Deep_Digger
16 years ago
Ecuador assembly wants mining "house in order"
By Alonso Soto
MONTECRISTI, Ecuador, Jan 28 (Reuters) - Ecuador's assembly to rewrite the country's constitution is working to overhaul the mining sector and fueling investor worries about what tighter state control could mean for the nascent industry.
Ecuador last week revoked 587 mine concessions, including a key project held by Canada's Ascendant Copper (ACX.TO: Quote, Profile, Research), after charging they failed to pay annual fees on time. But the measure spared some of the big foreign players in Ecuador.
President Rafael Correa, a leftist former economy minister, has vowed to boost the government's grip over natural resources to better distribute wealth among the poor, echoing moves made by ally Venezuela's Hugo Chavez and worrying Wall Street.
Alberto Acosta, head of the government-controlled assembly, said the 130-member body currently debating a new constitution could decide to expand the state's hold over mining as it seeks to "put the house in order."
"We have to study the government's decision and will take additional steps if needed, but what is key here is to establish in the constitution the basic principles under which mining activity will be developed," Acosta told Reuters.
A top mining ministry official, who was not authorized to speak in public, told Reuters the government plans to revoke another batch of the more than 1,000 concessions for not paying annual fees on time.
Most of those are smaller operations, some of which have been abandoned, the source said.
But some investors are concerned about mixed messages. Acosta's remarks have often been tougher than those of Correa, who says the government would allow large-scale, open-pit mining if it generates enough revenues for the country.
Acosta has opposed open-pit mining, which could hamper mining operations in the country as most of the large projects plan to use that technique to extract metals.
"The market has received mixed messages ... some investors are worried about tighter control," said Michael Gray, a mining analyst with Genuity Capital Markets in Vancouver.
LARGE SCALE MINING
Speaking from the assembly's headquarters in Montecristi, Acosta said assembly members should prohibit mining in nature reserves, allow communities to decide if nearby projects should move elsewhere and ban open-pit extraction.
"Large-scale mining needs to have clear rules, but the big question remains if we really want open-pit mining," Acosta said in the interview.
Ecuador has no significant output of precious metals, but dozens of junior firms are exploring for copper and gold, including Canada's Aurelian Resources (ARU.TO: Quote, Profile, Research), Corriente Resources (CTQ.TO: Quote, Profile, Research) and IamGold Corp. (IMG.TO: Quote, Profile, Research).
The government estimates the country holds $130 billion worth of metal deposits.
The state has already started talks with Aurelian and Corriente to increase state participation in their contracts.
A government official close to mining policy decisions told Reuters that Correa is trying to convince Acosta to change his opposition to open-pit mining to allow large-scale projects to start work in the Andean country.
Acosta is part of Correa's inner circle and colleagues consider him the president's mentor, with great influence over the assembly.
The country has granted around 4,000 concessions, or 2.9 million hectares (7.1 acres), of which companies pay only an annual ownership fee, sparking sometimes violent demonstrations by environmentalists and communities who complain the state is granting too many deals without control. (Editing by Patrick Markey and Christian Wiessner)
Deep_Digger
16 years ago
Ecuador plans mining overhaul; wants new deals
By Alonso Soto
QUITO, Jan 29 (Reuters) - Ecuador plans to revoke most mining concessions, but preserve those held by the industry's biggest players in a move to push them to renegotiate their deals, top government officials told Reuters on Tuesday.
The assembly rewriting the country's constitution is analyzing a government proposal to issue a decree to boost state control over the nascent gold, silver and copper mining sector.
A copy of the proposal obtained by Reuters calls for the takeover of most of the country's 3,000 concessions, but would exclude companies that have big investments in exploration. The document does not detail a capital amount.
"The main companies will not have any problems," a top government official close to mining policy decisions told Reuters, asking not to be named.
President Rafael Correa, a left-wing economist and ally of Venezuelan President Hugo Chavez, has vowed to boost the government's role in natural resource extraction to better distribute wealth in the poverty-stricken country.
Last week the government revoked 587 mining concessions held by companies that failed to pay annual fees, sparking fears among investors of greater state intervention in a sector that is largely still just exploring for precious metals.
Another official close to Correa said the decree would exclude companies like Aurelian Resources (ARU.TO: Quote, Profile, Research), Corriente Resources (ACX.TO: Quote, Profile, Research), Iamgold Corp. (IMG.TO: Quote, Profile, Research), Dynasty Metals (DMM.TO: Quote, Profile, Research), Coastport Capital and International Minerals Corp (IMZ.TO: Quote, Profile, Research).
The official said the decree's goal was "to force companies that have invested to come in and talk."
The proposal is being discussed by the assembly's natural resources committee, which would propose an order that would be voted on by the 130-member body. Two assembly members told Reuters the 13-member committee had only started to discuss the proposal and does expect to decide on it immediately.
The proposed decree says the spared companies would have to renegotiate their deals with the government in one year or else the state would cancel their deals. It says royalties paid to the government will be at least 3 percent.
The proposal would also give Correa the powers to set "mining areas of national interest," which will be only exploited by a planned state mining firm.
Mining Deputy Minister Jose Serrano has said that revoked concessions would be auctioned once a new bill to reform the current mining law is approved later this year.
The proposed decree also calls to cancel concessions in environmentally protected areas and those in the application process.
(Reporting by Alonso Soto; Editing by David Gregorio)
Deep_Digger
16 years ago
However you Compute it, Ascendant Copper is One Very Undervalued Company
By D. J. Hadfield
Jan, 23rd
Certainly, one of the most daunting challenges an investor faces is putting on the thinking cap and calculating the value of a mining or junior exploration company share. There are countless ways of valuing and comparing companies, and tens, if not hundreds of variables to consider when making your final investment decision.
How do we determine the value of a mining company? The first thing to keep in mind is that all production is prospective, although it comprises the company’s primary source of value.
In the case of Ascendant Copper (TSX:ACX), we have some near term revenue generating potential, and some longer-term prospects.
For example, the company is in negotiations to purchase St. Genevieve Resources (CNQ:SGVL), which is a junior with base metals holdings in Arizona and Nevada, including two near term, past producing properties, namely Zonia and Emerald Isle.
When Ascendant has completed the purchase of SGVL, the company estimates it could go to production at the larger of the two deposits, Zonia Mine, within two years and generate some substantial cash flow annually for some time to come from that property.
The 3,000 acre Zonia Mine property produced 33 million pounds of copper from 1966 to 1975. A NI 43-101 technical report dated October 2006 by Scott Wilson Roscoe Postle Associates estimated an inferred resource of 63 million tons averaging 0.37% total copper at a cut-off grade of 0.25% copper. The total resource was estimated at 460 million pounds of copper.
A note on mine valuation: Determining the price of copper for a non-producing exploration company is a relatively complex task. The actual price of copper – presently about $3.25/lb – must be discounted for future and ongoing exploration costs, fluctuations in the price of copper, risk and other extraction and capital costs, to name just a few. For the purposes of this essay, I will use an average discounted price used in a recent report by an investment bank. For this report, it compared the market capitalization of five non producing copper junior companies divided by the number of pounds of in the ground copper, all of whom can be considered peers to Ascendant. The resulting average value of a pound of copper in the ground is a highly discounted $0.03.
Of course, there are variables that can affect either side of this equation – resource property evaluation is certainly not a precise science. For example, the actual value of all of the metal suspected to be in the ground at one US property and one Ecuadorian property – Zonia and Chaucha, respectively – not calculating for extraction costs or risk, etc., is easy to figure out: approximately $8.0 billion. Just multiply known resource estimates by the present price of copper.
To do that kind of math would be like figuring out the price of a car by multiplying its weight by the price of iron ore – nonsensical, at best.
Thus, the near term Zonia Mine, with 460 million pounds of copper, multiplied by a valuation of $0.03/lb Cu would yield a value of about $14 million to Ascendant.
$14 million is a random sort of number, until we turn it into a per share valuation. Presently, ACX has almost 71 million shares outstanding. After a merger with SGVL, based on the terms of the deal outlined in press releases, I calculate about 100 million ACX shares out. Thus, on a per share basis, Zonia is worth $0.14 per share. Right now, ACX trades at $0.25 per share.
But didn’t I say that ACX is undervalued? You bet
But future production from Zonia is only a small fraction of what Ascendant has on its plate. Let’s go to South America.
Ascendant has two major projects in Ecuador, right now. If you know Ecuador, then you know there’s some uncertainly at the moment, as the Government reworks the existing mining laws.
Nevertheless, the language from the government and actions by other mining companies in the country suggest a return to business as usual. Dynasty Metals and Mining (TSX:DMM) recently bought out its NSR for $1 million on its near term Zaruma deposit in Ecuador.
Haywood Securities analyst Eric Zaunscherb recently noted the risks involved in operating in Ecuador, including the possibility that a 70% windfall tax could be imposed on mining companies operating in the country, but also added that, "The President and the Ministers of Energy and Mines have already stated that they would go for a contractual arrangement on a one-to-one bases.”
Additionally, the government’s new tax will only be levied on certain commodities, and only when prices cross a particular threshold. What the specifics are only time will tell.
Historical estimates on Ascendant’s Chaucha property are 2.2 billion pounds of copper in the ground. Again, using the average valuation of $0.03 per ground pound of copper, we can calculate the relative value that Chaucha adds to ACX’s share price. The exploration value of the Chaucha (2.2 billion pounds X $0.03) is $66 million for a per share value of $0.66
By adding the per share value of Chaucha to that of Zonia, we get a total per share valuation of $0.80 and a post-merger market capitalization of $80 million and that is based on only two of its properties.
Another way to value a property is by determining its net present value – the value today of production tomorrow after considering cost of production, both capital and operating versus revenue. If one assumes average capital costs for constructing an SXEW operation and all production break even cost of, say, $ 1.15 per pound, then at the price of even $2.00 per pound of copper a back of the envelope calculate would indicate a possible net present value for Zonia (at a 10% discount rate) of over $50 million. Divided by the shares outstanding, on a per share basis under this scenario, Zonia could be worth $0.50. It is too early to run a discounted cash flow for Chaucha, but adding in the $0.66 per share for Chaucha, $1.16 per share is the sum of a discounted cash flow model for Zonia and an exploration valuation for Chaucha. 12-24 months from now, a discount cash flow model on Chaucha may be feasible, significantly adding value to Ascendant’s stock price.
Presently Ascendant Copper has a market cap of approximately 14 million.
Go figure. If we agree on the $0.80 valuation, generating an $80 million market cap, this is over 470% difference from today’s market price. If the discounted cash flow model for Zonia and an exploration valuation for Chaucha are used generating a post merger valuation of $116 million in market capitalization or a $1.16 per share price then that’s as much as a 725%% difference from where the stock is trading today. And even if we just take a discounted cash flow valuation for Zonia at 50 million, and leave everything else aside for a moment; that is still over a 250% difference from where Ascendant is presently trading.
Of course, these calculations can be augmented or detracted from in any number of ways. In the former case, the company may find it can go to production at another property before or during production at either of Zonia or Chaucha. The other US property involved in the acquisition of SGVL called Emerald Isle, is a past producer and could, according to Ascendant, add another $22 million in cash flow over four years.
Moreover, the company has a much larger property in Ecuador that has been slowed by an anti-development group. Nevertheless, there’s another potential 19 billion lbs copper and 864 million lbs molybdenum to be moved into measured and indicated categories at Junin, too.
All told, if you’ve heard the rumour that Ascendant Copper is possibly the most undervalued junior exploration company trading on the TSX, then you’re certainly not alone.
calgarylady
16 years ago
Ascendant Copper to Acquire St. Genevieve Resources
VANCOUVER, BRITISH COLUMBIA and MONTREAL, QUEBEC--(Marketwire - Jan. 17, 2008) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Ascendant Copper Corporation ("Ascendant") (TSX:ACX)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) and St. Genevieve Resources Ltd. ("SGV") (CNQ:SGVL) today announced that they have entered into a binding arrangement agreement to complete the previously announced acquisition by Ascendant of all of the common shares of SGV in exchange for up to 30 million common shares of Ascendant. The acquisition was initially announced by Ascendant and SGV on October 31, 2007.
