Centenario Copper Corporation
TSX : CCT

Centenario Copper Corporation

November 12, 2007 08:00 ET

Centenario Reports Initial Drilling at Pan De Azucar Encounters Significant Copper and Gold Mineralization, Including 160 Metres Grading 1.30% Cut and 0.87 g/t Au in Hole 3

Property position expanded

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2007) - Centenario Copper Corporation ("Centenario" or the "Company") (TSX:CCT) is pleased to announce the results of an initial drilling program on its Pan de Azucar property held under option, located in Region III of Chile, 45 km. from its wholly owned Franke Property. An RC drilling program comprising a total of 34 holes for 6,098 meters has recently been completed, aimed at following up on significant copper and gold grades encountered in sampling of road cuts on the Carrizalillo Hill area, adjacent to an old pit and shaft that is believed to be over 350 meters deep. The initial program has been successful in encountering widespread mineralization over a combined area of approximately 400 meters North-South by 350 meters East-West. These results indicate the presence of two north-south trends of mineralization which have been named Carrizalillo Hill East and Carrizalillo Hill West. The mineralization remains open on both trends to the north and at depth and the system is also open to the west under cover.

The Company also announces the expansion of its property position with the optioning of the 70 ha. Fabiola concessions, contained within the Pan de Azucar concession area and to the immediate south of the Carrizalillo Hill.

Drilling on the Carrizalillo Hill East trend has returned several long near-surface intercepts of higher grade gold and copper mineralization within a background of lower grade material. Key intervals include:



- Hole 2: 124 metres grading 1.16% CuT and 0.71 g/t Au, from surface

- Hole 3: 160 metres grading 1.30% CuT and 0.87 g/t Au, from 40 metres
(open at depth)

- Hole 4: 96 metres grading 0.79% CuT and 0.59 g/t Au, from surface

- Hole 15: 150 metres grading 0.36% CuT and 0.09 g/t Au, from surface

- Hole 16: 26 metres grading 0.59% CuT and 1.45 g/t Au, from 84 metres
(open at depth)


Drilling on the Carrizalillo Hill West trend generally returned lower copper and gold grades but has also delivered long intervals of mineralization as well anomalous, although erratic, molybdenum readings, which when combined with potassic alteration and silicification, suggests the possible presence of a porphyry type system to the west under cover. Key intervals include:



- Hole 19: 92 metres grading 0.48% CuT, 0.09 g/t Au, 0.129% Mo, from 108
metres (open at depth)

- Hole 23: 52 metres grading 0.39% CuT, 0.04 g/t Au, (Mo not assayed),
from 76 metres; plus 40 metres grading 0.84% CuT, 0.27 g/t Au, 0.036% Mo,
from 156 metres; plus 56 metres grading 0.39% CuT, 0.12 g/t Au, 0.013% Mo,
from 228 metres (open at depth)

- Hole 26: 32 metres grading 0.63% CuT, 0.06 g/t Au, (Mo not assayed),
from 76 metres; plus 34 metres grading 0.32% CuT, 0.05 g/t Au, 0.015% Mo,
from 172 metres

- Hole 27: 162 metres grading 0.44% CuT, 0.06 g/t Au, 0.008% Mo,
from 48 metres (open at depth)


Richard Colterjohn, President and CEO of Centenario, commented: "We are very pleased with the results of this initial phase of drilling. The long intervals of near-surface higher grade copper and gold mineralization on Carrizalillo Hill East are clearly encouraging. While the early Carrizalillo Hill West copper and gold grades are generally lower, the intervals are also long and often open at depth and the anomalous molybdenum grades add to the overall grade tenor. These trends remain open for expansion. Furthermore, the alteration pattern recognized throughout the Carrizalillo Hill area indicates the existence of a potentially much larger porphyry style system. These results give us greater confidence as to the future potential for a bulk tonnage, open pitable resource at Pan de Azucar."

The results are set out in the tables below.

