Centenario Copper Corporation
TSX : CCT

Centenario Copper Corporation

February 21, 2008 16:01 ET

Centenario Announces Highlights From Updated Franke Ni 43-101 Technical Report

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - Centenario Copper Corporation ("Centenario", or the "Company")(TSX:CCT) announces an updated Mineral Resources, Mineral Reserves, mine plan, operating and capital costs and financial analysis for the Franke Project (collectively, the "Updated Franke Information"), prepared in connection with an updated NI 43-101 Technical Report (the "2008 Franke Technical Report") currently being prepared by AMEC International (Chile) S.A. ("AMEC"). The updated Franke Information incorporates the updated mine plan, as well as certain other modifications to the operating and capital cost inputs that have occurred since the August 1, 2007 Franke 43-101 Technical Report (the "2007 Franke Technical Report"). AMEC has reviewed and approved the content of the Updated Franke Information disclosed herein. The complete 2008 Franke Technical Report will be filed on SEDAR within 45 days of this release.

Highlights from 2008 Franke Technical Report:

- Proven and Probable Mineral Reserves increase by 5.4 million tonnes to 31.7 million tonnes; average copper grade declines by 0.12% to 0.83% total copper. Contained copper increases by 27 million lbs to 578 million lbs.

- Proven Reserves increase to 81% of Proven and Probable Reserves, up from 43%.

- Mine Plan extended to 7.6 years; total copper production increases by 41 million lbs to 501 million lbs.

- Life of Mine cash operating costs increase by $0.12/lb to $0.94/lb, at a Base Case long term copper price of $1.50/lb. 77% of operating costs now covered by long-term contracts.

- Capital costs increase by $9.3 million (5.7%) to $171.7 million, including 3% allowance for future cost escalation and pre-production working capital. 85% of capital costs have already been contracted, mostly under fixed price EPC contracts.

- Base Case after-tax NPV (8%): $83 million at Centenario's average copper hedge price of $2.80/lb for 25.5 million lbs in 2009 and $2.75/lb for 49.0 million lbs in 2010, and a flat $1.50/lb copper price for un-hedged lbs over the life of mine; $252 million using 2009-2012 forward curve with flat $1.50/lb. copper price thereafter; $310 million using 2009-2012 forward curve with flat $2.00/lb copper price thereafter.

Richard Colterjohn, President and CEO of Centenario commented "The recent pre-production drill program at Franke has nearly doubled the available information on the deposit, and has, as expected, resulted in the movement of a significant portion of the Mineral Reserves into the Proven category. This has increased our overall understanding and confidence in the Franke ore body. It has also added to mine plan tonnage and contained copper, at a fairly constant strip ratio. The decrease in the overall copper grade has inevitably led to some increase in operating costs, as we will process more ore each year to deliver the same 30,000 tonnes in annual cathode output. However, Franke's copper grade, recoveries and operating costs remain attractive in comparison with its cathode copper peer group. The project has not been immune to operating and capital cost creep that is impacting every mining project globally, but development is well advanced and we have already contracted most of the capex on a fixed price EPC basis. The project remains on schedule for late 2008 start-up and we continue to believe that Franke is a very robust project, particularly in light of the current high copper price environment."

2008 Franke Technical Report Highlights

I. Franke updated Mineral Resources and Mineral Reserves:

The updated Mineral Resources and Mineral Reserves incorporate the results of an additional 30,680 metres of infill RC drilling that was completed during 2007 within the existing Franke pit footprint, and which increased the drilling density over the core of the ore body from approximately 50 metre centers to 25 metre centers. The updated Mineral Resource was developed by Geovectra S.A., a Santiago, Chile based geological services firm and has been audited and accepted by AMEC. The updated Mineral Reserves was developed by NCL Ingenieria y Construccion ("NCL"), a Santiago Chile based engineering consulting firm and has been audited and accepted by AMEC.

The updated Measured and Indicated Resources and the updated Proven and Probable Reserves are set out in Tables 1 and 2 below respectively. Mineral Resources in Table 1 are inclusive of Mineral Reserves. The updated Measured and Indicated Resources was previously reported (see Centenario News Release 07-03 on November 13, 2007) and has been modified by AMEC based on a Resource pit optimization using a long-term copper price of $1.65/lb.