"With the completion of this transaction, Ascendant will have taken a material step toward accomplishing its goal of near-term production in the Americas" said Gary E. Davis, CEO and President of Ascendant. "The SGV portfolio includes several copper exploration properties and two near-term producing properties in the United States. Over the longer term, as one or more of the SGV assets are financed and put into production, we believe our shareholders will participate in a significant increase in the value of the combined company."
Bryan Wilson, CEO & President of SGV, said, "We are excited by the prospects of this merger between Ascendant and SGV. With Ascendant's strong management team in place, we feel near-term production at the Zonia Project and possibly Emerald Isle, is imminent. The SGV directors and officers strongly believe this arrangement is in the best interest of the SGV shareholders."
Highlights of the Combined Company:
- Geographic diversification in the United States and Ecuador in terms of identified copper resources and exploration properties;
- Stronger balance sheet to finance development of the asset portfolio, with approximately US$8.84 million in cash on a pro forma basis as at September 30, 2007;
- SGV shareholders will be offered a TSX listing for their shares and a more liquid market;
- All shareholders will (i) be offered an opportunity to benefit from cash resulting from bringing into production one or more of SGV's near-term copper producing properties and (ii) participate in the significant upside offered by ACX's existing large copper/molybdenum porphyry exploration properties located in South America;
- Strong management team having extensive international and U.S. mineral operations and exploration experience;
- The existing ACX shareholder base includes several large, well-established Canadian investment institutions providing potential access to ongoing financing.
Under the terms of the arrangement agreement, Ascendant has agreed to issue up to an aggregate of 30 million ACX common shares in exchange for all issued and outstanding shares of SGV. The exact number of ACX common shares to be issued to SGV shareholders will be reduced by an amount of 7.5 ACX common shares for each one dollar of amounts drawn down under certain credit facilities extended to SGV by ACX and payables outstanding on the date of closing.
The agreement received the unanimous approval of the boards of directors of both Ascendant and SGV. The board of directors of SGV, having received a fairness opinion from Evans & Evans, the financial advisor to SGV, is recommending that SGV shareholders and warrantholders vote in favour of the transaction. A copy of the arrangement agreement will be posted on SEDAR under the profiles of each of Ascendant and SGV.
The acquisition, which will proceed by way of a court-approved plan of arrangement, is subject to all requisite regulatory and court approvals and other conditions customary in transactions of this nature. The arrangement must be approved by at least two-thirds of the votes cast by the shareholders and warrantholders of SGV, voting together as a class, at a special meeting of shareholders and warrantholders to be held in Montreal on February 15, 2008. Approximately 50% of SGV shareholders have already pledged support for the merger and have signed lock-up agreements to this effect. The transaction expected to close prior to the end of February 2008. Additional terms of the transaction will be more fully described in the management proxy circular, which will be mailed shortly to all shareholders and warrantholders of SGV who are entitled to vote at the special meeting. Following closing of the transaction, SGV shares will cease trading on the CNQ and SGV will operate as a wholly-owned subsidiary of Ascendant.
The SGV portfolio includes several copper exploration properties and highlighted by two near-term producing properties in the United States:
Zonia (Prescott, Arizona)
The Zonia Mine property comprises approximately 3,000 acres and produced 33 million pounds of copper from 1966 to 1975 by heap leaching. A recent National Instrument 43-101, Standard of Disclosure for Mineral Projects ("NI 43-101") Technical Report dated October 16, 2006 by Scott Wilson Roscoe Postle Associates (RPA) provides an independent estimate of an inferred mineral resource of 63 million tons averaging 0.37% total copper (at a cut-off grade of 0.25% copper) containing an estimated 460 million pounds of copper. A third party engineering firm, Gustavson Associates, contracted by ACX, as part of the due diligence process, estimates that the Zonia property can be put back into production within 24 months producing approximately 20 million pounds of copper annually for 17 years. A feasibility study for this project was prepared in 1994 by a previous owner which included significant technical, environmental and permitting information. While much of this prior work is outdated, it serves as good baseline data as ACX management formulates a plan to advance this project as quickly as possible.
Emerald Isle (Kingman, Arizona)
RPA also prepared a NI 43-101 compliant technical report in March 2006 based on historical drilling and concluded that the property contains 2.3 million tons grading 0.625% copper (at a cutoff grade of 0.30% copper) with an indicated resource of 27.5 million pounds of copper. Behre Dolbear & Company (USA) Inc. recently completed a pre-feasibility study demonstrating the viability of this operation at current copper prices. ACX management believes that the Emerald Isle mine can be in production within 12 months, producing approximately 5 million pounds of copper annually for 4 years, and is currently reviewing this alternative.
About Ascendant Copper Corporation
Ascendant Copper Corporation is a mineral exploration and development company that is focused on becoming a mid-tier copper and molybdenum producer. Ascendant is responsibly advancing its copper-molybdenum projects in Ecuador toward a verifiable economic base metal discovery. Ascendant continues to investigate mineral properties of merit in the Americas.
About St. Genevieve Resources Ltd.
St. Genevieve Resources Ltd. is a base metal exploration and development company with its principal assets located in Arizona and Nevada, USA. SGV is listed on the CNQ Exchange under the symbol SGVL.
ACX Common Shares Outstanding: 70,790,574
SGV Common Shares Outstanding: 199,521,201
CONTACT INFORMATION:
Ascendant Copper
Rana S. Gill
Chief Financial Officer
1-866-907-6047
Fax: (720) 962-4648
or
Ascendant Copper
John Haigh
Manager of Investor Relations
1-866-907-6047
Fax: (720) 962-4648
Email: info@ascendantcopper.com
Website: www.ascendantcopper.com
calgarylady
16 years ago
Ascendant drills 58 m of 0.97 Cu nd 0.024% Mo
Ascendant Copper Corp (C:ACX)
Shares Issued 70,790,574
Last Close 12/5/2007 $0.19
Thursday December 06 2007 - News Release
Mr. Rana Gill reports
ASCENDANT COPPER INTERSECTS SIGNIFICANT COPPER AND MOLYBDENUM MINERALIZATION AT CHAUCHA PROJECT IN ECUADOR
Ascendant Copper Corp. has provided an update on its phase III, 16-hole, 5,000-metre drilling program at the company's wholly owned Chaucha project in west-central Ecuador. Assays from the first four holes have returned significant mineralized zones from near surface to depth including a 58-metre section of 0.97 per cent copper and 0.024 per cent molybdenum on hole NA-19, an 84-metre section of 0.80 per cent Cu 0.013 per cent Mo on hole NA-20, and a 112-metre section of 0.59 per cent Cu and 0.023 per cent Mo on hole NA-22.
"The goal of this program is to move the known mineralization into internationally recognized, modern inferred and indicated resource categories," said Gary Davis, president and chief executive officer. "We believe, based on historic drilling by previous owners and our own work in 2006 and 2007, that this program will demonstrate a significant resource in the Naranjos zone alone."
The program is designed to determine the extent of mineralization on the Naranjos zone and to achieve sufficient drill density to establish a National Instrument 43-101, Standards of Disclosure for Mineral Projects, compliant resource. Ascendant expects that a prefeasibility study, incorporating both the Naranjos and Gur Gur sectors of Chaucha, will commence following completion of the program.
Drill holes NA-19, 20, and 21 were all drilled from the same drill pad at the NE extension of the Naranjos sector. NA-19 was drilled vertically and encountered 168 metres of 0.52 per cent Cu and 0.023 per cent Mo. NA-20 was angled to the northwest into an area previously unexplored and encountered 184 metres of 0.56 per cent Cu and 0.014 per cent Mo. NA-21 was angled to the southeast to verify structural information and intersected 216 metres of 0.42 per cent Cu and 0.016 per cent Mo. NA-22 was drilled on a separate pad and returned preliminary results of 250 metres (0 to 250 metres) of 0.46 per cent Cu and 0.021 per cent Mo. All of the holes encountered zones which assayed over the laboratory limit of 1 per cent copper. A maximum value of 1 per cent copper was used for these samples potentially skewing results slightly lower.
Hole NA-22 was a twin of hole 83T drilled by the Japanese Overseas Mineral Resource Development Corp. (OMRD), and over similar intervals (18 to 202 metres) Hole NA-22 returned 0.50 per cent Cu versus 0.046 per cent Cu for OMRD's Hole 83T over a distance of 184 metres. This is in line with other twinned holes on the property which show similar increases in copper grades of approximately 10 per cent.
James Stonehouse, the company's resident manager and technical expert as well as a qualified person as defined by National Instrument 43-101, has reviewed the assay results reported in this release. Mr. Stonehouse confirms that quality controls and correct assay procedures were followed by the company and the geologic observations of the samples are correct. Assaying of the samples was conducted by Acme Labs, an ISO-certified laboratory in Vancouver, B.C., Canada.
ASCENDANT COPPER CORPORATION, CHAUCHA PROPERTY
FIGURE 1 NARANJOS DRILL RESULTS
PRELIMINARY RESULTS- NARANJOS ZONE, CHAUCHA
NA-19 From To Metres Cu Mo
m m m % %
38 290 252 0.47 0.024
Including 38 206 168 0.52 0.023
Including 70 128 58 0.97 0.024
NA-20 From To Metres Cu Mo
m m m % %
56 240 184 0.56 0.014
Including 56 140 84 0.80 0.013
NA-21 From To Metres Cu Mo
m m m % %
34 302(i) 268 0.39 0.016
Including 34 250 216 0.42 0.016
(i) Hole NA-21 ends in mineralization.
NA-22 From To Metres Cu Mo
m m m % %
0 250 250 0.46 0.021
Including 18 56 38 0.76 0.021
Including 18 130 112 0.59 0.023
Including 18 168 150 0.53 0.022
© 2007 Canjex Publishing Ltd.
au_digger
16 years ago
Ascendant Copper Gains US Edge in Undervalued Copper Market
By Katherine Young
Long focused on copper in Ecuador, Ascendant Copper (TSX: ACX), announced on October 21 that it had signed a letter of intent to acquire all outstanding common shares in St. Genevieve Resources (CNQ: SGVL), another copper company with properties in Arizona.
The main attraction at St. Genevieve is its two near-term copper properties, the Zonia and Emerald Isle. Sixty percent of US copper production comes from Arizona; the US is the world’s second largest producer of the key metal.
What will most excite Ascendant’s shareholders about this transaction is the predicted lead time to bring the Emerald Isle property back into production – within 12 months of its initial acquisition, or by late 2008.
If you’ve been watching the newswires, then you’ll know that the direction of the price of copper has been forecast again and again to climb. Some say that by the time Ascendant is producing at Emerald Isle, the price of copper will have reached US $4.08/pound.
At Mining Journal’s 20:20 Copper Day in London, Bloomsbury Metals Exchange expert Chris Welch outlined a prediction that the price of copper would hit $9,000/tonne or $4.08/pound by 2009. Welch’s prediction is founded on the opinion that production estimates are too high because they haven’t accounted for closures and halted projects.
A second presenter at the event, Justin Longley of International Copper Resources, agreed and added that supply “figures also do not take into account the amount of copper or concentrate which is, at any given time, tied up in working stocks, in transit, and being processed.”
Building the case for a new copper high of US $9,000/tonne in 2009, Longley also sounded on demand estimates. StockHouse.com commentator Lawrence Williams explained the dynamic like this: Copper demand is growing rapidly in developing countries like South Korea and Taiwan that are building copper-intensive infrastructures. Williams writes, “In the real growth economies like China and India, this growth pattern has hardly started yet, and should this rise to Korean or Taiwanese levels, then the effect on the supply/demand pattern could be enormous with price development which could make $9,000 copper itself a huge underestimate!”
