Business
Ascendant Copper Reports 2008 First Quarter Financial Results
TSX symbol: ACX Berlin-Bremen Stock Exchange symbol: A0HMLE Frankfurt Freiverkehr: (WKN A0HMLE ) A5C
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[{"type":"text","content":"\n\n\n\nTSX symbol: ACX\n\n\nBerlin-Bremen Stock Exchange symbol: A0HMLE\n\n\nFrankfurt Freiverkehr: (WKN A0HMLE ) A5C\n\n\nVANCOUVER, May 15 /CNW/ - Ascendant Copper Corporation ("Ascendant" or\nthe "Company") (TSX:ACX) today reported its first quarter financial results\nfor the three months ended March 31, 2008.\n\n\nHighlights for the quarter included:\n\n- Completed the acquisition of St. Genevieve Resources Ltd. ("SGV")\n with two near-term producing copper properties in the United States\n- Appointed Donald J. Page, former Chairman of SGV to the Board of\n Directors\n- Commenced technical and economic evaluation of returning Emerald Isle\n copper property to production\n- Subsequent to the quarter end, the Ecuadorian government adopted a\n new Mining Mandate that effectively suspended all mining activity in\n Ecuador for 180 days\n\n\n"Having completed the closing of the SGV transaction, 2008 marks the\nfirst step in becoming a diversified copper company in the Americas as we\nbring the Zonia and Emerald Isle copper projects toward production," said Gary\nDavis, President and CEO of Ascendant. "The acquisition accelerates our plan\nto become a mid-tier copper producer and allows us to grow both through\nadvancement of existing properties and through acquisitions in the coming\nyear."\n\n\nFinancial Review:\n\n\nThe Company incurred a net loss of $1,752,000 and $2,642,000 for the\nthree months ended March 31, 2008 and 2007, respectively. The primary reason\nfor the decreased net loss was due to lower exploration expenditures in\nEcuador, $602,000 and $1,397,000 for the three months ended March 31, 2008 and\n2007, respectively. The Company has cut back its exploration efforts in\nEcuador pending the finalization and adoption of a new Mining Law. Wages and\nbenefits increased from $348,000 during the three month period ended March 31,\n2007 to $373,000 during the same period in 2008 primarily due to increased\nmanagement-level costs offset partially by a decrease in exploration staff in\nEcuador. Management and consulting services were $212,000 and $317,000 for the\nthree months ended March 31 2008 and 2007, respectively. The lower management\nand consulting services were due to decreased expenditures on social and\npolitical consulting fees.\n\n\nAs the Company has not commen...