Ascendant Copper fka ACX

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Press Release Source: Ascendant Copper Corporation

Ascendant Copper Announces Results of First Quarter and Annual Meeting
Monday May 14, 8:19 pm ET

DENVER, COLORADO--(MARKET WIRE)--May 14, 2007 -- Ascendant Copper Corporation (the "Company") (Toronto:ACX.TO - News)(Toronto:ACX-WT.TO - News)(Berlin:A0HMLE.BE - News)(Frankfurt:A5C.F - News)(WKN A0HMLE) announces:

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Highlights of the Unaudited Consolidated Financial Statements for the First Quarter Ended March 31, 2007

The Company filed its unaudited first quarter 2007 financial results today (expressed in US$). The Company incurred a net loss of $2,641,608 and $1,113,318 for the three months ended March 31, 2007 and 2006, respectively. The increased net loss was primarily due to higher expenditures for exploration of its properties in Ecuador, including resumed exploration of the Chaucha Project, during the three months ended March 31, 2007 and 2006, of $1,396,519 and $355,850, respectively. Wages and payroll taxes increased from $243,177 during the three month period ended March 31, 2006 to $347,812 during the same period in 2007 primarily due to management level employees added during the first quarter 2007, including a vice-president of operations in Ecuador, a manager of investor relations and overall pay increases for the 2007 year. Management and consulting services were $317,370 and $108,973 for the three months ended March 31, 2007 and 2006, respectively, due to consultants engaged primarily to address social issues relating to the Junin project and to advise the Company regarding political and social issues due to the new administration in Ecuador. The Company also incurred higher audit and accounting fees during the first three months of 2007 compared to 2006 as the result of finalization of the internal control process and additional costs related to the 2006 audit. The Company recorded non-cash stock-based compensation of $182,326 and $98,545 for the three months ended March 31, 2007 and 2006, respectively. The increase during the first quarter 2007 was due to options granted to three new employees and one new director during January and February 2007. Expenditures of $96,676 and $9,819 were spent on mineral property interests and capital equipment, respectively, during the three months ended March 31, 2007. The Company also made a $25,000 non-refundable payment relating to an option to purchase a mineral property interest in Jamaica.

As at March 31, 2007, the Company had cash and cash equivalents of $2,260,707. Other working capital includes $46,727 in receivables and $64,534 in prepaid expense items. The Company has current liabilities consisting of accounts payable and accrued liabilities of $425,674 and loans payable to a director of $61,716.

Annual General Shareholders Meeting

On May 1, 2007, the Company held its annual meeting of shareholders in Vancouver, British Columbia. William Jurika, Gerald (Gary) E. Davis, Robert Pevenstein, W.S. Steve Vaughan, John Gammon and Steven Phillips were elected to the Board, the audit firm of PricewaterhouseCoopers LLP was appointed, amendments to the Company's 2005 Stock Option Plan were ratified and approved, subject to TSX Exchange approval, and other general business was conducted. William Jurika was re-elected as Chairman of the Board of Directors.

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.L - News) on the Chaucha Project and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ.L - News).


Contact:

Contacts:
Ascendant Copper Corporation
Rana S. Gill, C.A.
Chief Financial Officer
1-866-907-6047 or [phone]
Email: [e-mail]

Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
1-866-907-6047 or [phone]
[phone] (FAX)
Email: [e-mail]
Website: http://www.ascendantcopper.com