The primary St. Genevieve asset, the Zonia property, is a past producing mine. Between 1966 and 1975, Zonia produced 33 million pounds of copper. A NI 43-101 report on the property completed in October 2006 estimates an inferred resource of 460 million pounds of copper from 63 million tonnes of ore grading 0.37% copper on average. This estimate did not include certain information from those drill holes where the assay data was not deemed to be 43-101 compliant due to possible difficulties with quality assurance and control.
Numerous pulps from these earlier assays have been found and should allow confirmation of assays for inclusion of this data in an updated 43-101 without the need for significant re-drilling. The company anticipates that these re-assays will both shorten the time and lower the expense of upgrading the classification of the Zonia copper resource. Analysis of these pulps is ongoing.
A project review performed by Gustavson Associates of Boulder, Colorado in August of 2007 indicated that the project would be both economic and expandable. According to Gustavson, the apparent potential to expand upon these inferred resources at depth and along strike and within presently viable stripping limits represents an additional 40 to 50% over the presently defined resource. Gustavson analyzed the permitting, land rights, water availability, infrastructure, drill logs, cores, previous technical reports and resource estimates among other items, and indicated that the Zonia mine and property is economic.
Based on the results from previous metallurgical studies, the resource is responsive to recovery of copper via heap leaching. The Gustavson study supported the conclusion of an existing feasibility study which, although not fully compliant with today's 43-101 requirements, suggests starting with a SX/EW plant to produce 60,000 pounds of copper a day, over a life of 17 years, with the possibility of increasing either future plant capacity or overall project life.
Gustavson is also confident that final permits, plant construction and mine preparations for production will be achieved in less time than the current projection of 3 years. Therefore, sometime in 2010 Ascendant Copper could be on its way to producing 20 million pounds plus per year of cathode grade copper.
The advanced-stage Emerald Isle property also hosts a past producing mine, at which Ascendant expects to produce 5 million pounds of copper annually. A March 2006 NI 43-101 technical report verifies an indicated resource of 27.5 million pounds of copper from 2.2 million tonnes at an average grade of 0.62% copper. The study also outlined a final estimate of 22 million pounds of copper to be produced over four years and an estimated total net income over the life of the mine of US $22.7 million. One of the real benefits of this acquisition is that Emerald Isle will begin generating cash flow for Ascendant Copper toward the end of 2008.
The takeover agreement between Ascendant and St. Genevieve stipulates that Ascendant will pay St. Genevieve up to 30 million ACX shares for all of the outstanding shares of SGVL. Additionally, Ascendant will extend credit to St. Genevieve and said Ascendant, “intends to extend two secured credit facilities of a combined aggregate amount of up to C$400,000 to SGV in order to provide SGV with the funds required to consummate the Transaction.” These funds will be deducted against the shares issued to SGV and are secured with an option that allows Ascendant to acquire St. Genevieve’s Emerald Isle property for US $1,250,000 cash should the acquisition not be finalized.
Ascendant is adding the Arizona assets to a pair of properties located in Ecuador. Leading the Ecuadorian portfolio is the 3,000 hectare, flagship Chaucha copper-molybdenum property in southern Ecuador. Ascendant is nearing completion of exploration drilling on Chaucha and hopes to move to pre-feasibility in early 2008. There is a non-43-101 compliant, historical resource estimate on the property of a huge 2.2 billion pounds of copper and 122 million pounds of molybdenum from 216 million tonnes of ore. An NI 43-101 complaint resource calculation should be released in early 2008 increasing the historical estimates.
Also, Ascendant’s second Ecuadorian property, the 23,475 acre Junin property, has an NI 43-101 compliant inferred resource estimate of 982 million tonnes of ore for 9.2 billion pounds of copper and 864 million pounds of molybdenum at an average grade of 0.4% copper, for another enormous resource in Ecuador.
Unique to Ascendant’s position in Ecuador is an affiliation with Rio Tinto and its expertise in Ecuador. In October of 2006, Ascendant Copper purchased from Rio Tinto exclusive use, for five years, of a document that could potentially unlock mineral exploration in Ecuador. Before 1997, when Rio Tinto withdrew from Ecuador, the company had completed extensive and detailed exploration of the South American country. Qualified person John King described the geological work detailed in the package as, “analyses of nearly 16,000 stream sediment samples, over 5,000 rock chip samples, numerous detailed topographic and geologic maps, hundreds of both internal and external reports, miles of site-specific geophysics (IP), and assays and logs of over 10,000 meters of drilling on very site-specific properties.”
As Ascendant President Gary Davis stated, “no other company, large or small, has committed anywhere near the time and effort to exploration in Ecuador as has Rio Tinto.”
So with the advantage of Rio Tinto’s data and two properties with potentially enormous copper and copper-molybdenum resources in Ecuador, Ascendant’s new acquisition of St. Genevieve could prove up the cash flow necessary for its South American projects – and substantial shareholder growth. Regardless of what transpires, it’s clear that Ascendant is on the rise.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
au_digger
16 years ago
Ascendant Copper Acquires St. Genevieve in its Bid for Diversification and Near-term Production in the Americas
By Christina de Wit
November 15, 2007
John Whittier Greenleaf, the American Quaker poet and abolitionist, was noted for saying, “I’ll lift you and you lift me, and we’ll both ascend together.” It looks as if Ascendant Copper (TSX:ACX) has taken some of his sage relationship advice as it ushers in a new phase of its ascendancy with its friendly takeover of St. Geneviève Resources (CNQ:SGVL) of Montréal. The Boards of Directors of both ACX and SGVL have unanimously approved a letter of intent in which ACX acquires all of the outstanding shares of SGVL in exchange for up to 30,000,000 ACX common shares, as per its October 31st press release. Completion of the transaction is subject to final due diligence by ACX and SGVL.
This latest news represents a new chapter for Ascendant as it diversifies its asset base and gathers momentum in its push to achieve mid-tier production status. Of particular interest are SGVL’s two past-producing copper properties in Arizona.
Emerald Isle is a formerly producing open-pit copper mine located 24 km northwest of Kingman. Infrastructure in the area is excellent on all counts, with water coming from nearby wells. Mine infrastructure also includes a SX/EW (solvent-leach/electrowinning*) plant, some buildings and equipment.
Emerald Isle contains a 43-101-compliant** recoverable mineral resource of 27.5 million lbs Cu. The property has a history of work dating back to 1917, with open-pit production starting in 1943. A final pre-feasibility study conducted by Behre Dolbear reports an expected mine life of 4 years, which is a conservative estimate. The company plans to put the property into production within 12 months in order to produce about 5 million lbs of copper annually. The company estimates costs of around $4 to 5 million in order to put the property back into production.
It is particularly important to note the economic advantage that a SX/EW processing scenario lends to this project. It requires a low capital investment requirement relative to the smelting process, and can be viable even on a small scale. The process has very little environmental impact, as its liquid streams are easily contained, and acids used in the process are eventually neutralized by the host rock itself. Most importantly, SX/EW also allows for the processing of copper oxides, which are very difficult and expensive to smelt. These include mined copper minerals that are in oxidized form, such as azurite, brochantite, chrysocolla and cuprite, as well as residual copper in old mine waste dumps that has been oxidized through exposure to air.
The Zonia property, located south of Prescott, consists of 3,300 acres that produced 33 million lbs Cu from 1966 to 1975 by heap leaching. In 2006, Scott Wilson Roscoe Postle Associates (RPA) prepared a NI 43-101 technical report on the property. It outlined an inferred resource of 63 million tons copper averaging 0.37% Cu at a cutoff grade of 0.25% containing an estimated 460 million lbs Cu.
Zonia is also considered a near-term producer. Ascendant plans to update the feasibility study and expand resources through additional drilling while preparing the site for production over the next 24 to 30 months.
The acquisition of SGVL enables Ascendant to build upon its comprehensive copper-moly portfolio. The company is also able to build on a great deal of copper exploration experience, gleaned while working in Ecuador, where it owns two properties: the Chaucha copper-molybdenum in the southwest, and the Junin copper-molybdenum porphyry project in the northwest.
Chaucha has an historic geological resource estimate of 216 million tons, with 2.2 billion lbs Cu and 122 million lbs Mo. Phase III of the drilling program – which involved testing for higher grade, +1% Cu – has recently been completed. Assay results are expected shortly. At the same time, according to the company’s website, Junin has a 43-101 compliant inferred resource estimate of 982 million tonnes, with 19.2 billion lbs copper and 864 lbs molybdenum.
This latest move serves as a bridge to create increased value and cash flow for Ascendant’s shareholders in the near and mid-term future. It also serves to support the advancement of Chaucha and Junin. Recently, Ecuador's President has come out in support of responsible mining, and the Ministry of Mines and Petroleum is laboring to determine how to best advance mineral projects within Ecuador. These new political developments should bode well for the people of Ecuador, for the mining community in general, and for Ascendant in particular.
In the meanwhile, the company will continue to build on its ongoing strategic exploration alliance in Ecuador with Rio Tinto, which gives it access to Rio Tinto’s US$14 million database.
In terms of investor awareness, the agreement with SGVL signals a key entry point for Ascendant’s potential investors in the sense that all the building blocks are now in place to ensure a balanced approach in terms of growth – and profit – at all stages of its development.
*Solvent extraction/electrowinning (SX/EW) is a two-stage process that first extracts and upgrades copper ions from low-grade leach solutions into a concentrated electrolyte, and then deposits pure copper onto cathodes using an electrolytic procedure.
**National Instrument 43-101 (NI 43-101) is a rule developed by the Canadian Securities Administrators (CSA) and administered by the provincial securities commissions that govern how issuers disclose scientific and technical information about their mineral projects to the public. It covers oral statements as well as written documents and websites. It requires that all disclosure be based on advice by a "qualified person" and in some circumstances that the person be independent of the issuer and the property.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
pplatte9
17 years ago
Ascendant Copper Holding Steady on Ecuadorian Nest Egg: Part 2
By Andrew K. Burger
http://www.resourcexinvestor.com/news.php?id=2751
Mining companies with stakes in Ecuador have been urgently meeting with government officials in an effort to demonstrate their good corporate citizenship, environmental and social responsibility to preserve their interests in the face of a new constitution and mining legislation to be drafted by 136 newly elected members of a National Constituent Assembly. What transpires will shape the face of mining, foreign investment and development in Ecuador, and very possibly elsewhere in South America, for years to come.
Ascendant Copper (TSX:ACX) is one junior miner intimately involved in the process. The company has been working to explore and develop Junin, a world-class copper porphyry deposit, as well as Chaucha, a second similar deposit the Andes’ western flank in northern Ecuador.
Ascendant is sitting on Junin, a world-class copper-molybdenum-silver-gold porphyry prospect, as well as two others, the Chaucha and Telimbela prospects. “We are sitting on the second if not the largest copper/molybdenum property in the world,” commented John Haigh, Ascendant’s Investor Relations manager. “Our Junín property consists of 23,475 acres of property containing billions of pounds of economic resource; in fact we are looking at a potential in excess of a billion pounds of molybdenum and in excess of 20 billion pounds of copper.”
While management remains optimistic in the longer-term, recent elections and upcoming debates and controversy associated with drafting a new constitution, as well as new mining laws and regulations, is prompting management to shift their focus elsewhere in the shorter term.
Mining & the Environment
Mining is inherently damaging to the environment yet practically every society in the world today could not function or support itself, nor would they have grown or developed to the extent they have were it not for a steady supply of key metals and minerals. Copper is one.
In keeping with the times and technology, Ascendant has made substantial efforts to demonstrate good corporate citizenship. These are encapsulated in the U.N. Global Compact, a program and internationally recognized set of standards regarding human and labor rights, environmental sustainability and anti-corruption to which Ascendant ascribes and has been formally accepted.
More specifically with regard to Junin and its other prospects in Ecuador, Ascendant has during the past two years established social and environmental programs within nearby Junin communities.
