SOURCE: Ascendant Copper Corporation

October 31, 2006 19:20 ET

Ascendant Copper Corporation Announces Negotiation of Private Placement

VANCOUVER, BC -- (MARKET WIRE) -- October 31, 2006 -- Ascendant Copper Corporation (TSX: ACX) (BERLIN: A0HMLE) ("Ascendant" or the "Company") is pleased to announce today that a brokered private placement of 8,000,000 Common Shares (the "Shares") at $0.65 per Common Share (the "Offering") has been negotiated with Haywood Securities Inc. (the "Agents"). The commission payable to the Agents is 6.0% of the gross proceeds from the sale of the Shares and is payable in cash on the Closing Date. The Agents are also entitled to receive warrants (the "Agents' Warrants") equal to 4.0% of the number of Shares sold under the Offering. Each Agents' Warrant will be convertible into one Common Share of the Company at a price of $0.65 per share. The private placement is subject to acceptance by the TSX Exchange (the "Exchange"). Proceeds from the private placement will be used for exploration and development of the Company's Chaucha project, the initiation of an Ecuador-wide program based on our exploration data package recently acquired from Rio Tinto (see news release of October 30, 2006), initiation of the Company's exploration requirement at our Telimbela project and finally, to advance an agricultural program on the Company's extensive land holdings in the Junin area.

Ascendant's principal business is the exploration for copper in Ecuador. The Company has two primary properties including its 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 is currently conducting a drilling program on its Chaucha copper-molybdenum porphyry property in southern Ecuador, which contains an inferred resource of 216 million tonnes with 2.2 billion pounds of copper at 0.46% and 0.03% molybdenum at a 0.20% copper cut-off grade (2). The Company recently purchased the Telimbela copper/molybdenum property in south-central Ecuador, which is in the early stages of exploration.

Ascendant Copper Corporation
"Gerald E. (Gary) Davis"
President and CEO
(1) See www.sedar.com "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 www.sedar.com "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 Chaucha property is presently classified only as a geologic mineral property.

(3) Because of the uncertainty that may attach to these preliminary estimates, it cannot be assumed that all or any part of this reported mineralization will be upgraded to a mineral resource category as a result of continued exploration. See www.sedar.com "Final Long Form Prospectus."

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

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