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Table 1: Franke Mineral Resources:

Measured Indicated Measured & Indicated
---------------------------------------------------------------------------
(0.3% CuT cutoff) Tonnes Grade Tonnes Grade Tonnes Grade In Situ Cu.
------------------------------------------------------
M % CuT M % CuT M % CuT M lb

2007 Technical
Report (a) 11.3 0.94% 15.0 0.95% 26.3 0.95% 548
2008 Technical
Report (b) 27.7 0.86% 9.0 0.76% 36.7 0.83% 672
------------------------------------------------------
Change 16.4 -0.08% -6.0 -0.19% 10.4 -0.12% 124
---------------------------------------------------------------------------
(a) As per 2007 Franke Report; Mineral Resource reported within a Resource
pit, optimized using a long-term copper price of $1.00/lb
(b) Mineral Resources developed by NCL Ingenieria and reviewed by AMEC;
Mineral Resources reported within a Resource pit optimized using a
long-term copper price of US$1.65/lb.
Mineral Resources are inclusive of Mineral Reserves


Measured and Indicated Resources have increased by 10.4 million tonnes compared to the 2007 Technical Report, while the total copper grade has declined by 0.12% CuT, resulting in a 124 million lb. increase in In-Situ copper. In addition to the Measured and Indicated Resources reported, above a 0.3% CuT cut-off there are 2.5 million tonnes of Inferred Resources grading 1.02% CuT contained in the Resources pit defined by AMEC.



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Table 2: Franke Mineral Reserves:

Proven Probable Proven & Probable
------------------------------------------------------
Reserves Tonnes Grade Tonnes Grade Tonnes Grade In Situ Cu.
---------------------------------------------------------------------------
M % CuT M % CuT M % CuT M lb

2007 Technical
Report (a) 11.3 0.95% 15.0 0.95% 26.3 0.95% 551
2008 Technical
Report (b) 25.5 0.84% 6.2 0.78% 31.7 0.83% 578
------------------------------------------------------
Change 14.2 -0.11% -8.8 -0.17% 5.4 -0.12% 27
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(a) Based on copper price of US$1.00/lb.
Recovery formula equals 93.12 multiplied by (CuS/CuT)+50 multiplied by
(1-CuS/CuT) and cutoff grade of 0.3% CuT
(b) Based on copper price of US$1.50/lb.
Recovery formula equals 92.7 multiplied by (CuS/CuT)+70 multiplied by
(1-CuS/CuT) and net profit cut-off greater than zero
---------------------------------------------------------------------------


Proven Reserves account for 81% of Proven and Probable Mineral Reserves, compared to 43% in the 2007 Franke Technical Report. The overall Mineral Reserve grade has declined by 0.12% CuT (total copper), compared to the 2007 Franke Technical Report, as discussed in greater detail in the following section.

II. Franke updated Mine Plan:

NCL developed an updated mine plan, which has been audited and accepted by AMEC, as is set out in Table 3 below:



------------------------------------------------------------------------
Table 3: Franke - Comparison of 2008 Mine Plan and 2007 Mine Plan

