cannot be estimated at this stage of the
companys development. The company does not have any hedging or other
commodity-based risks respecting its operations.

17

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

|14 | Reconciliation to U.S. Generally Accepted Accounting
      Principles                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   | The consolidated financial statements have been prepared
      in accordance with Canadian GAAP, which differs in certain respects from
      those applicable in the United States (U.S. GAAP) and from practices
      prescribed by the United States Securities and Exchange Commission
      (SEC). Significant measurement differences that materially affect the
      companys consolidated financial statements as at December 31, 2008 and
      2007 and for the years ended December 31, 2008 and 2007 are as
    follows:

| | a) | Mineral exploration expenditures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | As described in note 2, Canadian GAAP allows for the
      deferral of mineral exploration expenditures. Under U.S. GAAP, the company
      capitalizes acquisition costs and expenses exploration costs as incurred
      for unproven mineral properties. When proven and probable reserves are
      determined for a property and a positive feasibility study has been
      prepared and a construction decision has been made, subsequent development
      costs of the property would be capitalized.                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| |    | During the year ended December 31, 2007, mineral
      exploration expenditures under Canadian GAAP of $272,000 were transferred
      to Q2 Gold in exchange for a convertible loan receivable recorded by the
      company on completion of the Arrangement described in note 4. For U.S.
      GAAP purposes, the mineral exploration expenditures transferred to Q2 Gold
      were previously expensed and the company therefore recognized a recovery
      of mineral exploration expenditures during the year ended December 31,
      2007 of $272,000.

Had the company followed U.S. GAAP,
certain items in the financial statements would have been reported as follows
(all U.S. GAAP reconciliation figures in thousands of Canadian dollars, except
per share figures and numbers of shares outstanding):

Statements of Loss

| |                                                     |   | in thousands of Canadian dollars |  
| | --------------------------------------------------- | - | -------------------------------- | -
| |                                                     |   | Years ended                      |  
| |                                                     |   | December 31,                     |  
| |                                                     |   | 2008                             |  
| | Net loss (earnings) under Canadian GAAP             | $ | (14,758                          | )
| | Adjustment to reconcile to U.S. GAAP:               |   |                                  |  
| | Mineral exploration expenditures ((a) above)        |   | 16,607                           |  
| | Loss and
      comprehensive loss under U.S. GAAP   | $ | 1,849                            |  
| | Basic and diluted loss per share under U.S. GAAP    | $ | 0.02                             |  
| | Weighted average
      number of shares outstanding |   | 75,088,978                       |  

18

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

Balance Sheets

| |                                                                |   | in thousands of Canadian dollars |  
| | -------------------------------------------------------------- | - | -------------------------------- | -
| |                                                                |   | December 31,                     |  
| |                                                                |   | 2008                             |  
| | Total assets under Canadian GAAP                               | $ | 195,133                          |  
| | Adjustment to reconcile to U.S. GAAP:                          |   |                                  |  
| | Mineral exploration expenditures ((a) above)                   |   | (84,298                          | )
| | Total assets under
      U.S. GAAP                             | $ | 110,835                          |  
| |                                                                |   |                                  |  
| | Total liabilities
      under Canadian and U.S. GAAP           | $ | 1,595                            |  
| | Shareholders equity under Canadian GAAP                       |   | 193,538                          |  
| | Adjustment to reconcile to U.S. GAAP:                          |   |                                  |  
| | Mineral exploration expenditures ((a) above)                   |   | (84,298                          | )
| | Total
      shareholders equity under U.S. GAAP               |   | 109,240                          |  
| | Total liabilities & shareholders equity under U.S.
      GAAP | $ | 110,835                          |  

Statements of Cash Flows

| |                                                                       |   | in thousands of Canadian dollars |  
| | --------------------------------------------------------------------- | - | -------------------------------- | -
| |                                                                       |   | Years ended                      |  
| |                                                                       |   | December 31,                     |  
| |                                                                       |   | 2008                             |  
| | Cash from (applied to) operating activities
      under Canadian GAAP | $ | 15,636                           |  
| | Adjustment to reconcile to U.S. GAAP:                                 |   |                                  |  
| | Mineral exploration expenditures ((a) above)                          |   | (15,588                          | )
| | Cash from (applied
      to) operating activities under U.S. GAAP     | $ | 48                               |  
| |                                                                       |   |                                  |  
| | Cash (applied to) investing activities under Canadian GAAP            | $ | (91,426                          | )
| | Adjustment to reconcile to U.S. GAAP:                                 |   |                                  |  
| | Mineral
      exploration expenditures ((a) above)                    |   | 15,588                           |  
| | Cash (applied to) investing activities under U.S. GAAP                | $ | (75,838                          | )

Recent U.S. Accounting
Pronouncements

| | i) | FASB 157  Fair Value Measurement                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |    | FAS 157 defines fair value, establishes a framework for
      measuring fair value in generally accepted accounting principles, and
      expands disclosures about fair value measurements. These definitions would
      be applied effective for financial statements issued for fiscal years
      beginning after November 15, 2007, and interim periods within those fiscal
      years. The company is currently assessing the impact of this
    statement.