Carrizalillo Hill East Phase 1 drill results



--------------------------------------------------------------------------
Carrizalillo Hill East - Phase 1 drill results
--------------------------------------------------------------------------
T Cu Sol.Cu Au Ore TD Obser-
Hole From To Metres (%) (%) (gr/t) Type (m) vations
--------------------------------------------------------------------------
--------------------------------------------------------------------------
RCC-01 6 20 14 0.42 0.26 0.05 O 150
--------------------------------------------------------------------------
0 124 124 1.16 0.36 0.71 O,M,PS
Incl. 0 20 20 1.33 1.10 1.30 O
Plus 20 24 4 4.53 1.45 1.59 M
RCC-02 Plus 24 40 16 2.48 0.12 1.31 PS 316
Plus 40 60 20 0.68 0.42 0.36 O
Plus 60 104 44 0.67 0.14 0.40 M
Plus 104 124 20 0.82 0.03 0.48 PS
--------------------------------------------------------------------------
0 18 18 0.23 0.12 0.11 M
40 200 160 1.30 0.17 0.87 O,SS,PS
RCC-03 Incl.40 74 34 0.70 0.54 0.85 O 220 Open at
depth
Plus 74 102 28 1.09 0.11 0.80 SS
Plus 102 156 54 2.40 0.09 1.46 PS
Plus 156 200 98 0.43 0.01 0.18 PS
--------------------------------------------------------------------------
0 96 96 0.78 0.37 0.59 O,M,PS
Incl. 0 32 32 0.77 0.57 0.56 O
RCC-04 Plus 32 58 26 2.09 0.58 1.46 M 280
Plus 58 96 38 0.39 0.19 0.17 M
106 228 122 0.30 0.03 0.10 PS
--------------------------------------------------------------------------
4 58 54 0.41 0.22 0.17 O
RCC-05 72 80 8 0.28 0.16 0.13 O 160 Open at
depth
94 104 10 0.30 0.21 0.11 O
120 160 40 0.34 0.01 0.07 PS
--------------------------------------------------------------------------
RCC-06 No mineralization of interest 110
--------------------------------------------------------------------------
RCC-07 0 42 42 0.50 0.34 0.03 O 100
--------------------------------------------------------------------------
RCC-08 0 44 44 0.50 0.34 0.03 O 190
92 116 24 0.24 0.22 0.05 M
--------------------------------------------------------------------------
0 26 26 0.35 0.16 0.06 O
RCC-09 38 58 20 0.44 0.06 0.07 PS 140 Open at
depth
64 140 76 0.23 0.02 0.11 PS
--------------------------------------------------------------------------
82 120 38 0.38 0.04 0.24 M,PS
RCC-10 Incl. 82 102 20 0.36 0.07 0.16 M 120 Open at
depth
Plus 104 120 16 0.40 0.02 0.34 PS
--------------------------------------------------------------------------
RCC-11 0 12 12 0.28 0.07 0.16 O 140
86 106 20 0.22 0.06 0.08 M
--------------------------------------------------------------------------
RCC-12 10 26 16 0.26 0.05 0.04 O 150
52 114 62 0.35 0.14 0.13 M
--------------------------------------------------------------------------
RCC-13 96 124 28 0.73 0.04 0.41 PS 340
246 260 14 0.23 0.01 0.14 PS
--------------------------------------------------------------------------
0 50 50 0.35 0.14 0.05 O ?
RCC-14 88 116 28 0.27 0.04 0.07 SS 160
124 142 18 0.27 0.01 0.05 PS
--------------------------------------------------------------------------
0 150 150 0.36 0.12 0.09 O,M,PS
RCC-15 Incl. 0 74 74 0.46 0.18 0.05 O 182
Plus 82 128 46 0.29 0.09 0.18 M
Plus 128 150 22 0.32 0.01 0.09 PS
--------------------------------------------------------------------------
RCC-16 84 110 26 0.59 0.09 1.45 SS 110 Open at
depth
--------------------------------------------------------------------------
RCC-17 No mineralization of interest 80
--------------------------------------------------------------------------
RCC-18 No mineralization of interest 180
--------------------------------------------------------------------------
RCC-20 8 28 28 0.36 0.25 0.07 O 92
--------------------------------------------------------------------------
RCC-21 6 50 44 0.50 0.26 0.08 O 160
56 78 22 0.27 0.07 0.07 SS
--------------------------------------------------------------------------
RCC-22 No mineralization of interest 144
--------------------------------------------------------------------------
Ore Type: O equals Oxide; M equals Mixed, SS equals Secondary Sulfides:
PS equals Primary Sulfides
--------------------------------------------------------------------------


The drill hole assay results from Carrizalillo Hill East returned well mineralized copper and gold intervals in both leachable (oxide+mixed+secondary sulphides) and primary sulphide material. The better grade Cu-Au mineralization is associated with near vertical ore shoots of variable size and grade. This is well displayed at the nearby Carrizalillo Hill mine which is believed to be at least 350 metres deep and about 100 metres in diameter. The holes RCC-02, 03 and 04 appear to form a similar shoot, some 150 metres in diameter. The geological nature of these shoots is not yet understood.

The Carrizalillo Hill East mineralization is contained in a NNE system apparently closed to the south and open to the north (see Drill Hole Map on the web site). This system is associated to a quartz-monzonitic intrusive/volcanic andesite contact zone, generating an actinolite-kfeldspar-magnetite-quartz hornfels belt. The copper oxides and gold are widely distributed into the hornfeld and the sulphides are predominantly on structurally controlled digitations of silicification and/or potassic alteration.

Carrizalillo Hill West drill results

Carrizalillo Hill West assay results generally returned lower copper and gold grades than those in Carrizalillo Hill East but with interesting intercepts in Moly (e.g. up to 0.44% Mo in 24 meters in hole RCC-19, with 1.17% TCu and 0.24 g/t Au).

The Cu-Au-Mo mineralization is strongly associated with NNW trending silicification (with magnetite) and potassic alteration. Argillic alteration associated with hydrothermal quartz tourmaline breccias over prints sericitic alteration. This alteration becomes potassic with depth where grades increase. The zone remains open to the north, west and at depth.

This type of alteration pattern is recognized throughout the Carrizalillo Hill area. Management believes this indicates the potential existence of a large porphyry system.

