Ascendant Copper Corporation

Ascendant Copper Corporation

March 29, 2006 14:43 ET

Ascendant Copper Files Annual Financial Statements, Annual Information Form and Sets Annual Meeting

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) - Ascendant Copper Corporation ("Ascendant" or "the Company") (TSX:ACX)(TSX:ACX.WT), announced today that it has completed its annual audit and has filed its annual audited consolidated financial statements, Management's Discussion & Analysis and Annual Information Form. These filings, Management certifications and annual general meeting materials can be viewed on SEDAR at

The Company has set its annual meeting date as May 4, 2006 at 1:30 p.m. (PDT) in the boardroom of Boughton Law Corporation offices at 595 Burrard Street in Vancouver, BC.

The Company effectively commenced operations on November 30, 2004 and completed its first fiscal period end on December 31, 2004. Operations during fiscal 2005 have been concerned primarily with securing surface rights on the Junin property and the completion of an initial public offering ("IPO") in conjunction with the listing of the Company's common shares on the Toronto Stock Exchange. Due to this limited operating history, expenses incurred during the period to December 31, 2005 are not representative of a full year of normal operations.

The Company incurred a net loss of $2,543,429 for the twelve months ended December 31, 2005. Significant expenses incurred during the period were $915,146 in exploration and development costs, $444,726 for wages, salaries, and payroll taxes, $531,952 for stock-based compensation and $193,556 for management and consulting fees. (All amounts are expressed in US dollars unless otherwise noted.)

As at December 31, 2005, a total of $993,295 in costs had been directly incurred in connection with the preparation of the prospectus and the finalization of the IPO process. These costs consist of legal, audit, regulatory and consulting fees. The costs were charged to share capital upon the completion of the IPO.

Selected financial information for the period ended December 31, 2004 and 2005 is provided in the table below.

Period from
For Year on May 5,
Ended 2004 to
December 31, December 31,
2005 2004
Revenue $ - $ -
General & Administrative
Expenses 2,544,525 137,302
Foreign exchange gain (loss) (18,158) 28,314
Loss for the period (2,543,429) (108,988)

Working capital surplus (deficiency) 7,888,283 (519,930)

Mineral property interests 1,389,239 373,382
Property and equipment 58,396 4,215
Deposits 311,908 31,806

Shareholders' equity:
Share capital 11,085,371 2
Contributed surplus 604,191 -
Currency translation adjustment 231,800 (1,541)
Deficit (2,652,417) (108,988)

Basic and diluted loss per share (0.09) (0.03)

As at December 31, 2005 the Company had cash and cash equivalents of $8,135,668. Other working capital includes $11,160 in receivables and $68,058 in prepaid expense items. The Company has current liabilities of $326,603. These include: $186,975 in accounts payable, $74,202 in due to related party and $65,426 of current portion of term debt.

The Company is currently involved in the Environmental Impact Study ("EIS") process in Ecuador. "Our goal is to gain the approval of the Ecuadorian Ministry of Mines and Energy (the "Ministry") in the next month or two so that drilling can begin in the early summer months," reports Gary E. Davis, President and CEO of Ascendant. "We have completed the EIS and the Company's field office was recently open to receive comments on the EIS from all interested parties. Once this process is complete, a consultation meeting is held and the final document is turned over to the Ministry."

In the meantime, the Company continues to provide social services to the region. "We currently have a full medical staff, a dental staff as well as a veterinarian out in the field. The programs seem very well accepted by the people. The Company currently has approximately 30 local employees in the field assisting with these and other programs," says Davis.

Ascendant Copper Corporation

Gerald E. (Gary) Davis, President and CEO

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

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