Centenario Copper Corporation
TSX : CCT

Centenario Copper Corporation

November 14, 2007 18:23 ET

Centenario Issues Update on Pelusa Property Drilling Program

Widespread, lower grade copper mineralization encountered in South West Japan target area; Drilling continues

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2007) - Centenario Copper Corporation ("Centenario" or the "Company") (TSX:CCT) announces partial results from an ongoing drilling program at its wholly owned Pelusa Property, located adjacent to its Franke Property, 65 km. north of the town of Diego de Almagro in Region III of Chile. The Company is fast tracking an evaluation of the Pelusa property, with the objective of generating additional leachable copper feed for the nearby Franke cathode copper processing plant, currently under construction.

A 9,500 metres RC drill program is underway at China, the initial Pelusa discovery area, aimed at in-filling and expanding the existing resource, which currently includes 12.0 million tonnes of Indicated resources at a total copper grade of 0.56% and 19.3 million tonnes of Inferred resources at a total copper grade of 0.50% (see Pelusa NI 43-101 Technical Report, dated May 31, 2007). Following the completion of this drill program, the Company plans to complete an updated resource on China, which is currently anticipated in the first quarter of 2008.

An additional approximately 19,000 metres of RC drilling is being directed at testing numerous geochemical anomalies previously identified on the Pelusa property. To date, the Company has completed a total of 7,660 metres at the Japan target area and 3,756 metres on the Thailand target area, the results of which are reported herein. Initial drilling is ongoing at the India target, located between the China and Japan areas. The rigs will then progress to other priority copper geochemical anomalies at Chita and China Sur, as well as the Pelusa Gold area, in the northern part of the property.

Drilling in the South-West portion of the Japan target area ("South West Japan") has been successful in identifying an area of widespread, lower grade, oxide copper mineralization with carbonate (C03) grades similar to those found at the China deposit (carbonate grade is an indicator of the quantity of acid consumed in copper extraction - by way of comparison, the average C03 grade at the China deposit is about 2.3%, whereas the average C03 grade in Franke deposit is about 4.3%). This currently defined mineralization at the South West Japan target covers a surface area of approximately 350 metres north-south by approximately 150 metres east-west, and is open the north-west. Highlights include:

- Hole 15: 108 metres of 0.29% CuT, 0.27% CuSol and 1.7% C03, from 46 metres

- Hole 25: 80 metres of 0.30% CuT, 0.26% CuSol and 1.2% C03, from 44 metres

- Hole 35: 158 metres of 0.33% CuT, 0.30% CuSol and 2.4% C03, from 4 metres

- Hole 44: 132 metres of 0.32% CuT, 0.28% CuSol and 1.6% C03, from 4 metres

- Hole 45: 92 metres of 0.34% CuT, 0.30% CuSol and 2.6% C03, from 56 metres

- Hole 54: 56 metres of 0.34% CuT, 0.27% CuSol and 2.1% C03, from 20 metres

Assays are still pending from several infill holes in the South West Japan area, including RCJA-43, 57, 58, 59 and 60.

Drilling at other parts of the Japan target area (North East and Central Japan) and at the Thailand target area has identified several localized areas of anomalous grade, highly soluble copper mineralization. Many of the intervals are of higher total copper grade than the results obtained from South West Japan. However, the intervals are typically discontinuous and often also have a higher carbonate grade.

Richard Colterjohn, President and CEO of Centenario, commented: "The results to date from South West Japan suggest the potential for developing an economically extractable, leachable copper resource. While the total copper grade is low, the continuity of mineralization appears quite good and there are reasonably long intervals of highly soluble copper and modest carbonate grade. Also, the close proximity of the Pelusa property to the Franke processing plant significantly lowers the tonnage / grade economic threshold for exploiting leachable copper mineralization, compared to a standalone project, especially in periods of high copper prices. The results elsewhere at Japan and Thailand look less promising. However, the ongoing drilling at China appears encouraging, as do the early results at India, and a number of additional priority leachable copper targets have yet to be drill tested on this large property. We remain optimistic on the prospects for generating additional leachable copper feed for the nearby Franke plant."

The results of the drilling program are set out in the tables below.