Ore Cathode
----------------------------------------- Strip Total
Period k t CuT CuS Rec % CO3 t Ratio k t
------------------------------------------------------------------------
2008 Mine Plan: (a)
Year 1 3,899 0.87% 0.71% 88.4% 3.8% 30,000 1.32 7,992
Year 2 3,933 0.88% 0.64% 86.6% 3.8% 30,000 1.14 8,424
Year 3 4,391 0.77% 0.64% 88.9% 3.5% 30,000 1.00 8,779
Year 4 4,292 0.80% 0.61% 87.4% 3.8% 30,000 1.01 8,627
Year 5 4,331 0.78% 0.65% 88.9% 4.7% 30,000 1.17 9,418
Year 6 4,279 0.79% 0.64% 88.4% 4.6% 30,000 1.25 9,627
Year 7 4,162 0.84% 0.58% 85.8% 4.3% 30,000 1.43 10,131
Year 8 2,437 0.94% 0.25% 76.0% 3.9% 17,431 1.72 6,623
------------------------------------------------------------------------
2008 Mine Plan 31,723 0.83% 0.61% 86.9% 4.1% 227,431 1.23 69,623
------------------------------------------------------------------------
------------------------------------------------------------------------
2007 Mine Plan 26,274 0.95% 0.74% 83.6% 4.3% 208,639 1.22 57,404
------------------------------------------------------------------------
------------------------------------------------------------------------
Change 5,449 -0.12% -0.13% 3.3% -0.2% 18,792 0.01 12,219
------------------------------------------------------------------------
(a) 2007 Recovery formula equals 93.12 multiplied by (CuS/CuT)+50
multiplied by (1-CuS/CuT) and cutoff grade of 0.3% CuT
2008 Recovery formula equals 92.7 multiplied by (CuS/CuT)+70
multiplied by (1-CuS/CuT) and net profit cut-off greater than zero


Overall ore contained in the updated mine plan has increased by 5.4 million tonnes, while the average grade has declined from 0.95% CuT to 0.83% CuT. The updated mine plan contains 227,431 tonnes of recoverable cathode copper, an increase of 18,792 tonnes (41 million lbs) from the mine plan in the 2007 Franke Technical Report. The recovery rate has increased from 83.6% to 86.9% as the 2008 Mine Plan reflects the increased recovery rate based on metallurgical test work during the Bankable Feasibility Study and which was reflected in the 2007 Technical Report but not included in the 2007 Mine Plan.

The average copper grade in the 2008 Mine Plan has declined by 0.12% compared to the 2007 Mine Plan. This was driven by two principal factors. Firstly, increased drilling density has demonstrated that the continuity of the high grade zones in the ore body is less continuous than previously interpreted. Also, the high grade ore is more dispersed throughout the ore body, with relatively more located at depth, resulting in a lower conversion of this material into the mine plan. This effect is seen in the 2008 Mine Plan, in which the annual copper grade remains more consistent over the mine life, which indicates less opportunity to preferentially mine high grade ore in the early years of the mine plan.

The second factor relates to the nature of the Gemcom mine planning software program. In developing the updated mine plan, NCL used the updated Resource block model, which was based on a 5 metre by 5 metre by 5 metre block size. NCL inputted the block model into Gemcom software and developed a diluted block model, in which all partial ore blocks are filled out by the addition of waste. With the increase in drilling density (25 by 25 metres), the ore / waste contact boundaries are more sharply defined than suggested by the previous drilling density (approximately 50 by 50 metres). This has resulted in a significant increase in the number of partial ore blocks that are then diluted by the addition of waste in the diluted block model. Whether this incremental waste is a fair reflection of what will be actually processed in the Franke plan will depend, ultimately, on the quality of grade control in place during the mining of the ore body.

The overall LOM strip ratio has remained fairly constant at 1.23:1. The infill drill program was conducted completely within the footprint of the existing pit shell. While the drilling converted a portion of the previously defined waste into ore, it also added additional reserve tonnage at depth. This has led to an increase in the overall volume of material in the ultimate pit, particularly at depth. The updated operational mine plan incorporates wider in-pit haulage roads and ramps, in order to accommodate larger equipment, which has also added to the internal waste.

In developing the updated mine plan, NCL used a Whittle Pit design price of $1.50/lb copper. A Whittle Pit sensitivity analysis was undertaken which demonstrated that the mine plan is relatively insensitive to the selected design price, over the range of $1.25/lb to $2.00/lb design price, with recoverable copper increasing by 6% at $2.00/lb and decreasing by 7% at $1.25/lb. The $1.50/lb Whittle design price has been selected by the Company, as it believes it is a conservative view of the copper price over the project's mine life. AMEC has also used a Base Case copper price of $1.50/lb in the 2008 Franke Technical Report.

III. Updated Operating Costs:

Operating costs have been adjusted, where appropriate, to reflect the terms of contracts recently entered into by Centenario, including contract mining, spent ore removal and transport, acid supply, power, water, cathode sales and rail transportation for acid and cathode. Approximately 77% of projected operating costs are now covered by contracts.

