TSX symbols: Common Shares ACX
Berlin-Bremen Stock Exchange symbol: A0HMLE
Frankfurt Freiverkehr (WKN A0HMLE ) A5C
DENVER, Sept. 25 /CNW/ - Ascendant Copper Corporation ("Ascendant") or
("the Company") (TSX:ACX) confirms that today the Minister of Mines and
Petroleum of Ecuador, Mr. Galo Chiriboga, held a press conference in Quito in
which he addressed the general mining situation in Ecuador and made specific
reference to Ascendant's Junin mining concessions located in northern Ecuador.
The Company has since spoken directly with the Minister's advisors to ask for
clarification of his remarks and is confident that the Minister continues to
support a productive solution for the advancement of the Junin project.
Mr. Chiriboga repeated an earlier statement, reported by Ascendant in
December 2006, that the Company should not conduct mining-related activities
on Junin until such time as an Environmental Impact Assessment ("EIA") study
for the conducting of drilling is completed and approved by the government.
To facilitate final preparation of the EIA, the Company signed an
agreement with the government in March 2007 to provide Ascendant free access
to the Junin concessions so that certain on-ground studies, for the collection
of baseline studies to support proposed exploration, may be conducted. Through
subsequent meetings and communications with the Ministry of Mines and
Petroleum, the specifics of the amount and type of work that the Company can
perform in the area until such time as the EIA is approved were defined. A
commission of the Ministry of Mines and Petroleum has recently been to the
Junin concession area and confirmed that the Company is in compliance with
Included in Minister Chiriboga's comments was the implicit invitation for
the Company to continue negotiations with the local communities and
authorities to advance the Junin project. Ascendant has always welcomed such
discussion and believes that the existing positive attitude of the communities
in the direct area of influence of the Junin project and the awakening
interest in mining in Ecuador have created a positive environment in which to
promote sustainable development for the Intag valley through the advancement
of rational mineral exploration and mining.
Finally, it has been reported that Minister Chiriboga said that
violations of the Mining Law could lead to revocation of mining concessions.
Mr. Chiriboga mentioned a particular Article of the Mining Law which applies
to mining activities conducted within urban areas. This Article of the Law
does not apply to the Junin project. According to Mr. Davis, the Company's CEO
and President, "We know of no reason why the concessions of Junin would be in
any jeopardy. We routinely evaluate the status of all of our concessions in
Ecuador and firmly believe that we are in compliance across the board. Indeed,
no one in the government has contacted us to suggest that Ascendant is other
than in full compliance with the Law."
Mr. Davis continued, "The new government continues to support mining in
the country, including Minister Chiriboga's public affirmation of this
principle last week at a mining conference in Quito. This position was further
amplified during President Correa's visit last week to the U.S., during which
he indicated that mining will play a key and important role in providing
sustainable development of and employment in the country."
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). The Company
continues to investigate mineral properties of merit in the Americas.
For further information:
For further information: John Haigh, Manager of Investor Relations, at
(866) 907-6047 or (303) 824-0271, facsimile at (720) 962-4648, or by e-mail at
firstname.lastname@example.org, or visit the Company's website at