These include providing much needed medical and dental facilities and personnel, working to improve the educational system-- including teacher training and scholarships-- providing training on farming techniques, vaccinating cattle, supporting soccer camps, providing trash collection and disposal, maintaining and building roads, and developing nurseries with more than 40,000 plants to support reforestation of areas deforested by slash-and-burn agricultural methods, according to company information.
Moreover, it should be noted that all the above is in addition to potentially substantial government revenues and foreign exchange earnings the Ecuadorian government stands to garner should Ascendant’s development plans move forward.
An Easy Target for Protestors
The area around the Junin property has been a hotbed of legal and illegal protest. Ascendant’s demonstration farm in the Intag area was illegally seized and the company has been unable to conduct independent drilling to confirm and expand on historical exploration and assay results.
That looked set to change after March 20 when the company concluded agreements with the government and Decoin aimed at restoring law and order to the region, reducing tensions and respecting the rights of all parties.
One of the conditions was the return of the Intag demonstration farm, which had been seized the previous week. Based on Decoin’s demands, Ascendant also reluctantly agreed to reduce its work force substantially, from 159 to 48 people—most of whom were involved in community development efforts—as well as its current activities, which include the provision of medical and dental services in the area.
Ironically and somewhat quizzically, the ecological group was able to push through the shutdown of social services, claiming that such activities influenced the local community to look favorably on the Junin project and Ascendant.
The Ecuadorian government as part of the March agreement stated that it would organize a commission of community leaders, government officials and representatives for Ascendant to ensure the compliance of all parties.
A group of government officials visiting the Junin property and area in early August found that Ascendant was operating a medical center and a school bus for Intag's children. They asked the company to stop these social programs and Ascendant was compelled to agree based on the three-party agreement signed earlier in the year.
“We did it regardless of the fact the country has no legal authority to control our social programs. The opposition was annoyed because our projects increase the community’s support for mining,” Francisco Veintimilla, the company’s Ecuador general manager, stated in a media release.
The Government, Ascendant and Mining Going Forward
Mining experts from Canada, Chile, Peru and Spain were among some 350-plus participants on hand in Quito Sept. 18 when Ecuador’s recently appointed Minister of Mines and Petroleum, Galo Chiriboga, led a forum that brought together government, mining and community representatives to present and debate the central issues regarding the future of mining in the country.
Chiriboga stated his support for environmentally and socially responsible large-scale mining in a recent interview. He also announced that the Ministry of Mines and Petroleum would be restructured so that it could devise and enact improved national mining policies in both the short and long-term that would involve drawing input from all stakeholders.
Representatives from Cornerstone Capital Resources, another Canadian junior mining company with projects in Ecuador, were “favorably impressed and encouraged by this and other very positive signals,” the company’s manager of corporate communications, Roseanne Williams, wrote in a recent update.
All parties stand to gain if the Correa government can successfully negotiate a mutually acceptable agreement regarding Ascendant’s Junin property. Doing so might also be a significant step forward for the Ministry of Mines and Petroleum’s efforts to forge an equitable and practical set of mining policies and regulations going forward. If and when this scenario pans out, expect Ascendant’s shares to make a strong surge to the upside.
Ascendant’s management “estimates that a lasting, mutually agreeable arrangement with the Ecuadorian government can be reached in 30 months,” Investor Relations manager John Haigh told Resourcex. “We believe that it will be at least one more year before the Ecuadorian mining law will be rewritten and will include a royalty to the government of at least 3%, that they currently don't have. That's fine with us.”
In the interim, Ascendant has launched efforts to acquire three near-term copper producing properties in the western US. Negotiations are well under way for two of the three, with an announcement expected on the third in about three months, according to Haigh.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
calgarylady
17 years ago
Ascendant Copper Holding Steady on Ecuadorian Nest Egg: Part 1
By Andrew K. Burger
Oct, 10th
http://www.resourcexinvestor.com/news.php?id=2554
The situation at Ascendant Copper (TSX:ACX) in Ecuador might serve as a
snapshot of the enormous risks and rewards facing management at mining
companies-and their investors-worldwide, but particularly in Ecuador and
South America, where the volatile political landscape has shifted towards
socialist-populist democratic inspired government action in recent years.
On the upside, Ascendant is sitting on Junin, a world-class
copper-molybdenum-silver-gold porphyry prospect, as well as two others, the
Chaucha and Telimbela prospects. "We are sitting on the second if not the
largest copper/molybdenum property in the world," commented John Haigh,
Ascendant's Investor Relations manager. "Our Junín property consists of
23,475 acres of property containing billions of pounds of metal resource; in
fact we are looking at a potential in excess of a billion pounds of
molybdenum and in excess of 20 billion pounds of copper."
On the downside, the Correa government on September 25 announced the formal
suspension of Ascendant's mining and community development activities in the
Junin area in an effort to defuse tensions, an announcement Ascendant said
was only a repetition of a previously announced order.
These tensions boiled over in December of last year on Ascendant's
agricultural property. Anti-mining activists confronted a third party
contracted agricultural firm's Intag workers and security guards resulting
in almost 60 people being held captive by activists, and locked in the local
community church for several days until order was restored by Ecuadorian
police.
Ascendant in Ecuador
"ACX has magnificent assets in a country that has not had an operating metal
mine for about 50 years. There are a few artisanal gold miners causing havoc
with the environment with mercury that have the approval of the Government
and that is the extent of metal mining in Ecuador," Haigh told Resourcex.
Ascendant's two main stakes in Ecuador are the Junin and Chaucha prospects,
two NI 43-101 compliant copper-molybdenum properties. The Junin prospect has
an inferred, NI 43-101 compliant resource estimate of 982 million tonnes. A
drilling program is under way at the Chaucha property on the western flank
of the Andes, the results of which are expected to up its combined resource
estimate, according to Haigh.
Though preliminary indications of ore grade at the copper porphyry deposit
at Chaucha are not as high as those at Junin, they are still high
enough-above 0.4% copper excluding molybdenum, gold and silver credits-to
warrant further exploration and development, particularly given the fact
that the Pacific port of Belo lies just 40 kilometers away, he pointed out.
"The Junin deposit is supported by 10,000 meters of historical drilling and
the Chaucha deposit is supported by 13,800 meters of historical drilling
with about 10,000 meters of recent drilling by the company. We will have the
current drilling sanctified by a NI43-101 report, and it looks like the
resource package should increase to about 300 million tons," Haigh
elaborated.
"The Chaucha project would support a 30,000 to 40,000 tonne-per-day
operation that would produce about 100 million pounds of copper per year at
a cost of $1.40 per pound. At $3 copper, it could generate cash flow of
about $160 million a year for 20 years."
Given the company's 70.8 million shares outstanding and excluding deductions
for non-operating and non-cash flow expenses, liabilities and other
deductions, this would translate into annual earnings per share of $2.26.
Taking into account options and warrants, this would result in a rough
annual EPS of $1.69 on a fully diluted basis.
Ascendant's management believe that world copper prices will remain high for
the rest of this year and into next. "We think that reduced residential
copper use in the States will be offset by increased copper use in hybrid
gasoline-electric cars, which is double that of conventional cars and that
China will continue to use all the copper they can get their hands on. We
think that an average price of $3.18 per pound is achievable in 2008," Haigh
commented.
The Vagaries of a Shifting Political Landscape
Just how damaging the potential threat of socialist inspired, populist
government intervention in mining projects is for mining companies and their
investors is evident in the activity of Ascendant's shares over recent
months.
The company's share price has been in steady decline since its November IPO,
It has been trading downwards since July, when it was around C$0.40, only
recently making slight gains to the C$0.20 per share level. Problems with
environmental activists and with Ecuadorian politics have been the main
causes.
"The problems that we have had and are having at Junin are the result of a
massive campaign of 'no mining in Ecuador' conducted by a local NGO. This
particular NGO has been operating since the mid-1990s and were violent
objectors to Mitsubishi when they were drilling there from 1993 to 1997 on
the same deposit."
Despite all the promise Junin and Chaucha hold, and not just for Ascendant,
further development at Junin will have to wait until the dust settles and
Ecuador's government establishes its new constitution and set of mining laws
and regulations. In the meantime, larger mining companies such as Aurelian
and Dynasty are moving forward on mine development in Ecuador; and work on
Ascendant's Chaucha and Telimbela projects continues. Furthermore, Ascendant
is still moving forward with their Rio Tinto strategic partnership to
develop additional properties.
In the meantime, Ascendant is shifting direction. Management began deploying
a new business strategy about four months ago, the main thrust of which is
an aggressive program to acquire near-term copper producing assets in North
America, Haigh explained.
Ascendant is currently negotiating to acquire three copper assets in the
western US. Announcements are expected in two to three months. "This should
provide at least one cash flowing operation in 24 months and two in 36
months. The cash will be used to advance and protect the Ecuadorian assets,"
Haigh commented
calgarylady
17 years ago
Clarification out from the company.
Ascendant Copper affirms government support for its Junin copper/molybdenum project in Ecuador
DENVER, Sep. 25, 2007 (Canada NewsWire via COMTEX News Network) --
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 these agreements.
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."
calgarylady
17 years ago
Ascendant drills 314 m of 0.34% Cu, 0.02% Mo at Chaucha
2007-09-12 09:08 ET - News Release
Mr. Gary Davis reports
ASCENDANT COPPER ANNOUNCES NEW DRILL CAMPAIGN TO DEFINE RESOURCE AT CHAUCHA COPPER/MOLY PROJECT
Minera Dos Rios SA, a wholly owned subsidiary of Ascendant Copper Corp., has received the final analysis from its phase II drilling program on its Chaucha property located in Ecuador. The results from this phase of drilling were initially received in early August. However, because certain sections of drill core contained copper concentrations of greater than 1 per cent, the samples were reassayed in mid-August. The reassay results subsequently confirmed the existence of plus-1-per-cent copper grades.
Based on these results and prior work, Ascendant has now commenced a phase III 5,000- to 6,000-metre program of additional drilling in the Naranjos sector of the Chaucha project. "The goal of our new drill program at Chaucha is to move the known mineralization into internationally recognized modern inferred and indicated resource categories," said Gary Davis, president and chief executive officer of the company. "We believe, based on historic drilling by previous owners and some of our own recent work, that this program will demonstrate a significant resource in the Naranjos zone alone." Pending the results of the planned phase III infill drilling program in the Naranjos sector, the company expects that a prefeasibility study, incorporating both the Naranjos and Gur Gur sectors of Chaucha, should commence before the end of this year.
The Naranjos mineralized zone was previously tested by a Japanese consortium and Billiton Exploration and identified an inferred copper-molybdenum resource as estimated by Billiton in 1998. Although Ascendant believes that Billiton's historical resource estimate is reliable, it was prepared prior to the creation of the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines and is not compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Billiton drilled five holes totalling 931 metres with one of the drill holes, Ch-03, intercepting 105 metres that graded 0.63 per cent copper and 0.02 per cent molybdenum. Ascendant's recently completed drilling has extended the mineralized zone to the Northwest in holes NA-11, NA-12, NA-17 and NA-18. The longest intercept in this area was in hole NA-12 where Ascendant identified 314 metres of 0.34 per cent copper and 0.026 per cent molybdenum, with a 16-metre interval of 0.082 per cent molybdenum.
Hole NA-13 was drilled as a twin to earlier Japanese drilling in the centre of the Naranjos zone and gave excellent duplication of copper results. NA-13 yielded 138 metres, between 74 and 212 metres, of 0.69 per cent copper and 0.015 per cent molybdenum, as well as cut an eight-metre section of 1.3 per cent copper, and a second 32-metre section of 1.13 per cent copper. Holes NA-14 and 15 were drilled to test conceptual ideas proposed by Ascendant's former joint venture partner at Chaucha and encountered no significant values.
The Chaucha property is less than 45 kilometres from the port of Balao. This represents a unique development opportunity compared with many other mineral deposits in Ecuador that face transportation challenges for supplies and concentrates.
The Chaucha property is known to have seven anomalous mineralized zones within the Janeth 1 concession area. One additional mineralized zone, previously drilled by Ascendant this year, is Gur Gur. Located approximately one kilometre from the Naranjos zone, positive results were previously reported and will most likely be included in the development plan for the property.