At a base case copper price of $1.50/lb, the life of mine operating costs have increased to $0.94/lb of cathode copper, or an increase of $0.12/lb as compared to the $0.82/lb projected in the 2007 Franke Technical Report. A breakdown of revised operating costs is set out in the Table 4 below, together with a comparison with the original costs as set out in the 2007 Franke Technical Report:



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Table 4: Operating costs - 2008 Technical Report vs. 2007 Technical Report
(at $1.50/lb Copper Price) Variance
----------------
2007 2008 Units % % Total
----------------------------------------------
Mine Plan:
LOM CuT grade 0.95% 0.83% -0.12% -13%
LOM recovery (% CuT)(a) 87.8% 86.9% -0.9% -1%
------------------------------
LOM recovered lbs/t ore 18.4 15.8 (2.5) -14%
Acid Cons. (kg/t ore) 89.4 83.3 (6.1) -7%
Acid Cons. (kg/lb) 4.9 5.3 0.4 8%

Operating Costs/lb Cu:
Mining $0.19 $0.23 $0.04 23% 24%
Crush/Aggl/Leach $0.11 $0.15 $0.04 36% 16%
Acid cost $0.28 $0.34 $0.06 21% 37%
SX-EW $0.19 $0.15 ($0.04) -20% 16%
G&A $0.05 $0.07 $0.02 34% 7%
----------------------------------------------
Total Cost/lb $0.82 $0.94 $0.12 15% 100%
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(a) 2007 recovery based on Bankable Feasibility Study recovery formula
--------------------------------------------------------------------------


The increase in operating costs has arisen principally as a result of the updated mine plan, in which the 13% lower average life of mine copper grade leads to the mining and processing of approximately 14% more tonnes of ore each year in order to sustain the same output design rate of 30,000 tonnes of copper cathode per year. Leaching costs have also risen due to an increase in the cost of spent ore removal and transport. The acid cost has increased by 21%, reflecting the combined impact of an 8% increase in consumption per lb. of recovered copper and a 12% increase in the projected average delivered cost of sulphuric acid over the mine life, which reflects a more conservative view of future acid prices. Staged column leaches and a test heap leach are currently underway which will more closely reflect operational conditions and provide a more accurate estimate of acid consumption and copper recovery. The 20% decline in the SX-EW operating costs reflects more efficient design specifications of the chosen supplier.

At a $1.50/lb base case copper price, acid is now projected to represent 37% of the LOM overall cash cost, or $0.34/lb. The acid price will vary with the copper price, due to a copper price participation feature of a key acid contract which is projected to cover 46% of Franke's LOM requirements (see Table 6 below). Mining costs now represent 23% of operating costs, with crushing-agglomeration-leaching (16%), SX-EW (16%) and G&A (7%) making up the balance. Approximately 75% of operating costs are denominated in US dollars, with the balance in Chilean Pesos.

IV. Updated Capital Costs:

Total capital costs, excluding mining fleet costs but including contingencies, owner costs and working capital, were initially estimated by AMEC in the 2007 Franke Technical Report at $145.0 million. As previously announced (see Centenario News Release 07-04, dated November 14 2007), the capital cost was subsequently adjusted to a Control Budget estimate of $162.4 million, including a $4.9 million contingency, to reflect certain design modifications and Centenario's decision to award the majority of the contract on a fixed price EPC basis.

AMEC has adjusted the capital cost projection to reflect the terms of various contracts already awarded by Centenario, including EPC contracts for the wet area (SX-EW and tank farm), the dry area (crushing, agglomeration and conveying), water pipeline and power line and other contracts relating to massive earthworks, balance of project engineering and construction management and temporary camp and catering services. Approximately 85% of project capital cost has now been awarded, including 71% on a fixed price EPC basis. The remaining capital costs have been reviewed and adjusted as necessary to reflect latest information available.

Based on this review, capital costs are now estimated at $171.7 million, or an increase of $9.3 million (5.7%) over the Control Budget projection. This revised estimate includes an actual Control Budget over-run to date of $4.8 million (3.0%) and a escalation allowance of $4.5 million (3.0% of plant capex or 2.7% of overall budget) to cover potential capital cost creep over the remaining construction period.

