Jan 31, 2008 17:00 ET
Ascendant Copper Provides Update on Junin Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2008) - Ascendant Copper Corporation ("Ascendant") or (the "Company") (TSX:ACX)(BERLIN:A0HMLE)(FRANKFURT:A5C) today responded to notices received from the Regional Director of Mines of Pichincha that purport to nullify two concessions, Golden 1 and Golden 2, that form part of the Junin copper/molybdenum project in Ecuador on the basis that these concessions were granted unconstitutionally.
Ascendant believes that there are several irregularities in the notices. Ascendant intends to vigorously defend its rights and will take appropriate action upon further study with its Ecuadorian legal counsel.
"It is important to note that a significant number of concessions throughout Ecuador were granted to a number of mining companies under the same mining law which the notices state are unconstitutional," said Gary Davis, President and CEO of the Company. "We believe that the notices that Ascendant and many others received, if acted upon, will create tremendous uncertainty in the mining industry. President Correa has recently made a number of statements supporting the role of mining in fostering growth in Ecuador. We are actively seeking clarification from the central government and will co-operate fully under any reasonable circumstances. We will inform shareholders immediately when we more fully understand all issues involved."
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