Ascendant Copper Announces Results of Third Quarter 2007
November 13 2007 - 8:18AM
Marketwired
DENVER, COLORADO or ("the Company") (TSX: ACX)(TSX: ACX.WT)(TSX:
ACX.WT.A)(BERLIN: A0HMLE)(FRANKFURT: A5C) today announced the
filing of its unaudited consolidated third quarter 2007 financial
results (expressed in US$). As at September 30, 2007, the Company
had cash and cash equivalents of $9.1 million. The Company incurred
a net loss of $2.5 million and $2.0 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 on exploration drilling,
particularly on the Chaucha property.
"With our strong balance sheet and high metals prices, this is
an opportune time for Ascendant to sustain the momentum of its
recently announced agreement to acquire St. Genevieve Resources
Ltd. (CNQ: SGVL) by continuing to evaluate properties of merit
throughout the Americas," said Gary Davis, President & CEO of
Ascendant. "We expect that SGVL's portfolio of U.S. copper
exploration and development properties, some of which we expect to
go into production in the near term, will create cash flow to
support the continued advancement of our world-class
copper/molybdenum properties in Ecuador."
Unaudited interim consolidated financial statements and
management's discussion and analysis for the period ended September
30, 2007, are now available for viewing on SEDAR at
www.sedar.com.
Ascendant Copper Corporation is a mineral exploration and
development company that is focused on becoming a mid-tier copper
and molybdenum producer. The Company is responsibly advancing its
copper-molybdenum projects in Ecuador toward verifiable economic
base metal discoveries. Ascendant is also evaluating near term
production scenarios for the U.S. copper properties that it is
proposing to acquire from St. Genevieve Resources Ltd.
Contacts: Ascendant Copper Corporation Rana S. Gill Chief
Financial Officer 1-866-907-6047 Email: rgill@ascendantcopper.com
Ascendant Copper Corporation John Haigh Manager of Investor
Relations 1-866-907-6047 (720) 962-4648 (FAX) Email:
jhaigh@ascendantcopper.com Website: www.ascendantcopper.com