The revised estimate is set out in Table 5 below, together with a comparison with the Control Budget:



------------------------------------------------------
Table 5: Franke - Budget comparison (US$ 000's)
Variance
Control 2008 -------------
Budget Report $ 000's %
---------------------------------
Awarded contracts:
Lump Sum 101,579 106,851 5,271 5%
Unit Prices 19,749 20,852 1,103 6%
---------------------------------
Total Awarded 121,329 127,703 6,374 5%
Not Awarded 21,265 22,172 906 4%
Initial Contingency 4,932 - (4,932) -100%
Realised FX Loss - 1,253 1,253 n/a
Owner Costs 6,269 7,137 868 14%
Working Capital 8,603 8,928 325 4%
---------------------------------
Project Cost 162,398 167,193 4,795 3%
Escalation Allowance 4,496 4,496 n/a
---------------------------------
Grand Total 162,398 171,689 9,291 6%
------------------------------------------------------


The revised capital cost estimate excludes an unrealized foreign exchange loss that arises from variations in the Chilean peso in relation to the US dollar. Approximately 30% of the revised capital costs are denominated in US dollars, while the balance is in Chilean pesos. The revised capital cost has been calculated at a constant foreign exchange rate of 535 pesos to the US$, consistent with the Control Budget and the 2007 Franke Technical Report. However, the US dollar has recently devaluated against the Chilean peso as well as against most other currencies. At a recent exchange rate of 470 Chilean peso to the US$, the project faces an unrealized foreign exchange loss of $14.1 million (or 8.2% of the revised capital cost). The actual foreign exchange gain or loss that will ultimately be realized will depend on the foreign exchange rates in effect over the project's remaining construction period, which may be higher or lower than the recent rate.

V. Updated Financial Analysis:

Set out in Table 6 below is an updated summary financial analysis for the Franke project:



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Table 6: Revised Franke LOM Financial Analysis - See Notes below
-----------------------------------------
Unit Base Sensitivity to copper
Case price
---------------------------------------------------
Copper Price US$/lb $1.50 $ 1.00 $ 1.25 $ 1.75 $ 2.00
-----------------------------------------
Pre tax analysis:
IRR % 25.7% 8.1% 18.1% 31.8% 37.5%
Cum. Net Cash Flow US$ mm 220 48 133 305 396
NPV discounted at 8% US$ mm 109 0 54 164 221
NPV discounted at 10% US$ mm 90 (8) 41 139 190
Payback Period Years 2.5 4.6 2.9 2.3 2.1
After Tax analysis:
IRR % 22.0% 6.2% 15.2% 27.5% 32.6%
Cum. Net Cash Flow US$ mm 179 37 108 250 324
NPV discounted at 8% US$ mm 83 (8) 38 128 175
NPV discounted at 10% US$ mm 66 (16) 25 106 149
Payback Period Years 2.8 5.7 3.4 2.5 2.3
LOM Cash Cost US$/lb $0.94 $ 0.86 $ 0.90 $ 0.98 $ 1.01
---------------------------------------------------------------------------