Significant intersections of copper mineralization from the phase II drilling program are shown. Due to the massive nature of the mineralization, reported widths are assumed to be true widths.
CHAUCHA PROJECT -- NARANJOS ZONE
INTERVALS OF NOTE
From (m) To (m) Interval (m) Cu% Mo%
NA-11 12 60 48 0.38 0.017
including 12 30 18 0.52
and 34 38 4 0.55
Molybdenum of
note 16 40 24 0.030
NA-12 30 344 314 0.34 0.026
including 32 102 70 0.40
including 32 52 20 0.46
and 228 274 46 0.47
Molybdenum of
note 92 110 18 0.028
118 134 16 0.082
166 182 16 0.058
NA-13 74 212 138 0.69 0.015
including 76 84 8 1.30
and 84 92 8 0.90
and 92 124 32 1.13
Molybdenum of
note 0 212 212 0.017
NA-16 30 176 146 0.20 0.008
Molybdenum of
note 90 108 18 0.022
NA-17 34 208 174 0.22 0.012
including 50 66 16 0.37
NA-18 30 192 162 0.25 0.02
including 30 36 6 0.40
and 98 110 12 0.45
Molybdenum of
note 30 104 74 0.031
including 30 38 8 0.061
and 44 50 6 0.04
and 98 104 6 0.052
CHAUCHA PROJECT -- GUR GUR ZONE
PREVIOUSLY REPORTED INTERVALS OF NOTE
From (m) To (m) Interval (m) Cu% Mo%
GG-01 8 168 160 0.24 0.007
includes 12 40 28 0.47 0.010
includes 74 104 30 0.27 0.005
includes 132 144 12 0.35 0.003
GG-02 40 110 70 0.39 0.008
includes 126 136 10 0.33 0.030
includes 40 76 36 0.54 0.010
GG-03 16 188 172 0.4 0.005
includes 16 70 36 0.54 0.010
includes 16 34 18 0.63 less than 0.001
and 152 188 172 0.54 less than 0.001
GG-04 22 172 150 0.28 0.003
includes 22 126 104 0.39 less than 0.001
includes 46 88 42 0.57 less than 0.001
GG-05 16 156 140 0.35 0.005
includes 16 122 106 0.39 0.003
includes 16 76 60 0.52 0.003
includes 152 156 4 0.45 less than 0.001
John R. King, the company's resident exploration and geological expert as well as a qualified person as defined by NI 43-101, has reviewed the above statements and assay results. Mr. King confirms that quality controls and correct assay procedures were followed by the company, and these geologic observations of the samples are correct.
calgarylady
17 years ago
August 30, 2007
Ascendant Copper Announces Appointment of Leroy Wilkes to Board
DENVER, COLORADO--(Marketwire - Aug. 30, 2007) - Ascendant Copper Corporation ("Ascendant") or ("the Company") (TSX:ACX)(TSX:ACX.WT)(TSX:ACX.WT.A)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) is pleased to announce today that LeRoy E. Wilkes has joined the Board of Directors.
Mr. Wilkes is a Mining and Professional Engineer with over 37 years of surface and underground mining and processing experience in such commodities as copper, molybdenum, lead, silver, zinc and limestone. Mr. Wilkes has held executive positions with ARCo/Anaconda Minerals, where he rose to the position of Vice President of Business Development. He subsequently served as Vice President for BHP's Ridgeway Mining Company and as Executive Vice President and Chief Operating Officer of Santa Fe Pacific Gold Corporation.
In 1988, Mr. Wilkes became Executive Vice President of Washington Corporations, where he was responsible for, among other mining activities, mergers and acquisitions as the company expanded to become one of the largest construction companies in the United States. In 1997, Mr. Wilkes became Executive Vice President of the mining unit for Washington Group International (NYSE:WGII). In 2003, he was appointed as President of the Business Mining Unit of Washington Group, responsible for the operating and financial performance of the Unit's international operations in the metals, coal and industrial minerals markets.
Mr. Wilkes also currently serves on the boards of Quaterra Resources Inc. (TSX VENTURE:QTA) and Sabina Silver Corporation (TSX VENTURE:SBB).
"The Company is pleased to have Roy as part of the Ascendant team," said Gary E. Davis, CEO and President of the Company. "Roy's significant experience in operations and acquisitions will be invaluable as the Company moves forward with its objective of commencing copper operations in the Americas."
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.
CONTACT INFORMATION:
Ascendant Copper Corporation
John Haigh
Manager of Investor Relations
1-866-907-6047 or (303) 824-0271
Fax: (720) 962-4648
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
INDUSTRY: Manufacturing and Production - Mining and Metals
calgarylady
17 years ago
Ascendant Copper Names Veteran Executive Robert Pevenstein as Chairman
DENVER, COLORADO, Aug 13, 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 today that the Board of Directors has appointed Robert Pevenstein as Chairman of the Board of Directors. Bill Jurika recently resigned as Chairman to devote more time to his family and other business pursuits, but has agreed to remain on the Board. The Board would like to thank Bill for his years of stewardship as Chairman, especially through its IPO and secondary financings. Bill's many years of investment management experience and his business acumen have been and continue to be invaluable to the Company.
Robert Pevenstein, MBA, CPA, in 1997 founded Princeville Partners, LLC, a merger, acquisition and business consulting firm located in Hunt Valley, Maryland, serving continuously as its President. He has over twenty years experience as a senior corporate financial executive including ten years as Senior Vice President and Chief Financial Officer of United Nuclear Corporation. In 2003 he was appointed by Maryland's Governor to serve a five-year term as a member of the independent University of Maryland medical system. He has served as a director of QuadraMed Corporation (AMEX: QD) since September 2003, becoming Chairman in January 2006. Most recently he was appointed to the Board of Regents at the University of Maryland. Bob has been a director of Ascendant since December 2004, serving as the Chairman of the Audit Committee, and utilizing his background to assist the Company in fulfilling its corporate governance responsibilities and providing advice to Management.
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.
Contacts: 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
SOURCE: Ascendant Copper Corporation
mailto:jhaigh@ascendantcopper.com http://www.ascendantcopper.com
Copyright 2007 Market Wire, All rights reserved.
calgarylady
17 years ago
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
calgarylady
17 years ago
Ascendant Copper partner drops out at Chaucha
2007-07-16 06:37 MT - News Release
Mr. Gary Davis reports
ANTOFAGASTA PLC ELECTS TO WITHDRAW FROM ASCENDANT COPPER'S CHAUCHA COPPER PROJECT, ECUADOR
Antofagasta PLC has withdrawn from Ascendant Copper Corp.'s Chaucha copper-molybdenum porphyry property in southern Ecuador. Pursuant to the terms of the agreement, the company is to refund $1,126,531 to Antofagasta.
Gary E. Davis, president, said: "Our objective remains to develop as quickly as possible an operation on this property with or without a partner. Antofagasta's decision to not proceed will in no way effect our continuing exploration effort to move the known mineralization into a resource classification in the near term."
Over the last several months the company has completed an approximate 6,000-metre drill program on two of the five known anomalies at the Chaucha property. Although the company is awaiting assays from several of the final holes; however, preliminary review of data from both the Gur Gur and Naranjos anomalies suggests that there will be a significant increase in the historical resource previously reported in a National Instrument 43-101, standards of disclosure for mineral projects qualifying report (216 million tonnes with 2.2 billion pounds of copper averaging at 0.46 per cent copper and 0.03 per cent molybdenum using a 0.2-per-cent copper cut-off). According to John R. King, the company's resident exploration and geological expert as well as a qualified person as defined by NI 43-101: "The recent drilling program included exploration, step-out and internal confirmation drilling. To date the results show that the known porphyry copper system at Chaucha has been greatly expanded both at depth and horizontally. At Naranjos, more than 0.2 per cent copper porphyry mineralization is now known to exist over an area two to four times larger than previously identified. To the southeast of the historical Naranjos resource, several exploration drill holes discovered a new chalcocite (supergene) enrichment zone approximately 40 metres in thickness. Both the Gur Gur and Naranjos resources remain open in several directions."
Chaucha exploration will move forward with a diamond core drilling program planned to commence within the next three months with the objective of bringing the identified historical resource into compliance with NI 43-101 standards for inferred and indicated resources. This program will begin as soon as all assay data are in hand, have been analyzed in detail and a new in-house resource estimate produced. Ascendant believes that Chaucha's unique location within 45 kilometres of a coastal port makes for an excellent development opportunity, especially considering the significant molybdenum credits associated with the entire mineralized package.
calgarylady
17 years ago
Ascendant Copper to list 49,999,999 shares June 22
2007-06-20 17:37 MT - Prospectus Approved
TSX bulletin 2007-0860
An additional 49,999,999 common shares will be listed at the open on Friday, June 22, 2007. The listing covers common shares forming part of the 33,333,333 units to be sold to the public at a price of 45 cents per unit pursuant to the terms of a short form prospectus dated June 14, 2007. Each unit consists of one common share and one-half of one common share purchase warrant, each whole warrant entitling the holder to acquire one common share at an exercise price of 65 cents per share at any time up to 4 p.m. (Vancouver time) on the date that is two years following the closing date of the offering. The units will separate immediately upon closing of the public offering which is expected to occur prior to the open on Friday, June 22, 2007.
Please see elsewhere in today's Toronto Stock Exchange bulletins for information regarding the listing of the warrants.
and the warrant pr
Ascendant Copper to list 16,666,666 warrants on June 22
2007-06-20 17:42 MT - Warrants Called to Trade
TSX bulletin 2007-0861
A total of 16,666,666 common share purchase warrants of Ascendant Copper Corp. will be listed and posted for trading at the open on Friday, June 22, 2007, under the following trading information.
Warrant symbol: ACX.WT.A
Warrant Cusip No.: 043503 12 7
Warrant trading currency: Canadian dollars
Designated market-maker: Orion Securities Inc.
Other markets: None
The warrants are being issued in connection with a prospectus offering of units by the company, each unit consisting of one common share and one-half of a warrant. Each whole warrant entitles the holder to purchase one additional common share of the company at a price of 65 cents per share at any time up to 4 p.m. (Vancouver time) on the date that is two years following the closing date of the offering. The warrants will be governed by the terms of a warrant indenture between the company and Pacific Corporate Trust Co., as warrant agent. The warrant indenture will provide for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.
Please see elsewhere in today's bulletins for information regarding the prospectus offering and the additional listing of common shares underlying the units.
calgarylady
17 years ago
Ascendant Copper Announces Filing of Final Short Form Prospectus
DENVER, COLORADO--(CCNMatthews - June 18, 2007) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Ascendant Copper Corporation (the "Company" or "Ascendant") (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C) (WKN:A0HMLE) is pleased to announce that it has obtained a receipt for the filing of a final short form prospectus dated June 14, 2007 in the Provinces of British Columbia, Alberta and Ontario in respect of a public offering (the "Offering") of 26,666,666 to 33,333,333 units at Cdn$0.45 per unit for total gross proceeds of Cdn$12,000,000 to Cdn$15,000,000. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of Cdn$0.65 per share at any time no later than 24 months following the closing of the Offering.
The Offering is expected to close on or about June 22, 2007, subject to all customary conditions including the receipt of all necessary regulatory approvals.
Laurentian Bank Securities Inc. is the lead agent of the underwriting syndicate, which is also comprised of Raymond James Ltd., Dundee Securities Corporation and Jennings Capital Inc. The Agents have been granted an option to purchase up to 15% of the number of Units sold to cover over-allotments, if any. The over-allotment option is exercisable at any time for up to 30 days following the closing of the Offering.
The net proceeds of the Offering will be used to fund the Company's exploration program, for acquisitions and for working capital.
This press release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or in accordance with an applicable exemption from the registration requirements.
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 agreement in respect of the Chaucha project with Antofagasta PLC (LSE:ANTO) and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).