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South West Japan - Initial drill program assay results
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CuT CU Sol C03 Ore TD
Hole From To Metre (%) (%) (%) Type (m)
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RCJA-2 No mineralization of interest 142
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RCJA-14 70 90 20 0,41 0,17 7,04 M
122 144 22 0,49 0,11 1,57 M 50
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RCJA-15 46 154 108 0,29 0,27 1,74 O 200, open
160 188 28 0,24 0,17 4,18 M at depth
188 200 12 0,35 0,06 1,61 SS
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RCJA-16 No mineralization of interest 100
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RCJA-18 54 76 22 0,23 0,20 0,93 O 120
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RCJA-19 No mineralization of interest 100
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RCJA-22 No mineralization of interest 100
56 72 16 0,43 0,44 4,02 O
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RCJA-23 96 110 14 0,32 0,18 3,39 O 190
134 152 18 0,40 0,29 2,20 O
152 166 14 0,73 0,08 2,91 SS
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RCJA-25 18 30 12 0,25 0,21 1,80 O 180
44 124 80 0,30 0,26 1,23 O
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RCJA-26 34 90 56 0,30 0,29 4,34 O 130
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RCJA-35 4 162 158 0,33 0,30 2,38 O 180
26 38 12 0,26 0,23 4,10 O
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RCJA-36 52 68 14 0,44 0,38 4,73 O 120
110 116 6 0,41 0,06 0,73 SS
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RCJA-37 No mineralization of interest 100
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RCJA-38 94 152 58 0,28 0,23 3,06 O 160
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RCJA-39 No mineralization of interest 110
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RCJA-40 46 106 60 0,31 0,28 1,63 O 120
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RCJA-41 90 100 10 0,43 0,32 6,30 O 100, open
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RCJA-42 12 18 6 0,38 0,23 4,05 M
64 68 4 0,27 0,23 1,58 O 80
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RCJA-43 Assays pending 184
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RCJA-44 4 136 132 0,32 0,28 1,62 O 152
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RCJA-45 0 14 14 0,41 0,35 1,41 O 154
56 148 92 0,34 0,30 2,64 O
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RCJA-46 52 82 30 0,28 0,24 3,29 O 120
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RCJA-47 36 64 28 0,26 0,19 0,86 O 110
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RCJA-48 16 60 44 0,29 0,23 1,48 O 120
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RCJA-51 No mineralization of interest 110
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RCJA-54 20 76 56 0,34 0,27 2,09 O 100, open
86 100 14 0,22 0,15 1,60 O at depth
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RCJA-55 50 56 6 0,57 0,50 1,85 O 100
70 78 8 0,35 0,30 5,92 O
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RCJA-56 26 58 32 0,31 0,27 1,52 O 110
92 106 14 0,24 0,2 5,08 O
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RCJA-57 Assays pending 120
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RCJA-58 Assays pending 100
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RCJA-59 Assays pending 120
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RCJA-60 Assays pending 110
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Ore type: O equals Oxide' M equals Mixed; SS equals Secondary Sulphides;
PS equals Primary Suphides
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The Japan target area was initially drilled on 100 m centers and returned thin, low grade copper intercepts throughout the area of interest, typically with moderate to high carbonate contents. The intercepts are related to widely distributed veins and vein systems. The total area of interest at the Japan target is approximately 900 metres north-south by 600 metres east-west. The assay results identified 3 broad areas with anomalous oxide copper readings, namely North East Japan, Central Japan and South West Japan.

At the South West Japan target area, the assay results have outlined an area with low grade copper oxide mineralization with low to moderate carbonate grades, and associated with vein systems and locally distributed manto-type oxide deposits. Mineralization is trending to the north-northwest, and has been outlined over an area of approximately 350 metres by 150 metres (see Figure). The trend is apparently open to the north west and limited to the south and southeast by faults. The mineralization shows good continuity in both the horizontal and vertical directions. Following the initial wide spaced drilling, a large portion of the South West Japan area has already been infill drilled on 50 metre centers. Results from several infill holes are currently outstanding (including RCJA 43, 57, 58, 59 and 60). Additional infill and extension drilling is also planned for this area.

The holes drilled at the North East and Central Japan target areas returned copper oxide intercepts related to thin veins and vein systems. These intercepts show reasonable continuity but cover only a limited area. The copper grades are generally higher than in the South West Japan target area but the carbonate values are also much higher, particularly in the Central Japan area (hole RCJA-03).

Following the initial wide spaced drilling, some limited infill and extension drilling was undertaken in the North East Japan area (around hole RCJA-31), with the objective of defining continuity of the mineralization to the north west and to the south east. Holes to the north west returned thinner intercepts than hole RCJA-31, while the holes to the south east did not return anomalous copper grades, probably due to the presence of a regional fault that limits the mineralization to the west in the entire Pelusa Property, as is seen also in Thailand and Korea targets. These results indicate that the North East Japan and Central Japan targets areas have limited potential for generating economic quantities of leachable copper material.

