VANCOUVER, BC--(MARKET WIRE)--Dec 4, 2006 -- Ascendant Copper Corporation (TSX:ACX.TO - News) (Berlin:A0HMLE.BE - News) ("Ascendant" or the "Company") announced today the assay results from the first three diamond drill holes at its Chaucha copper project, Ecuador. These three exploration diamond drill holes were located along the southeastern edge of previously drilled zones of the Naranjos chalcocite enrichment zone. In the Micon International Co. Limited Technical Report (2), the Naranjos supergene blanket is estimated to have the drill indicated potential mineralization of 129 MT of 0.4% to 0.5% Cu and 0.02% to 0.03% Mo at a cut off of 0.3% Cu. This resource is based on 126 shallow (averaging approximately 100M in depth), small diameter (AX and BX) drilling accomplished by governmental agencies in the 1970s.

These three new exploration drill holes which were drilled to significantly greater depths discovered an extensive, well-developed, stockwork primary porphyry copper mineralization. The hydrothermal, primary copper and molybdenum mineralization is continuous and uniform in intensity from near the top of all three holes to bottom depths. Although no significant secondary enrichment was encountered, the style, intensity and uniformity of mineralization encountered suggest the presence of a major porphyry copper deposit lying to the south of the currently known Naranjos copper resource

Proving, perhaps, that the weather has more to do with oil prices than Organization of Petroleum Exporting Countries does, crude oil prices dropped on Monday after the National Weather Service in the United States said that temperatures in most parts of the US will likely be above normal for the next two weeks. The prices were down even though both Saudi Arabia’s oil minister and the president of OPEC made comments implying that the organization thinks the market is still oversupplied and that it will cut production again later this month.
Brent crude for January deliver was down 95 cents to $63.67 per barrel. Meanwhile, January contracts for West Texas Intermediate crude was 97 cents lower to $62.46 per barrel after dropping as far as $61.90 per barrel earlier in the session.
In the metals markets, gold dropped 0.2 percent to $644.30 per troy ounce as demand for bullion as an investment has gone up even as jewelry demand has dropped as prices have risen.
Among base metals, three-month aluminium was up to $2,832.5 per tonne at one point during the session and dealers expected that it could go as high as $3,000 per tonne before December options expire on Wednesday. By the end of the session, however, aluminium ended up 0.3 percent lower to $2,809.5 per tonne. Nickel dropped 1 percent to $22,550 per tonne, while copper was steady at $7,000 per tonne despite an increase of 4,500 tonnes in London Metal Exchange inventories.
Base metals prices were mixed, however, as zinc was 1.4 percent higher to $4,460 per tonne and lead gained 2.6 percent to $1,739 per tonne as LME stockpiles fell by 1,325 tonnes.