CONTACT INFORMATION:
Ascendant Copper Corporation
Rana S. Gill, C.A.
Chief Financial Officer
1-866-907-6047 or (303) 824-0271
Email: rgill@ascendantcopper.com
or
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
1-866-907-6047 or (303) 824-0271
Fax: (720) 962-4648
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
calgarylady
17 years ago
Ascendant Copper Clarifies Results of Check Assaying Program on Junin Property
DENVER, COLORADO--(CCNMatthews - June 18, 2007) - Ascendant Copper Corporation (the "Company" or "Ascendant") (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) announced on June 11, 2007 certain results from a check assay program completed in 2007 on its Junin project, a copper/molybdenum, gold/silver porphyry property located in northern Ecuador.
Based on reviewing existing data over the past several days, Ascendant's consultant Micon International Co. Limited ("Micon") has concluded that the inferred mineral resource of 982 million tonnes grading 0.89% copper, 0.04% molybdenum and 1.9 grams per tonne silver, as stated in the 2005 Junin Report, remains current and indicative of the potential of the Junin project.
The foregoing conclusion is based on several considerations, including re-examining key exploration data existing on the Junin property and including a series of earlier re-assay results on holes 25 through 30. These results were obtained in a re-assaying program completed in 1996 and 1997 by an independent party, CODIGEM, that produced results that validate the original assays. Micon reviewed the Ascendant re-assay results of eight holes (#4,10,17,22,27-30) and has concluded that the re-assay results reported on June 11, 2007 were based on core samples that have been adversely affected due to deterioration of the existing historic core and the lack of sample custody. This loss of quality and inability to produce proximate results is due to a combination of numerous events, including: 1) known loss or theft of complete sections of historic core as well as numerous individual pieces, 2) wood core box disintegration due to termites and open exposure to the elements, 3) transfer of historic core to new boxes since 1997, resulting in mixing of core, 4) loss of fine material, and 5) possible mislabeling of core boxes, among other factors. Large data variances could be expected between the original assays and the re-assay results given the poor condition of the drill core. On this basis, it can be concluded that the 2006-2007 check sample material is not reliably representative of the original core samples.
Ascendant plans on generating new data from the work program previously recommended in the Junin Report. This would include completing a drilling program of the Junin project, which would comprise the twinning of certain historic holes, with all aspects of future drilling, logging, sampling and assaying to be closely scrutinized and carried out in accordance with industry standard best-practices.
Responding to these developments, Gary E. Davis, President and Chief Executive Officer of Ascendant, stated, "Ascendant recognizes that the 2007 check assay program results were generated from the remaining core samples in poor condition and that Micon has concluded that the 2007 assay data does not form a reliable basis for assessment of the original assay results. Furthermore, the recent 2007 check assay results are not comparable to the original assay results or the CODIGEM assay results. It was essential that we re-examine all data, considering the value of this very important asset for shareholders."
John R. King, Ascendant's resident exploration and geological expert as well as a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed the above statements. Mr. King confirms that although Ascendant followed quality controls and correct assay procedures, the 2007 check assay program is not representative of the original core and as such, should not be considered reliable and should not have any impact on the inferred resource estimate as reported in the Junin Report. The Company cautions, however, that the nature of an inferred resource requires further definition by additional drilling which may produce results significantly different from the present estimate.
Ascendant Copper Corporation is a mineral exploration and development company responsibly advancing the Chaucha copper-molybdenum project, the Company's lead project, and the Junin copper-molybdenum project, both 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 agreement in respect of the Chaucha project with Antofagasta PLC (LSE:ANTO) and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).
CONTACT INFORMATION:
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
1-866-907-6047 or (303) 824-0271
Fax: (720) 962-4648
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
calgarylady
17 years ago
Ascendant Copper-Results of Check Assaying Program on Junin Property (Ecuador)
DENVER, COLORADO--(CCNMatthews - June 11, 2007) - Ascendant Copper Corporation (the "Company" or "Ascendant") (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) announces the results from a check assay program on its Junin project, a copper/molybdenum, gold/silver porphyry property located in northern Ecuador. During the period from 1991 to 1997, prior to the acquisition of the property by Ascendant, a third-party consortium carried out an exploration program (the "1990s Program") on the Junin project, which included the drilling of 30 drill holes.
In late 2006, based on recommendations contained in the Junin Report(1), Ascendant initiated a check assaying program of selected intervals of historic drill core from four holes (Holes 27, 28, 29 and 30) drilled under the 1990s Program. The assay results that Ascendant received from this check assay program were substantially different from the results of the 1990s Program. Given the discrepancy in results, as set out in the table below, Ascendant retained Micon International Co. Limited ("Micon") to review Ascendant's check assay results. Micon recommended that core from an additional four holes (Holes 4, 10, 17 and 22) from the 1990s Program be re-sampled and assayed. Ascendant completed this re-assay work in March 2007, with a total of 702 check samples taken from the selected eight holes of historic core drilled during the 1990s Program.
A summary of check assaying results from the eight holes re-assayed (the "2007 Check Assay Program") as compared to the original assay data prepared and reported by the 1990s Program is as follows:
2007 Check
Interval Sampled 1990s Program Assay Program
Hole Total Depth From To % Cu % Mo % Cu % Mo
----------- ---- -- ---- ---- ---- ----
(meters) (meters) (meters)
4 149 26 96 1.66 0.217 2.08 0.201
10 301 12 59 0.36 0.003 0.47 0.002
17 150 12 139 0.34 0.007 0.41 0.023
22 304 96 206 0.28 0.009 0.22 0.007
27 603 6 602 0.57 0.008 0.33 0.018
28 603 6 596 0.46 0.008 0.28 0.016
29 602 250 508 1.25 0.135 0.50 0.034
30 603 242 506 1.77 0.077 0.88 0.016
The 2007 Check Assay Program involved Ascendant obtaining access to the boxes of historical core, which are the property of the Ecuadorian government and stored in a government warehouse, diamond sawing the remaining core in the boxes, and re-assaying one-half of the core. In order to maintain the core in good condition, a substantial portion of the core had been previously transferred from deteriorating core boxes into new core boxes. From visual examination, it appeared that much of the fine fraction of material was lost in the transfer process. In many cases, as noted in the table above, the 2007 Check Assay Program results were significantly different from the historically reported assays from the 1990s Program, with check assays showing a range of both higher and lower results.
It was expected that the 2007 Check Assay Program results would be in close proximity to the 1990s Program results. Because of the noted discrepancies, Micon has advised Ascendant that the inferred resource estimate contained in the Junin Report of 982 million tonnes grading 0.89% copper, 0.04% molybdenum and 1.9 grams per tonne silver, may not be fully representative of the mineralization at Junin, as the inferred resource estimate was based on historical data, some of which is now considered to be unverifiable due to deterioration of the core samples over time, the loss of fine material in the transfer of the historical core samples, and the methods of sampling and assaying employed during the 1990s Program.
Micon has also advised Ascendant, however, that it does not believe that the results obtained in the 2007 Check Assay Program are sufficient to complete a meaningful revision of the inferred resource estimate identified in the Junin Report. As previously outlined in the Junin Report, Micon recommends that Ascendant complete a drilling program of the Junin project, including twinning of certain historic holes, and that all aspects of future drilling, logging, sampling and assaying be closely scrutinized and carried out in accordance with industry standard best-practices. Ascendant intends to follow Micon's recommendation.
"Management remains optimistic about the value-creation potential of the Company's mineral properties," declared Gary E. Davis, President and Chief Executive Officer of Ascendant. "Our Chaucha copper/molybdenum project in southern Ecuador has yielded encouraging drill results, and we will continue to carry out work on our Junin property with the aim of realizing the value that it could offer Ascendant's shareholders."
John R. King, Ascendant's resident exploration and geological expert as well as a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed the above statements and check assay results of the 2007 Check Assay Program. Mr. King confirms that Ascendant followed quality controls and correct assay procedures in the 2007 Check Assay Program and that the geologic observations of the samples are correct.
Ascendant Copper Corporation is a mineral exploration and development company responsibly advancing the Chaucha copper-molybdenum project, the Company's lead project, and the Junin copper-molybdenum project, both 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 agreement in respect of the Chaucha project with Antofagasta PLC (LSE:ANTO) and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).
(1) Technical report dated April 7, 2005, and amended August 5, 2005 and October 12, 2005, entitled Technical Report Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Junin, Otavalo, Ecuador (the "Junin Report"), prepared by Qualified Person, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, of Micon.
CONTACT INFORMATION:
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
1-866-907-6047 or (303) 824-0271
Fax: (720) 962-4648
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
calgarylady
17 years ago
Ascendant Copper Announces Exploration Results From the Gur Gur Anomaly Drilling Program, Chaucha Copper Project, Ecuador
DENVER, COLORADO--(CCNMatthews - June 6, 2007) - Ascendant Copper Corporation (the "Company"), (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE), is pleased to announce drilling results from an ongoing core drilling program at the Gur Gur target area located within the Company's Chaucha copper-molybdenum property, 75 kilometers southeast of Guayaquil, Ecuador. The nine-hole, 1,341 meter program intersected large widths of high-grade copper-molybdenum mineralization within envelopes of lower grade mineralization (see attached plan view, layout map for drillhole locations. To view, please click the following link: http://www.ccnmatthews.com/docs/acx0606.pdf). To date, five of the nine holes have been analyzed. These holes have encountered a supergene enrichment zone about 40 meters thick with copper values in many areas of this enrichment zone exceeding 0.50%. In addition the drilling and surface geology has begun to define what appears to be a porphyry system underlying the Gur Gur mineralized sector of the Chaucha concession.
The holes analyzed to date were drilled into a previously inferred copper-molybdenum resource as estimated by Billiton in 1998 (Billiton's resource estimate was prepared prior to the creation of the CIM Standards on Mineral Resources and Reserves Definitions and Guidelines and is not compliant with National Instrument 43-101, Standards of Disclosure for Mineral Projects). Existing logs report that Billiton drilled five holes totaling 931 meters with one of the Billiton drillholes, Ch-03, intercepting 105 meters that graded 0.63% copper and 0.02% molybdenum, but this has not been independently confirmed by the Company by reassaying.
Ascendant's drillhole GG-02 intercepted 70 meters of 0.39% copper, which included 36 meters that graded 0.54% copper, GG-03 included 172 meters of 0.40% copper and drillhole GG05 encountered 140 meters grading 0.35% copper, which included 60 meters grading 0.52% copper. Assay results from the five holes are set out in the table below. True thickness is estimated to be equal to drilled thickness as the mineralized zone encountered is determined to be flat-lying.
-----------------------------------------------------------------------
From To Interval Copper Molybdenum Silver
Hole # (m) (m) (m) % % ppm
-----------------------------------------------------------------------
GG - 01 8 168 160 0.24 0.007 4.3
-----------------------------------------------------------------------
includes 12 40 28 0.47 0.010 2.0
-----------------------------------------------------------------------
includes 74 104 30 0.27 0.005 7.0
-----------------------------------------------------------------------
includes 132 144 12 0.35 0.003 6.0
-----------------------------------------------------------------------
GG - 02 40 110 70 0.39 0.008 3.0
-----------------------------------------------------------------------
includes 126 136 10 0.33 0.030 6.0
-----------------------------------------------------------------------
includes 40 76 36 0.54 0.010 3.0
-----------------------------------------------------------------------
GG-03 16 188 172 0.40 0.005 6.5
-----------------------------------------------------------------------
includes 16 70 54 0.44 0.005 6.5
-----------------------------------------------------------------------
less than
includes 16 34 18 0.63 0.001 5.0
-----------------------------------------------------------------------
less than
and 152 188 36 0.54 0.001 5.0
-----------------------------------------------------------------------
GG - 04 22 172 150 0.28 0.003 4.0
-----------------------------------------------------------------------
less than
includes 22 126 104 0.39 0.001 5.0
-----------------------------------------------------------------------
less than
includes 46 88 42 0.57 0.001 8.0
-----------------------------------------------------------------------
GG - 05 16 156 140 0.35 0.005 3.6
-----------------------------------------------------------------------
includes 16 122 106 0.39 0.004 3.4
-----------------------------------------------------------------------
includes 16 76 60 0.52 0.003 3.6
-----------------------------------------------------------------------
less than
includes 152 156 4 0.45 0.001 3.4
-----------------------------------------------------------------------
John R. King, the Company's resident exploration and geological expert as well as a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI43-101"), has reviewed the above statements and assay results. Mr. King confirms that quality controls and correct assay procedures were followed by the Company and these geologic observations of the samples are correct. Assaying of the samples was conducted by Acme Labs, an ISO certified laboratory in Vancouver, British Columbia, Canada.