At the Thailand target area, initial drilling also encountered thin copper oxides intercepts, associated with veins and vein systems, but with limited continuity and without the presence of manto-type copper oxide deposits. The best results were located in the eastern part of the Thailand hill around holes RCTH-03, 04 and 06. Four additional holes were drilled in this area, seeking to expand the area of mineralization. The assay results from these holes are pending, but positive results could lead to the potential for a small leachable copper resource in the Thailand hill area.



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North East and Central Japan - Initial drill program assay results
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CuT CU Sol C03 Ore TD
Hole From To Metre (%) (%) (%) Type (m)
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RCJA-01 No mineralization of interest 150
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RCJA-03 0 92 92 0,52 0,41 4,21 O 180
128 158 30 0,31 0,04 3,03 SS
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RCJA-04 38 74 36 0,30 0,18 3,05 M 140
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RCJA-05 0 42 42 0,74 0,66 6,41 O 160
134 142 8 0,33 0,03 3,18 SS
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RCJA-06 12 18 6 0,53 0,42 2,74 O 130
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RCJA-07 No mineralization of interest 120
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RCJA-08 0 22 22 0,60 0,52 4,68 O 140
36 44 8 0,32 0,25 5,74 O
56 88 32 0,73 0,59 6,01 O
88 96 8 0,37 0,02 9,10 PS
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RCJA-09 84 94 10 0,68 0,59 8,38 O 140
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RCJA-10 30 48 18 0,35 0,28 2,09 O 140
110 134 24 0,27 0,04 2,59 SS
8 44 36 0,27 0,24 2,98 O
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RCJA-11 84 92 8 0,31 0,11 9,30 M 140
118 128 10 0,45 0,30 7,23 M
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RCJA-12 No mineralization of interest 130
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RCJA-13 48 68 20 0,29 0,25 4,19 O 160
114 134 20 0,67 0,56 9,58 M
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RCJA-17 6 30 24 0,34 0,32 3,82 O 138
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RCJA-20 No mineralization of interest 100
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RCJA-21 26 36 10 0,34 0,28 4,21 O 160
94 112 18 0,67 0,58 12,86 O
142 150 6 0,38 0,16 3,53 M
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RCJA-24 No mineralization of interest 100
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RCJA-27 No mineralization of interest 120
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RCJA-28 4 16 12 0,27 0,19 2,09 O 150
36 46 10 0,24 0,21 6,78 O
62 106 44 0,29 0,26 4,84 O
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RCJA-29 56 86 30 0,41 0,36 3,38 O 130
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RCJA-30 4 22 18 0,26 0,20 1,84 O 120
58 66 8 0,29 0,20 2,48 O
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RCJA-31 0 26 26 0,62 0,50 1,83 O 140
100 118 18 0,88 0,78 6,51 O
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RCJA-32 10 24 14 0,50 0,34 1,35 O 100
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RCJA-33 34 48 14 0,44 0,31 3,59 O 120
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RCJA-34 18 30 12 0,28 0,24 4,30 O 100
46 54 8 0,61 0,49 2,15 O
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RCJA-49 58 86 28 0,30 0,21 2,22 O 100, open
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RCJA-50 6 28 22 0,28 0,22 3,14 O 100
70 92 22 0,49 0,40 2,05 O
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RCJA-52 No mineralization of interest 80
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RCJA-53 No mineralization of interest 80
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Ore type: O equals Oxide' M equals Mixed; SS equals Secondary Sulphides;
PS equals Primary Suphides
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Thailand - Initial drill program assay results
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CuT CU Sol C03 TD Ore
Hole From To Metre (%) (%) (%) (m) Type
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RCTH-01 0 8 8 0,28 0,18 1,38 160 O
62 70 8 0,32 0,28 2,60 O
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RCTH-02 Not assayed 150
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RCTH-03 0 88 88 0,40 0,34 3,84 180 O
112 118 6 0,68 0,55 1,56 O
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RCTH-04 0 70 70 0,28 0,22 1,54 150 O
94 120 26 0,26 0,21 4,48 O
0 6 6 0,33 0,25 4,70 O
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RCTH-05 28 42 14 0,26 0,19 3,16 170 O
60 76 16 0,26 0,22 3,48 O
80 94 14 0,55 0,07 1,17 SS
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RCTH-06 20 40 20 0,47 0,42 2,12 150 O
48 62 14 0,42 0,37 2,03 O
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RCTH-07 No mineralization of interest 146
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RCTH-08 0 10 10 0,29 0,17 0,14 120 O
38 76 38 0,34 0,31 2,63 O
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RCTH-09 56 60 4 0,39 0,34 1,72 120 O
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RCTH-10 24 32 8 0,37 0,31 2,24 120 O
42 54 12 0,36 0,31 2,78 O
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RCTH-11 22 56 34 0,35 0,32 1,78 130 O
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RCTH-12 0 6 6 0,69 0,59 3,55 120 O
82 88 6 0,29 0,01 2,58 PS
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RCTH-13 6 24 18 0,29 0,22 3,04 120 O
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RCTH-14 150 156 6 0,58 0,23 10,20 180 M
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RCTH-15 No mineralization of interest 140
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RCTH-16 40 56 16 0,36 0,30 2,91 146 O
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RCTH-17 No mineralization of interest 132
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RCTH-18 0 22 22 0,38 0,30 4,76 142 O
80 98 18 0,33 0,30 3,17 O
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RCTH-19 2 42 40 0,29 0,22 2,29 160 O
130 152 22 0,34 0,02 1,39 PS
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RCTH-20 8 26 18 0,26 0,18 2,17 140 O
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RCTH-21 No mineralization of interest 130
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RCTH-22 No mineralization of interest 120
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RCTH-23 No mineralization of interest 90
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RCTH-24 No mineralization of interest 90
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RCTH-25 Assays pending 100
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RCTH-26 Assays pending 100
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RCTH-27 Assays pending 140
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RCTH-28 Assays pending 110
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Ore type: O equals Oxide' M equals Mixed; SS equals Secondary Sulphides;
PS equals Primary Suphides
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For further information on the Pelusa property and drill plan maps showing the recent drilling, please refer to the Company's web site at www.centenariocopper.com or review the 43-101 compliant Technical Report on the Pelusa Property, dated May 31, 2007 on SEDAR at www.sedar.com.