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Table 6: Revised Franke LOM Financial Analysis - See Notes below
-----------------------------------------
Unit Base Forward Curve
Case
---------------------------------------------------
Copper Price US$/lb $1.50 $ 2.25 $ 2.50 +$1.50 +$2.00
LT LT
-----------------------------------------
Pre tax analysis:
IRR % 25.7% 42.6% 47.2% 57.5% 59.9%
Cum. Net Cash Flow US$ mm 220 486 576 494 618
NPV discounted at 8% US$ mm 109 278 335 315 385
NPV discounted at 10% US$ mm 90 242 293 282 343
Payback Period Years 2.5 2.0 1.9 1.5 1.5
After Tax analysis:
IRR % 22.0% 37.2% 41.4% 49.3% 51.8%
Cum. Net Cash Flow US$ mm 179 398 473 405 507
NPV discounted at 8% US$ mm 83 222 269 252 310
NPV discounted at 10% US$ mm 66 191 233 224 275
Payback Period Years 2.8 2.2 2.1 1.7 1.7
LOM Cash Cost US$/lb $0.94 $ 1.05 $ 1.08 $1.03 $ 1.08
---------------------------------------------------------------------------
Note: Comparison of Inputs with 2007 Franke Technical Report as noted
below:
- Recoveries: No change to recovery formula
- Forward curve cu price (as at Feb 8-08): 2009: $3.38; 2010: $3.18; 2011:
$2.98; 2012: $2.79; thereafter: $1.50
- Exchange Rate: Projected CLP/US$ exchange rate / copper price
relationship as per 2007 Franke Technical Report
- Operating costs: changes from Franke Technical Report as follows:
(1) Mining cost and spent ore removal and transport cost: amended as per
CCT contract with contract miner
(2) Acid cost: revised acid price outlook and amended as per CCT acid
supply contracts and CCT acid rail transport contract
(3) SX-EW Cost: amended as per EPC supplier specifications in CCT EPC
contract
(4) Miscellaneous changes to crushing consumables and G&A costs
- Capital Costs: changes from 2007 Franke Technical Report as follows:
(1) Amended to reflect revised captial cost of $171.7 million, including
remaining contingency of $4.5 million
(2) Excludes potential unrealized foreign exchange loss arising from
devaluation of US$ against Chilean peso
- LOM Cash cost varies due to acid contract copper price participation
- NPV is prior to any capital investment. 16 month pre-production
period - model does notdiscount first 4 months and thereafter yearly
cash flows are discounted assuming that they occur at the end of each
period.
---------------------------------------------------------------------------


All cash flow and NPV analysis set out in the table above includes the copper hedge which Centenario has put in place in relation to the Franke project. The hedge includes 25.5 million pounds of copper at an average price of $2.80/lb in 2009 and 49.0 million pounds of copper at an average price of $2.75/lb in 2010. The NPV analysis is pre-investment and ignores any Centenario investment already made in the project as of the date hereof.

AMEC's base case financial analysis assumes a flat copper price of $1.50/lb, with a hedge price in years 2009 and 2010. A sensitivity table is shown for flat copper prices from $1.00/lb to $2.50/lb. , as well as based on the recent forward curve for the period 2009-2012 and then a flat $1.50/lb and $2.00/lb price thereafter. The cash operating cost varies with the copper price principally due to a copper price participation feature of an acid contract that provides approximately 46% of the life-of-mine acid requirements.

VI. Franke Updated NI 43-101 Technical Report:

Centenario has retained AMEC International (Chile) S.A. ("AMEC") in connection with the preparation of an updated Franke NI 43-101 Technical Report (the "2008 Franke Technical Report"). The 2008 Franke Technical Report will be completed and filed on SEDAR and CCT's web site within 45 days of this release.

All principal technical personnel participating in the development and review of the Updated Franke Information have extensive relevant experience. Jozsef Ambrus, a principal of Geovectra SA, was responsible for the development of the new resource model. Ricardo Palma, a principal with NCL Ingenieria y Construccion, was responsible for the development of the updated Mine Plan and updated Mineral Reserves.

The updated Mineral Resource, Mineral Reserve and mine plan and all other technical and financial information contained herein has been reviewed and accepted by AMEC. Rodrigo Marinho P. Geo. and Ralph Penner AusIMM, principals of AMEC, were responsible for reviewing the updated Mineral Resource, and updated Mineral Reserves and Mine Plan respectively. Tony Maycock, principal of AMEC, was responsible for reviewing the capital and operating costs reported herein. Graham Wood, a principal of AMEC, has reviewed the updated financial analysis contained herein. Collectively, Rodrigo Marinho, Ralph Penner and Tony Maycock are the Qualified Persons for purposes of NI 43-101, and have approved the Updated Franke Information contained in this press release. Walter Segsworth is the qualified person for Centenario that has reviewed and approved the contents of 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 and then enhancing 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. The Company believes that the Pelusa Property is highly prospective for developing additional leachable copper resources and is evaluating possible production scenarios, including processing at the Franke 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: No stock exchange, securities commission or other regulatory authority has approved of disapproved the information contained herein. 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.

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