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 agreement in respect of the Chaucha project with Antofagasta PLC (LSE:ANTO) and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).
Deep_Digger
17 years ago
May 31, 2007
Ascendant Copper Corporation announces ongoing exploration progress on its Telimbela Copper Project, located about 56 kilometers northeast of Guayaquil, Ecuador.
Operating under an existing preliminary environmental impact assessment (PEIA) for the property, recent mapping, soils sampling, and channel sampling at Telimbela has generated highly encouraging results in a heretofore largely untested area known as the Northeast Zone. On March 22, 2007, the Company announced results of an initial exploration program in the Northeast Zone that consisted of non-continuous channel rock samples over a distance of approximately 40 meters and averaged 0.8 % copper.
An extension of this earlier outcrop sampling program has now yielded a continuous zone of 98 meters grading 0.52% copper with a high value of 1.93% copper over 2 meters in width. In addition, four hundred meters to the south, another continuous channel rock sampling program has yielded a second zone 58 meters wide grading 0.55% copper. These two zones are contained within a newly delineated soils and rock geochemical anomaly which has grown to 800 by 600 meters in size and remains open to the south. Assay results from the final soils geochemical grid are pending.
Structural mapping of the Northeast Zone indicate that the newly discovered geochemical anomalies may be an extension of the previously identified Central Zone, explored by the Japanese in the early 1970's. In addition to the exploration results reported above for the new Northeast Zone, the Company has also recently conducted some additional outcrop and channel sampling in the Central Zone, which has yielded values of up to 0.35% copper.
Pursuant to existing mining laws and regulations in Ecuador, and in conjunction with Whistler Associates, a final consultation with the community of Telimbela was conducted in order to gain approval of a more comprehensive EIA which would allow more comprehensive exploration including proposed drilling on the concession. The EIA, along with comments incorporated from the public consultation meeting, will be submitted to the Ministry of Energy and Mines in the coming week. A favorable response from the Ministry is expected within 45 days.
Commenting on the results from this exploration program, James Stonehouse, the Company's Vice President of Operations (South America) said, "Ascendant's senior management is highly encouraged by these exploration results. Pending approval of all necessary permits, we anticipate commencement of a first phase drilling program in June of this year."
In 2006 the Company acquired an option to purchase the Telimbela copper-molybdenum property from Ecuador Gold S.A., a subsidiary of EcuaGold Resources Ltd. (TSX-V: EGR). The purchase agreement obligates the Company to complete specified cash payments and exploration commitments over a two-year period commencing July 2006. The Company has the right to acquire 100% of the property upon fulfillment of the terms of the agreement and the granting to Ecuador Gold of a 2% net smelter return royalty on production from the property.
John R. King, the Company's resident exploration and geological expert as well as a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI43-101"), has reviewed the above statements and assay results. Mr. King confirms that quality controls and correct assay procedures were followed by the Company and these geologic observations of the samples are correct. Assaying of the samples was conducted by ALS Chemex Laboratories, an ISO certified laboratory in Lima, Peru.
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) on the Chaucha Project and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).
To view a map of Ascendant Copper Corporation - Soil Sampling of Northeast Zone and the Layout of Northeast and Central Zones, click the following link: http://www.ccnmatthews.com/docs/acx_maps.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
(303) 824-0271 or Toll Free: 1-866-907-6047
(720) 962-4648 (FAX)
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
Source: CCN Matthews (May 31, 2007 - 9:36 AM EDT)
calgarylady
17 years ago
May 28, 2007
Ascendant Copper Announces Drill Results From Its Chaucha Copper-Moly Project, Ecuador
DENVER, COLORADO--(CCNMatthews - May 28, 2007) - Ascendant Copper Corporation (the "Company"), (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE), announced today the results from its first core drilling program on its Chaucha copper-molybdenum property, 75 kilometers southeast of Guayaquil, Ecuador. To date, a 10-hole, 3,174 meter program has been completed in the Naranjos mineralized sector of the project area (see Figure 2) that has preliminarily defined a supergene enrichment zone underlying the Naranjos mineralized sector about 40 meters thick. Copper equivalent values in this enrichment zone exceed 0.50%. In addition the drilling has begun to define what appears to be a large copper porphyry system underlying the Naranjos mineralized sector of the Chaucha concession (see Figure 2).
At the Naranjos mineralized sector three core holes were drilled into a previously inferred copper-molybdenum resource. Hole NA-03 encountered a 112 meters grading 0.54% copper and 0.029% molybdenum. Hole NA-02 reported 104 meters of 0.41% copper and 0.023% molybdenum. Hole NA-01 had 42 meters at the bottom of the hole that averaged 0.40% copper and 0.015% molybdenum. True thickness is estimated to be equal to drilled thickness as the mineralized zone encountered is determined to be flat-lying.
Seven additional core holes (NA-04 through NA-10) were drilled over a horizontal distance of 1,200 meters to the east of the Naranjos mineralized sector. All holes showed copper and molybdenum mineralization. The results are summarized in the table (Figure 1) below.
A nine hole core drilling program has recently been completed on the Gur Gur mineralized sector of the Chaucha property, Assay results have not been received for all the holes completed and results will be made public when all assay results have been received. Drilling will next test soil geochemical anomalies and structural targets west of the main Naranjos mineralized sector in the area called Loma de Tunas.
John R. King, the Company's resident exploration and geological expert as well as a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI43-101"), has reviewed the above statements and assay results. Mr. King confirms that quality controls and correct assay procedures were followed by the Company and these geologic observations of the samples are correct. Assaying of the samples was conducted by ALS Chemex Laboratories, an ISO certified laboratory in Santiago, Chile and Acme Labs, an ISO certified laboratory in Vancouver, British Columbia, Canada.
Nine exploration campaigns have been conducted on the Chaucha property since 1970 by entities like Billiton, Armeno, OMRD, Carlos Puig & Associates SA, among others. Including Ascendant's recent drilling, more than 17,000 meters of drilling have been completed and 132 holes analyzed. The nine campaigners also completed more than 568 meters of underground exploration drifting which was analyzed every two meters and provided bulk samples for metallurgical testing.
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 asset base, proven management, and is committed to becoming a mid-tier copper producer through its agreement in respect of the Chaucha project with Antofagasta PLC (LSE:ANTO) and its strategic exploration alliance with Rio Tinto (LSE:RTZ) in Ecuador.
Ascendant Copper Corporation, Chaucha Property - Figure 1
Naranjos
--------------------------------------------------------------------------
From To Interval Copper Molybdenum Silver
Hole # (m) (m) (m) % % ppm
--------------------------------------------------------------------------
NA-01 68 108 40 0.19 0.009 0.65
and 164 204 40 0.18 0.008 0.20
and 216 256(i) 40 0.41 0.015 0.75
including 246 256(i) 10 0.49 0.015 0.80
--------------------------------------------------------------------------
(i) hole ended in mineralization
--------------------------------------------------------------------------
NA-02 56 160 104 0.41 0.023 2.10
--------------------------------------------------------------------------
and 212 260 48 0.46 0.019 1.83
including 230 252 22 0.50 0.022 1.82
--------------------------------------------------------------------------
NA-03 54 166 112 0.54 0.029 2.63
including 54 92 38 0.62 0.020 2.89
including 110 134 24 0.57 0.032 2.83
--------------------------------------------------------------------------
NA-04 Hole lost
--------------------------------------------------------------------------
NA-05 152 168 16 0.27 0.004 1.44
--------------------------------------------------------------------------
NA-06 42 94 52 0.30 0.018 2.65
Including 52 82 30 0.44 0.012 2.27
--------------------------------------------------------------------------
NA-07 18 78 60 0.04 0.042 6.64
and 114 174 60 0.15 0.048 0.66
--------------------------------------------------------------------------
NA-08 108 152 44 0.32 0.009 2.86
and 214 318 104 0.29 0.034 2.05
including 214 236 22 0.35 0.042 1.56
and 264 304 40 0.35 0.036 1.42
including 272 294 22 0.20 0.048 0.85
--------------------------------------------------------------------------
NA-09 124 290 166 0.26 0.025 1.08
including 124 144 20 0.40 0.025 1.88
including 152 166 14 0.37 0.011 0.37
including 178 194 16 0.33 0.023 0.40
including 208 240 32 0.19 0.04 0.84
including 258 290 32 0.28 0.02 1.88
and 424 434 10 0.34 0.014 2.64
--------------------------------------------------------------------------
NA-10 58 126 68 0.23 0.004 2.09
including 58 84 26 0.32 0.002 3.75
--------------------------------------------------------------------------
Note: To view "Ascendant Copper Corporation, Chaucha Property - Figure 2, Cross Sections by wholly-owned subsidiary, Compania Minera DosRios S.A.", please click the following link: http://www.ccnmatthews.com/docs/acx0528.pdf
CONTACT INFORMATION
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
1-866-907-6047 or (303) 824-0271
Fax: (720) 962-4648
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
calgarylady
17 years ago
I am still holding this and believe eventually it will pay off. I would be glad to help you out. :)
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:
ADVERTISEMENT
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 (303) 824-0271
Email: rgill@ascendantcopper.com
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
1-866-907-6047 or (303) 824-0271
(720) 962-4648 (FAX)
Email: jhaigh@ascendantcopper.com
Website: http://www.ascendantcopper.com
calgarylady
17 years ago
April 26, 2007
Ascendant Copper Acquires Rights to 85 Square Kilometers of Land in Jamaica Covering Numerous Copper/Gold Occurrences
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 26, 2007) - Ascendant Copper Corporation (the "Company") (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) announced today that it has entered into an agreement in principle (the "Agreement") with Clarendon Consolidated Minerals Ltd ("CCM"), a private U.S. entity, to acquire an exclusive option on an 85-square kilometer contiguous land package covering numerous gold and copper occurrences in Jamaica.
The Agreement includes two prospecting licenses known as Bellas Gate and Browns Hall (the "Properties") located in the Clarendon and St. Catherine Parishes of Jamaica about 35 kilometers northwest of Kingston. This region is believed to represent the high level expression of one or more copper mineralized porphyry systems. More than 20 gold/copper prospects have been previously identified on the Properties. Several large veins containing high grade sulfide ores reportedly grading up to 9.16% copper, 59 grams per tonne gold, and 1,935 grams per tonne silver were mined historically. Neither the Company nor a Qualified Person has independently verified these grades in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101), and the historical grades should not be relied upon.
During the first 15-month term of the Agreement, the Company would pay $100,000 in cash and issue 200,000 common shares to CCM, as well as fund not less than $450,000 in exploration activities, which will include at least 2,250 meters of drilling. The President of CCM, Mr. James R. Wood, has agreed to remain involved and serve as an advisor to the project for at least this initial term.
If the Company elects to proceed after the first term, it can earn a 90% interest in the Properties by completing over the subsequent three (3) years additional work programs on the Properties, primarily comprised of in-the-ground exploration activities and including not less than 13,750 meters of drilling, totaling an aggregate expenditure of $7.7 million and by making additional payments to CCM totaling $0.5 million cash and by issuing an additional 1.8 million shares. Such exploration expenditures will include the preparation of a feasibility study on all or any part of the Properties that the Company, at its sole discretion, deems to have potential for economic development. Alternatively, if a feasibility study is not completed during the earn-in period, the Company can prepare a NI 43-101-compliant resource estimate and deliver it to CCM to earn its 90% interest.
