Ascendant Copper Corporation

Ascendant Copper Corporation

April 26, 2007 09:59 ET

Ascendant Copper Acquires Rights to 85 Square Kilometers of Land in Jamaica Covering Numerous Copper/Gold Occurrences

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 26, 2007) - Ascendant Copper Corporation (the "Company") (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) announced today that it has entered into an agreement in principle (the "Agreement") with Clarendon Consolidated Minerals Ltd ("CCM"), a private U.S. entity, to acquire an exclusive option on an 85-square kilometer contiguous land package covering numerous gold and copper occurrences in Jamaica.

The Agreement includes two prospecting licenses known as Bellas Gate and Browns Hall (the "Properties") located in the Clarendon and St. Catherine Parishes of Jamaica about 35 kilometers northwest of Kingston. This region is believed to represent the high level expression of one or more copper mineralized porphyry systems. More than 20 gold/copper prospects have been previously identified on the Properties. Several large veins containing high grade sulfide ores reportedly grading up to 9.16% copper, 59 grams per tonne gold, and 1,935 grams per tonne silver were mined historically. Neither the Company nor a Qualified Person has independently verified these grades in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101), and the historical grades should not be relied upon.

During the first 15-month term of the Agreement, the Company would pay $100,000 in cash and issue 200,000 common shares to CCM, as well as fund not less than $450,000 in exploration activities, which will include at least 2,250 meters of drilling. The President of CCM, Mr. James R. Wood, has agreed to remain involved and serve as an advisor to the project for at least this initial term.

If the Company elects to proceed after the first term, it can earn a 90% interest in the Properties by completing over the subsequent three (3) years additional work programs on the Properties, primarily comprised of in-the-ground exploration activities and including not less than 13,750 meters of drilling, totaling an aggregate expenditure of $7.7 million and by making additional payments to CCM totaling $0.5 million cash and by issuing an additional 1.8 million shares. Such exploration expenditures will include the preparation of a feasibility study on all or any part of the Properties that the Company, at its sole discretion, deems to have potential for economic development. Alternatively, if a feasibility study is not completed during the earn-in period, the Company can prepare a NI 43-101-compliant resource estimate and deliver it to CCM to earn its 90% interest.

Jamaica is democratic country, a member of the Commonwealth of Nations, and operates under English law. The country hosts several major bauxite mining operations and is one of the world's leading exporter of bauxite and alumina.

The Agreement signed by the Company and CCM, although not legally binding, contains the principal terms and conditions for inclusion in a definitive agreement which is currently being drafted. While the Company knows of no reason why a definitive agreement will not be concluded, completion of such an agreement to acquire an interest in the Properties from CCM is not assured or guaranteed.

Gary E. Davis, President of the Company, said regarding the contemplated deal with CCM, "We feel fortunate to have been given the opportunity by CCM to participate in the advancement of these properties in a country with such a rich mining heritage. This marks the first step in the Company's quest to expand its portfolio of exploration properties throughout the Americas."

Ascendant Copper Corporation is a mineral exploration and development company responsibly advancing its Chaucha and Junin copper-molybdenum projects in Ecuador toward a verifiable economic base metal discovery. Ascendant has a solid mineral asset base, a diversified portfolio, proven management, and is committed to becoming a mid-tier copper producer through its joint venture with Antofagasta PLC (LSE:ANTO) on the Chaucha Project and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).

Contact Information