All RC holes were sampled on a 2 meters continuous basis, with samples riffle split on site and one quarter sent to the ALS Chemex laboratory in La Serena. A half sample was stored at a Company facility for reference. Samples were regularly collected by a truck belonging to ALS Chemex and transported to the laboratory. Samples were prepared using the following standard protocol: drying, crushing to better than 95% passing 2 mm, splitting and pulverizing a 200 g subsample to 95% passing 0.106mm. All samples were analyzed for CuT, CuSol and C03. A full QA/QC program, involving insertion of appropriate fine and coarse blanks, standards and field and lab duplicates was employed with acceptable results.

Roman Flores, Exploration Manager of Centenario's Chilean subsidiaries, a geologist with more than 33 years experience, was responsible for the design and conduct of the exploration. Tom Henricksen, a consultant to Geovectra S.A., a specialized, Santiago Chile based mining consulting company, and with more than 36 years of experience, is the Qualified Person for the purposes of NI 43-101, has recently visited the property and has reviewed the information contained herein in this press release.

CENTENARIO COPPER CORPORATION

Richard Colterjohn, President and CEO

About Centenario Copper Corporation:

The Company was founded in 2004 with the goal of becoming a mid-tier copper producer and consolidator, active in regions of low sovereign risk. Centenario currently operates exclusively in Regions II and III of Chile. The Company intends to achieve its goal through the acquisition and development of advanced, mid-sized copper projects. It then plans to enhance the scale and value of its principal projects through the roll-up of smaller satellite copper resources which exist regionally around the principal projects.

The Franke Property, located in Region II, is currently in construction and is projected to produce 30,000 tonnes of cathode copper per year, starting in December 2008. On the nearby Pelusa Property, a fast track evaluation of various copper targets is underway with an objective of developing additional feed for the Franke processing plant. The Pan de Azucar Property, located 45 km. from the Franke Property, is currently being evaluated as a possible nucleus for a second property cluster. The Company continues to evaluate other "in region" clustering opportunities which could reinforce its existing property portfolio.

Copies of NI 43-101 Technical Reports on the Franke Property and the Pelusa Property are posted on SEDAR and on the Company's web site.

CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of Centenario Copper Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Centenario's expectations are the risks detailed herein and from time to time in the filings made by Centenario Copper Corporation with securities regulators.

To view attached maps please click on the following link: http://www.ccnmatthews.com/docs/cct1114.pdf

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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