Jamaica is democratic country, a member of the Commonwealth of Nations, and operates under English law. The country hosts several major bauxite mining operations and is one of the world's leading exporter of bauxite and alumina.
The Agreement signed by the Company and CCM, although not legally binding, contains the principal terms and conditions for inclusion in a definitive agreement which is currently being drafted. While the Company knows of no reason why a definitive agreement will not be concluded, completion of such an agreement to acquire an interest in the Properties from CCM is not assured or guaranteed.
Gary E. Davis, President of the Company, said regarding the contemplated deal with CCM, "We feel fortunate to have been given the opportunity by CCM to participate in the advancement of these properties in a country with such a rich mining heritage. This marks the first step in the Company's quest to expand its portfolio of exploration properties throughout the Americas."
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) on the Chaucha Project and its strategic exploration alliance in Ecuador with Rio Tinto (LSE:RTZ).
CONTACT INFORMATION
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
1-866-907-6047 or (303) 824-0271
Fax: (720) 962-4648
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
INDUSTRY: Manufacturing and Production - Mining and Metals
calgarylady
17 years ago
April 16, 2007
Ascendant Copper Announces Participation in INVESTORIDEAS Online Mining Investor Conference
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 16, 2007) - Ascendant Copper Corporation (the "Company") (TSX:ACX)(TSX:ACX.WT)(BERLIN:A0HMLE)(FRANKFURT:A5C)(WKN:A0HMLE) announces that it will be a participant in the Investorideas Online Mining Investor Conference. More than two dozen mining companies and six well known industry speakers will take part in this day long mining investment conference in Podcast format.
To listen to and view the Company's power point presentation, please logon and register at www.investorideas.com/forums/Register.aspx. The concept of this online forum is that it will be like attending a mining conference, but from the comfort of your office. Ascendant's Chief Executive Officer, Gary E. Davis, will be making the presentation starting at 9:00 a.m. (MDT), Wednesday, April 18, 2007.
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 asset base, proven management, and is committed to becoming a mid-tier copper producer with its joint venture partner Antofagasta PLC and its strategic alliance with Rio Tinto.
CONTACT INFORMATION
Ascendant Copper Corporation
John R. Haigh
Manager of Investor Relations
(866) 907-6047 or (303) 824-0271
Fax: (720) 962-4648
Email: jhaigh@ascendantcopper.com
Website: www.ascendantcopper.com
Deep_Digger
17 years ago
Thanks CalgaryLady.
I think this could be very good for the company if the government has responsible folks making decisions. It seems to me that they do. Although superficially similar to Venezuela, scratch the surface a little and you will find that Correa and Chavez are from extremely different places.
From what I have read about the Correa, he seems quite reasonable. I support his desire to see more revenue from mining and oil reach the poor in Ecuador, and I expect that he will promote mining to see that it does. He is smart enough to know that it won't happen with state control though, and has likely learned from Mexico, et al. how not to do it. He has a Ph.D from the University of Illinois in economics, too.
The environmentalists say that the government won't allow it, while I believe that Ascendant thinks that they will. My money thinks that Correa will see the benefit of the mine for Ecuador. The oil won't last forever, and that is what generates most of the foreign exchange now.
Time will tell, although the pps doesn't seem to be reacting one way or the other right now.
Here is an article I just found that came out today (after I wrote the comment):
OIL ROYALTY REVENUES A POSSIBILITY
Ecuador’s President contemplates mining law change to benefit nation’s treasury
President Rafael Correa, an economist, may revise the nation’s mining law to generate more revenue for the Government of Ecuador, vowing not to “kneel in the face of foreign investment.”
Author: Dorothy Kosich
Posted: Monday , 26 Mar 2007
RENO, NV -
As Ecuador changes the nation's mining policy, Deputy Mining Minister Jorge Jurado said the nation is seeking a model in which both mining companies and the state can benefit.
Ecuador's Minister of Energy and Mines Albert Acosto met this past week with members of the National Chamber of Mines and the Camara de Mineria del Ecuador to discuss Ecuadorian President Rafael Correa's proposed policy changes.
If a mining reform bill is to be introduced, it could take three to four months to prepare, Business News Americas reported Friday.
Acosto claimed that the nation's mining industry does not contribute much to the nation's treasury even though mineral concessions occupy an area of almost 11% of Ecuador's total land base. On March 14, President Correa said he would revisit oil and mining deals and restructure Ecuador's foreign debt.
At the time, Correa told foreign reporters, "We are not going to make our country kneel in the face of foreign investment." Ecuador's largest foreign investor is the Calgary, Canada-based energy company EnCana. Along with Occidental Petroleum and Chevron-Texaco, EnCana is part of a trio that virtually controls Ecuador's domestic oil industry.
Correa has openly opposed Chevron-Texaco in a $6 billion lawsuit filed by local residents and indigenous groups in the Oriente Region, who claim that the oil company dumped 18 billion gallons of polluted water onto the floor of the Amazon rainforest.
An economist with a leftist political orientation, Correa may consider imposing royalty taxes on oil and mineral exports to pay for health, education and infrastructure projects in Ecuador. Nevertheless, Correa has not identified any particular energy or mining contracts up for renegotiation.
Colorado-based Ascendant Copper's Junin copper/moly exploration project has generated opposition from environmental NGOs and some local groups. Last November, Ascendant signed a community development agreement with communities near the Junin project. The company agreed to contribute $4 million over the next four years for social programs and community during the duration of the exploration phase of Junin.
Vancouver's Corriente Resources had its Mirador copper project activities suspended by the Ministry of Mines after a series of protests in the Morona-Santiago and Zamora-Chinchipe provinces against resource development. Nevertheless, for the past six years, Corriente has provided medical care, housing, education and employment to three nearby villages
After several unsuccessful negotiating sessions with the protesters, the federal government asked Corriente to temporarily suspend its Mirador project camp activities to aid in the negotiating process. Mirador production had originally been planned for late-2008, but is now delayed to mid-2009. Corriente has been negotiating with the Correa Administration to resume the fieldwork. In a January news release, however, Corriente said, "While the government has indicated support for such resumption, it has yet to provide clear and sufficient indications of when this will be achieved."
Under current mining law, the National Government of Ecuador cannot revoke a mining concession unless the concession holder consistently fails to comply with the nation's mining law. All government royalties or taxes other than the National Corporate Tax have been eliminated for mining investment. Provincial and local governments are not permitted to collect local taxes on mining, nor enact mining regulations.
In a recent interview with Business News America, Deputy Mining Minister Jurado stressed that neither communities nor the environment will be left out during the development of large scale mining projects. He also discussed the possibility that the Correa Administration could seek more revenues from mining.
Ironically, Ecuador is considered one of the least explored nations in South Africa despite the presence of gold, copper, silver, zinc and coal.
calgarylady
17 years ago
Ascendant makes deal with Junin property opponents
Ascendant Copper Corp (C:ACX)
Shares Issued 41,901,684
Last Close 3/23/2007 $0.75
Monday March 26 2007 - News Release
Mr. John Haigh reports
ASCENDANT COPPER ANNOUNCES ECUADORIAN GOVERNMENT REMOVES BARRICADES TO ASCENDANT'S JUNIN PROPERTY
Ascendant Copper Corp. has received news of positive developments regarding its wholly owned Junin copper-porphyry project located in Ecuador. On March 20, 2007, the company met with members of government, including the provincial governor, a representative of the Ministry of Energy and Mines, and of the Ministry of Government and Police, as well as with representatives of the ecological group opposing mining activities in the region. All three groups -- the government, Ascendant and the anti-mining group -- stated an interest in restoring law and order to the region, reducing tensions and respecting the rights of all involved.
Separate agreements were signed in parallel by the company and the anti-mining group with the government. Opponents of the Junin project have agreed with government officials to:
open all roads in the area which have been previously blocked by them;
guarantee free access and circulation to all persons, including representatives of Ascendant;
deliver to the police a cache of arms under their control; and
return to Ascendant its demonstration farm in the Intag area, which had been illegally seized the preceding week.
For its part, Ascendant has reluctantly agreed, based on the demands of the anti-mining group, to substantially reduce its work force, from 159 to 48, and its current activities, which include the providing of medical and dental care to the area. The work force primarily consists of local community members who assist the company in conducting agricultural activities on surface lands owned by Ascendant as well as implementing social services and community programs.
The government stated that it would organize a commission of community leaders, government officials and Ascendant representatives to ensure compliance with the agreement. The government also unveiled a plan to begin a study of the region with the objective of determining a permanent resolution to the problems in the area. In the interim, Ascendant will continue to supervise activities of its remaining personnel to ensure compliance with the agreement and the company's policy of non-violence.
Ascendant views the signing of the agreements as a positive step forward by bringing the government into the process, guaranteeing access to the area by any individual and reducing conflict in the area.
Ascendant vice-president James Stonehouse commented: "This will be a tough blow for the many local residents who have worked hard on community, social and agricultural projects for the company. We are convinced that the government's subsequent review of the social issues in the area will reveal a large majority of the population in support of development and the benefits in education, health care, job training and improved living standards that this environmentally responsible development will undoubtedly bring."
This marks a historic step in Ecuador's progress in developing a modern mining industry. Gary Davis, president of the company, stated: "We are appreciative and encouraged by the involvement of both the government of Ecuador and the provincial government, and view this as positive initial steps toward resolving a difficult situation. The representative of the Minister of Government has made it clear that decisions regarding the future of mining in Intag and the rest of the country will be made at the national level, after duly considering all the benefits and risks to all Ecuadorians, and not left in the hands of a few who are only concerned with local issues."
© 2007 Canjex Publishing Ltd.
calgarylady
17 years ago
Ascendant Copper chip samples 1.93% Cu at Telimbela
Ascendant Copper Corp (C:ACX)
Shares Issued 41,901,684
Last Close 3/21/2007 $0.60
Thursday March 22 2007 - News Release
Mr. John Haigh reports
ASCENDANT COPPER ANNOUNCES PROMISING SURFACE SAMPLING RESULTS FROM ITS TELIMBELA COPPER PROPERTY
Ascendant Copper Corp.'s recent mapping and surface sampling on its Telimbela copper property, located about 35 miles northeast of Guayaquil, Ecuador, have outlined a previously unrecognized zone of significant copper mineralization covering an area of about 28 hectares (70 acres). Fourteen chiselled rock chip samples over a length of approximately 40 metres encountered values as high as 1.93 per cent copper with an arithmetic mean of 0.80 per cent copper. Chip samples were typically two metres in length by one metre in height and comprised 3.0 to 4.8 kilograms in weight of material collected uniformly over the length of the sample area. Additional ridge line soil sampling adjacent to the discovery zone continued to give encouraging assay results yielding copper grades as high as 1.07 per cent copper. The discovery zone is considered to be open in all directions.
Currently two teams of geologists are at work within the Telimbela concession concentrating on this new discovery zone, as well as the previously explored Central zone which was drilled by a Japanese consortium in the 1970s. A program of mapping, rock and soil sampling and reconnaissance geology will determine favourable sites for drilling expected to commence in late spring 2007.
The Telimbela property lies in the same belt of rocks which hosts such copper resources as the company's Chaucha and Junin projects. The rocks are diorites and tonalities with roof pendants of earlier andesites and are copper prospects with iron-oxide, copper-gold affinities. Mineralization is dominantly extremely fine-grained chalcopyrite. The newly identified discovery zone is elongated in a north-south direction consistent with the structural controls in the area.
John R. King, the company's resident exploration and geological expert as well as a qualified person as defined by National Instrument 43-101, standards of disclosure for mineral projects (NI 43-101), has reviewed the above statements and assay results. Mr. King confirms that quality controls and correct assay procedures were followed by the company and these geologic observations of the samples are correct.
Assaying of the samples was conducted by ALS Chemex Laboratories, an ISO certified laboratory in Santiago, Chile.
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