BSX Approves Listing of up to 43,200,000 Common Shares of Ascendant Holdings Ltd.

The Company was initially incorporated on 31 August 1999 as Saturn Capital and changed its name to Ascendant Holdings Ltd. on 13 October 1999. Ascendant Holdings Ltd. is registered as an Exempted Company under the provisions of Section 181 (1) of the Companies Ordinance of the Turks & Caicos Islands.

The Company was established for the sole purpose of holding and financing the development of its only subsidiary, Ascendant Exploration S. A. Ascendex, which is based in Ecuador. Ascendant Holdings Ltd. is focused on the exploration, acquisition and development of world-class gold mining projects within the country of Ecuador.

First Bermuda Group Limited sponsored the listing of the Common Shares of Ascendant Holdings Ltd.

The issue is being introduced for listing under the Restricted Marketing provisions of the Exchange and is for securities that are aimed at Qualified Investors, being individuals or institutions that invest either a minimum of $100,000 or otherwise meet one of the suitability tests defined by the Exchange.

"The BSX welcomes Ascendant Holdings Ltd. to listing", said Mr. James S. McKirdy, Chief Compliance Officer of the BSX. "Ascendant Holdings represents the first mineral exploration company to list on the BSX."

Christopher Werner, Chief Executive Officer of the Company stated that, "We are very pleased to be listed on the Mezzanine Market and now look forward to completing a subsequent listing and major financing on a second international exchange."

"First Bermuda Group are delighted to have been chosen as sponsors to Ascendant Holdings Ltd. which marks our first listing of a company having a Latin American presence", said Michael Schroter, Executive V.P. of First Bermuda Group Ltd.