OECD Complaint Against Ascendant Withdrawn.VANCOUVER, British Columbia -- Ascendant Copper Corporation ("Ascendant" or "the Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ACX ACX Available Chemicals Exchange ACX Advanced Combat Experimental ACX Asynchronous Cross Connect )(TSX:ACX.WT) announces today a complaint filed last year with the Canadian National Contact Point of the OECD Guidelines for Multinational Enterprises OECD Guidelines for Multinational Enterprises are annex to the OECD Declaration on International Investment and Multinational Enterprises. They are recommendations providing voluntary principles and standards for responsible business conduct for multinational corporations operating against the Company has been withdrawn. Ascendant welcomes the withdrawal of the complaint submitted by Defensa y Conservacion Ecologica de Intag (DECOIN), Friends of the Earth and MiningWatch Canada but regrets losing the opportunity to discuss its activities in Ecuador with these organizations before an impartial observer. It appears the complaint was withdrawn due to a disagreement between the complainants and the National Contact Point regarding how to process the complaint in accordance with the Guidelines' procedures. Gary E. Davis, Ascendant's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "The Company believes the National Contact Point was proceeding diligently in his attempts to promote discussions between the parties and had been in constant communication with all parties regarding the complaint. Although DECOIN representatives had previously declined to attend an earlier scheduled meeting, the parties were in the last stages of renewed negotiations when the complaint was withdrawn. The Company had accepted the revised terms requested by the OECD OECD: see Organization for Economic Cooperation and Development. and the complainants. We were looking forward to addressing the concerns of the complaint through the Canadian government as a respected third party." The complaint against Ascendant was submitted to Canada's National Contact Point for the OECD Guidelines in May 2005. It alleged that the Company was not adequately disclosing information, not complying with Ecuadorian law, and participating in inappropriate political activities, among other complaints. Ascendant was anticipating formally addressing these complaints through a face-to-face discussion mediated by the Canadian government. Ascendant recognizes the important role legitimate representatives of civil society play with respect to the Company's activities in Ecuador and remains open to a facilitated discussion with the concerned parties. Ascendant Copper Corporation, which became a public company in November 2005, is committed to upholding the highest standards in the areas of transparency, promoting local sustainable development, environmental protection, human rights and engineering. The Company is committed to never engaging in corrupt, illegal and immoral acts as per the Foreign Corrupt Practices Act Foreign Corrupt Practices Act An amendment to the Securities Exchange Act created to sanction bribery of foreign officials by publicly held US companies. Foreign Corrupt Practices Act of the United States and to abiding by all of Ecuador's national laws as well as international standards. The Company is also committed to consulting with communities directly affected by the operations according to Ecuadorian law and international best practices for community consultation. Ascendant's principal business is the exploration for copper in Ecuador. The primary property is the Junin project located in northern Ecuador, a copper-molybdenum, gold and silver porphyry property with an inferred mineral resource of 982 million tonnes grading 0.89% copper, 0.04% molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. and 1.9 grams per ton of silver, at a 0.4% copper cut-off grade(1). The Company also is advancing the Chaucha property located in southern Ecuador, a copper-molybdenum porphyry overlain o·ver·lain v. Past participle of overlie. by an extensive supergene su·per·gene n. A group of closely linked genes occupying a large chromosomal segment and frequently functioning as a genetic unit. blanket. The Chaucha property is currently classified as a geologic mineral property(2). Ascendant Copper Corporation Gerald E. (Gary) Davis, President and CEO (1) See www.sedar.com "Technical Report Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Junin, Otavalo, Ecuador" prepared by Qualified Person, Paul D. Gribble grib·ble n. Any of several small wood-boring marine isopod crustaceans of the genus Limnoria, especially L. lignorum, which often damage underwater wooden structures. , C. Eng., Senior Mineral Resources Geologist, of Micon International Co. Limited. (2) See www.sedar.com "Technical Report dated April 8, 2005, and amended August 5, 2005, Review of the Quartz Porphyry-Hosted Copper-Molybdenum Mineralisation at Chaucha, Cuenca, Ecuador" prepared by Qualified Persons, Paul D. Gribble, C. Eng., Senior Mineral Resources Geologist, and David T. Wells, Senior Metallurgist, of Micon. The Chaucha property is presently classified only as a geologic mineral property. The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. does not accept responsibility for the adequacy or accuracy of this news release. Ascendant Copper Corporation (TSX:ACX) (TSX:ACX.WT) |
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