ASCENDANT STRONGLY REFUTES DECOIN'S ALLEGATION OF INVOLEMENT IN ZORRILLA ARREST WARRANT AND SEARCH

Ascendant Copper Corporation Statement on Arrest Warrant for Carlos Zorrilla

Allegations have been made in the press and elsewhere in the public domain that Ascendant Copper Corporation was responsible for the recent raid on Carlos Zorrilla's house (which evidently yielded drugs and a gun but not Zorrilla as he had fled) as well as the arrest warrant that was issued for Zorrilla. This simply is not the truth.

Ascendant is not responsible for or involved with this warrant or the government’s actions against Carlos Zorrilla. From the information we have learned, the warrant results from Zorrilla’s organization of, and participation in, a march in Quito in July 2006. Members of this demonstration turned violent, allegedly assaulting and robbing two female North American tourists. One tourist alleges that while filming the event, the throng of DECOIN demonstrators attacked her, while she was in turn trying to help the other tourist avoid this mob. The victim of this assault and robbery, who has no relationship with Ascendant, filed charges against the perpetrators. As a result, the criminal justice system of Ecuador launched this investigation of Zorrilla, issued the warrant, and conducted the subsequent raid.

It should be noted that Zorrilla, via the press and other means, is attempting to claim that both assaulted women, four different witnesses, the medical practitioner, the local prosecutor’s office, the presiding judge, and the dozen or so police that raided his home and found illicit substances and an illegal weapon, are all lying before the court of law, and that this is due in some way to Ascendant. Ascendant will aggressively defend itself against any further efforts to defame the Company.

Respect for the rule of law must be paramount. Ascendant has long urged greater commitment to the rule of law in the Junin area. We have been unable to access our legally held properties due to violations of the rule of law, and our personnel and supporters have been victims of vicious acts of violence, which have gone unpunished, due to the absence of rule of law. In the current instance, Ascendant hopes that the proper legal processes will be respected by all parties, and that the Ecuadorian justice system will be allowed to work. There should be no intervention by any external parties in this process, including by Ascendant.

Ascendant deplores and condemns any form of violence and emphasizes that it is a law-abiding corporate citizen, committed to following all applicable Ecuadorian and Canadian laws, as well as international best practices. Notably, Ascendant was recently accepted as a member of the United Nations Global Compact. As a public company traded on the Toronto Stock Exchange, we are committed to upholding the highest standards in the areas of transparency and anti-corruption, promotion of local sustainable development, environmental protection, and human rights.