SOURCE: Ascendant Copper Corporation

November 15, 2006 14:56 ET

Ascendant Copper Corporation Announces Closing of Private Placement for $5.2 Million

VANCOUVER, BC -- (MARKET WIRE) -- November 15, 2006 -- Ascendant Copper Corporation (TSX: ACX) (BERLIN: A0HMLE) ("Ascendant" or the "Company") is pleased to announce today that the brokered private placement of 8,000,000 Common Shares (the "Shares") at $0.65 per Share (the "Offering") for gross proceeds of $5,200,000 announced on October 31, 2006 has closed. Haywood Securities Inc., as agent for the Offering, received a cash commission of 6.0% ($312,000) of the gross proceeds from the sale of the Shares and warrants to purchase up to 320,000 Common Shares of the Company at a price of $0.70 per share and not $0.65 per share as previously announced. The Shares, the agent's warrants and the underlying agent's warrant shares are subject to a hold period until March 16, 2007.

Net proceeds from the private placement will be used for exploration and development of the Company's Chaucha project, the initiation of an Ecuador-wide exploration program based on the extensive exploration data package recently acquired from Rio Tinto Mining and Exploration Limited, and the advancement of an agricultural program on the Company's extensive land holdings in the Junin area, and for general working capital.

Ascendant's principal business is the exploration for copper in Ecuador. The Company has two primary properties, the Junin and Chaucha properties; as well as an extensive exploration data base developed for Ecuador and the recently acquired Telimbela copper/molybdenum grass roots exploration property in a historical mining district in south-central Ecuador. The Junin Project, located in northern Ecuador, a copper-molybdenum, gold and silver porphyry property with a reported inferred mineral resource of 982 million tonnes grading 0.89% copper, 0.04% molybdenum and 1.9 grams per ton of silver, at a 0.4% copper cut-off grade (1). The Company has recently partnered with Antofagasta PLC for the exploration and advancement of the Company's Chaucha copper-molybdenum property in southern Ecuador (2). A drilling program is currently underway on the Chaucha property and results will be reported as they become available.

(1) See "Technical Report Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Junin, Otavalo, Ecuador" prepared by Qualified Person, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, of Micon International Co Limited ("Micon").

(2) See "Technical Report dated April 8, 2005, and amended August 5, 2005, Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Chaucha, Cuenca, Ecuador" prepared by Qualified Persons, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, and David T. Wells, Senior Metallurgist, of Micon.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Company contact:
    Gary E. Davis

    10920 West Alameda Avenue, Suite 201
    Lakewood, CO 80226
    Tel: (303) 824-0271
    Fax: (303) 297-0538
    Email Contact