Centenario Copper Corporation

Centenario Copper Corporation

March 27, 2008 10:20 ET

Centenario Copper Corporation Announces Closing of Cdn$ 58 Million Special Warrant Issue

TORONTO, ONTARIO--(Marketwire - March 27, 2008) -


Centenario Copper Corporation ("Centenario", or the "Company") (TSX:CCT) is pleased to announce that it has closed the previously announced March 6,2008 "bought deal" financing with a syndicate of underwriters co-lead by Canaccord Capital Corporation and BMO Nesbitt Burns Inc. and including Toll Cross Securities Inc., Raymond James and Macquarie Capital Markets Canada Ltd. The Company has sold 10,000,000 Special Warrants of the Company at a price of C$5.80 per Special Warrant, for aggregate gross proceeds to the Company of $58,000,000.

Each Special Warrant will, subject to adjustments, be exercisable by the holder thereof for one (1) common share of the Company (each an "Underlying Share") for no additional consideration at any time. The Special Warrant will, if not exercised earlier, be automatically exercised on the earlier of: (i) the third business day after the date of a receipt for a prospectus qualifying the distribution of the Underlying Shares on exercise of the Special Warrants in each of the Canadian Selling Jurisdictions; and (ii) 120 days from the closing of the Offering. The Company intends to use its reasonable best efforts to qualify the Underlying shares for issuance in each of the provinces of Canada, excluding Quebec within 60 days form the closing of the Offering.

The Company plans to use the net proceeds of this financing for mine construction for the Company's Franke Project, exploration and development of the Company's Pelusa and Pan de Azucar Projects and for general corporate working capital purposes.

The securities issued in this Offering were offered by way of private placement exemptions in all the provinces of Canada (except Quebec), offshore and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

This news release is intended for distribution in Canada only and is not intended for distribution to the United States newswire services or dissemination in the United States.


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. For more information, please visit the Company's website at www.centenariocopper.com.

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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