Carrizalillo Hill West drill results



--------------------------------------------------------------------------
Carrizalillo Hill West - Phase 1 drill results
--------------------------------------------------------------------------
T Cu Sol.Cu Au Ore TD Obser-
Hole From To Metres (%) (%) (g/t) Mo (%) Type (m) vations
--------------------------------------------------------------------------
0 200 200 0.39 0.13 0.06 O,M,PS
Incl. 0 48 48 0.51 0.33 0.07 No O
Assay
RCC-19 Plus 48 80 32 0.33 0.09 0.02 No M 200 Open at
Assay depth
Credits
in Moly
Plus 108 200 92 0.48 0.03 0.09 0.129 PS
Incl. 138 200 62 0.62 0.03 0.12 0.184 PS
Incl. 170 194 24 1.17 0.06 0.24 0.440 PS
--------------------------------------------------------------------------
76 128 52 0.38 0.29 0.04 No O
Assay
RCC-23 156 196 40 0.84 0.06 0.27 0.036 PS 284 Open at
depth
Credits
in Moly
228 284 56 0.39 0.01 0.12 0.013 PS
Incl. 270 276 6 0.98 0.02 0.40 0.028 PS
--------------------------------------------------------------------------
RCC-24 0 4 4 1.61 1.25 0.08 No O 226
Assay
64 88 24 0.87 0.08 0.05 No PS
Assay
--------------------------------------------------------------------------
12 42 40 0.28 0.09 0.19 No O
Assay
RCC-25 94 144 50 0.25 0.10 0.07 No M 346
Assay
160 212 52 0.35 0.01 0.14 0.006 PS
Incl. 198 212 14 0.54 0.02 0.23 0.007 PS
--------------------------------------------------------------------------
76 108 32 0.63 0.21 0.06 No
Assay M
RCC-26 118 136 18 0.27 0.02 0.06 0.023 PS 230 Credits
in Moly
146 162 16 0.27 0.01 0.10 0.090 PS
172 206 34 0.32 0.01 0.05 0.015 PS
--------------------------------------------------------------------------
48 210 162 0.44 0.04 0.06 0.008 M,SS,PS
RCC-27 Incl. 48 104 56 0.28 0.08 0.08 0.006 M 210 Open at
depth
Plus 104 116 12 0.36 0.06 0.07 0.010 SS
Plus 116 210 94 0.55 0.02 0.05 0.008 PS
--------------------------------------------------------------------------
RCC-28 0 10 10 0.22 0.05 0.03 No O 112 Southern
Assay part of
deposit
72 86 14 0.24 0.02 0.18 No PS
Assay
--------------------------------------------------------------------------
RCC-29 No mineralization of interest 140 Between
bodies
--------------------------------------------------------------------------
68 106 38 0.21 0.17 0.04 No O
Assay
RCC-30 120 130 10 0.31 0.25 0.05 No O 210 Open at
Assay depth
134 146 12 0.26 0.02 0.06 0.011 PS
184 210 26 0.39 0.02 0.09 0.005 PS
--------------------------------------------------------------------------
RCC-31 No mineralization of interest 79 Ended in
stope
--------------------------------------------------------------------------
RCC-32 160 216 56 0.54 0.02 0.09 0.033 PS 240
Incl. 160 198 38 0.70 0.03 0.12 0.044 PS
--------------------------------------------------------------------------
RCC-33 10 26 16 0.33 0.11 0.05 No O 120
Assay
--------------------------------------------------------------------------
RCC-34 6 94 88 0.26 n/a 0.06 No n/a 150
Assay
--------------------------------------------------------------------------
Ore Type: O equals Oxide; M equals Mixed, SS equals Secondary Sulfides:
PS equals Primary Sulfides
--------------------------------------------------------------------------


The Company is currently developing a second phase drilling program to test the potential extension of both trends to the north and at depth, and also the porphyry type potential to the west under cover. The program will also test additional geochemical and geophysical anomalies that surround the Carrizalillo Hill area. An initial evaluation of the Fabiola claim block will also be undertaken.

For further information on the Pan de Azucar property and drill plan map, please refer to the Company's web site at www.centenariocopper.com or review the Prospectus dated October 12, 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, Au and C03; some samples were assayed for Mo. 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 Henrickson, 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 visited the property and has reviewed the information contained herein in this press release.

Property position expanded:

On October 31 2007, Centenario entered into an option to purchase agreement in relation to the 70 hectare Fabiola 1-17 exploitation concessions, which are surrounded by existing Pan de Azucar exploitation concessions held under option by the Company and located immediately to the south of the Carrizalillo Hill area. Option terms include US$100,000 paid on signing, US$50,000 after each of 6, 12, and 18 months and a further US$1,000,000 upon exercise after 24 months. The Fabiola exploitation concessions contain numerous pirquenero (artisan miner) workings, including shafts and surface dumps and the Company believes it to be highly prospective for the development of additional mineralization at the Pan de Azucar project. An initial evaluation program is currently under assessment.

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 low risk regions. 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 and enhance the scale and value of its principal projects through the roll-up of smaller regional satellite copper resources.

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 map please click on the following link: http://www.ccnmatthews.com/docs/cct1112.JPG

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

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