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Ascendant Holdings, Ltd. Plans Spins-Off Of Copper Projects

Hamilton, Bermuda: 13 October 2004 - Ascendant Holdings, Ltd. (AHH.BH-Bermuda) announced today a plan to spin-off two of their copper projects into a new corporate structure which they intend to take public through an Initial Public Offering on a major international exchange in the first quarter of 2005.

Ascendant Holdings, Ltd.'s plan is to place its two most advanced copper projects, Junin and Chaucha, into a newly formed company, Ascendant Copper Corporation (Canadian B.C.) and prepare the company for an IPO on a major international exchange. Both Junin and Chaucha have Canadian NI 43-101 reports completed and the Junin Property satisfies the Toronto Stock Exchange's requirement to have property of merit. Under the plan, Ascendant Holdings, Ltd. will be issued stock in Ascendant Copper Corporation as consideration for the two copper projects. Ascendant Holdings, Ltd. intends to dividend approximately 90% of the shares received to its shareholders of record on October 28, 2004. Ascendant Holdings, Ltd will retain the balance of the shares.

The Shareholders have received notification of the plan.

About Ascendant Holdings Ltd.

Ascendant Holdings Ltd is a junior exploration mining company, focused on the development of industrialized metals mining in the country of Ecuador. Ascendant controls mineral resources in a diversified portfolio of mining projects. Management's objective is to create shareholder wealth through the exploration and development of

mineral projects on an international scale. The company is currently negotiating on additional precious metal and base metal projects.

Contact

www.ascendantholdings.com

Christopher Werner

920-803-9910

cw@ascendantholdings.com

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