19

---

Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

| |      | FASB Staff Position 157-2, Effective Date of
      FASB Statement No. 157                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |      | Issued in February 2008, this FASB Staff
      Position (FSP) delays the effective date of FASB Statement No. 157, Fair
      Value Measurements, for non-financial assets and non-financial
      liabilities, except for items that are recognized or disclosed at fair
      value in the financial statements on a recurring basis (at least annually)
      to fiscal years beginning after November 15, 2008, and interim periods
      within those fiscal years. The company is currently assessing the impact
      of this pronouncement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ii)  | FASB 141(R) 
      Business Combinations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |      | In December 2007, the FASB issued FAS No.
      141(R), Business Combinations ("FAS 141(R)). FAS 141(R) establishes
      principles and requirements for how the acquirer of a business recognizes
      and measures in its financial statements the identifiable assets acquired,
      the liabilities assumed, and any non-controlling interest in the acquiree.
      FAS 141(R) also provides guidance for recognizing and measuring the
      goodwill acquired in the business combination and determines what
      information to disclose to enable users of the financial statements to
      evaluate the nature and financial effects of the business combination. FAS
      141(R) is effective for the company in fiscal years beginning January 1,
      2009. This standard will only be applicable to acquisitions after January
      1, 2009. The company is currently assessing the impact of this
      pronouncement.                                                                                                                                                                                                                                                                       
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | iii) | FASB 160 
      Non-controlling Interests in Consolidated Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |      | In December 2007, the FASB issued FAS No. 160,
      Non-controlling Interests in Consolidated Financial Statements. FAS 160
      requires ownership interests in subsidiaries held by other parties to be
      classified as equity in the consolidated financial statements and changes
      in ownership interests in a subsidiary to be accounted for as equity
      transactions. Deconsolidation of a subsidiary is to be accounted for at
      fair value. FAS 160 is effective for the company in fiscal years beginning
      January 1, 2009 and will be adopted on a prospective basis, except for the
      presentation and disclosure requirements which are to be applied to all
      periods presented. The company does not currently have any partially owned
      subsidiaries and does not expect, based on its current structure, the
      adoption to have any significant impact.                                                                                                                                                                                                                                                                                                      
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | iv)  | FASB 162  The
      Hierarchy of Generally Accepted Accounting Principles                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| |      | In May 2008, the Financial Accounting Standards
      Board (FASB) issued FASB Statement No. 162, The Hierarchy of Generally
      Accepted Accounting Principles (FAS 162). The new standard is intended
      to improve financial reporting by identifying a consistent framework or
      hierarchy for selecting accounting principles to be used in preparing
      financial statements that are presented in conformity with U.S. generally
      accepted accounting principles (GAAP) for non-governmental entities. For
      non-governmental entities, the guidance in FAS 162 replaces that
      prescribed in Statement on Auditing Standards (SAS) No. 69, The Meaning of
      Present Fairly in Conformity With Generally Accepted Accounting Principles
      and becomes effective 60 days following the SEC's approval of the Public
      Company Accounting Oversight Board Auditing amendments to AU Section 411,
      The Meaning of Present Fairly in Conformity with Generally Accepted
      Accounting Principles. The company does not expect the adoption of FAS No.
      162 to have a significant impact on its consolidated financial position
      and results of operations.

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Corriente Resources Inc.
(a development stage
enterprise) Notes to Consolidated Financial StatementsDecember 31,
2008 and 2007


(expressed in Canadian dollars unless otherwise noted)

|15 | Subsequent event                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | On January 29, 2009, a new Mining Law for Ecuador was
      enacted, which is expected to provide the new legal framework for mining.
      The Mining Law places no limits on the number of mining concessions held
      by a single company, with concession terms limited to 25 years but which
      are renewable. It also imposes a government royalty of not less than 5% on
      sales revenues, however, no specific details have yet been provided. Clear
      timelines are also established for concession exploration and exploitation
      (mining) phases. The Mining Law also mandates the creation of a National
      Mining Company, though no details have been provided regarding the nature
      and scope of its intended activities.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   | The new Mining Law contains provisions that are expected
      to be clarified by accompanying Regulations, which are to be developed by
      the MMP within 120 days from the Mining Laws
enactment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

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