Ascendant Copper Files Results of Second Quarter 2007
8/10/2007
DENVER, COLORADO, Aug 10, 2007 (MARKET WIRE via COMTEX News Network) --
Ascendant Copper Corporation ("Ascendant") or ("the Company") (TSX: ACX)(TSX: ACX.WT)(TSX: ACX.WT.A)(BERLIN: A0HMLE)(FRANKFURT: A5C)(WKN: A0HMLE) announces the Company filed its unaudited second quarter 2007 financial results today (expressed in US$). As at June 30, 2007, the Company had cash and cash equivalents of $12.2 million. The Company incurred a net loss of $5.4 million and $2.3 million for the six months ended June 30, 2007 and 2006, respectively, and a net loss of $2.7 million and $1.2 million for the three months ended June 30, 2007 and 2006, respectively. The primary reason for the increased net losses for the 2007 periods compared to the 2006 periods was due to higher expenditures for exploration, primarily on the Chaucha property.
"The Company is in a strong cash position based on our most recent financing," stated Gary Davis, CEO. "We have most recently decided not to proceed into a definitive agreement for acquisition of a property position in Jamaica." Mr. Davis further remarked, "Ascendant continues to focus on and invest in its ongoing projects, especially the Chaucha project where exploration drilling continues to show promising results. The Company is also considering other potential acquisitions of properties of merit elsewhere in the Americas."
Unaudited consolidated Interim financial statements and Management's Discussion and Analysis for the interim period ended June 30, 2007, are now available for viewing on SEDAR at www.sedar.com.
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 and maintains a strategic exploration alliance in Ecuador with Rio Tinto (LSE: RTZ).
Contacts:
Ascendant Copper Corporation
Rana Gill
Chief Financial Officer
1-866-907-6047 or (303)-824-0271
Email: rgill@ascendantcopper.com
Ascendant Copper Corporation
John Haigh
Manager of Investor Relations
1-866-907-6047 or (303)-824-0271
(720) 962-4648 (FAX)
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
