Ascendant Holdings Ltd. Announces Acquisition of Junin

Ascendant acquired 100% of the property in 2004 from a private individual. Under the terms of the agreement, Ascendant must pay a 2.5% net smelter royalty to the previous owner and make minimum annual payments against the net smelter return royalty of $25,000 commencing December 15, 2004.

The Junin porphyry deposit is located in the Toisan Cordillera on the West flank of the Western Cordillera of the Ecuadorian Andes, approximately 50 Km to the NNW of Quito, the capital of Ecuador. The property is comprised of two concessions Golden 1 and Golden 2, which cover a total of 49 square kilometres.

The DGGM (General Direction of Geology and Mines-Ecuador) in 1981-1982 made the first geochemical survey, indicating several copper-molybdenum-gold-silver anomalies. During 1984-1985 the Belgium Mission carried out geology, geochemistry and geophysics. Junin was further explored from 1992-97 by the Metal Mining Agency Japan (MMAJ) a subsidiary of the Mitsubishi Metals Corporation, in coordination with the Japan International Cooperation Agency (JICA), during which 9741 meters of diamond drilling, resource estimates and metallurgical studies were completed.

In late 2003 Ascendant conducted an in-house re-evaluation of the exploration data and calculated a Canadian NI 43-101 compliant inferred resource recently verified by Micon International of 1.36 billion tonnes at 0.73% Cu, 0.03% Mo, 1.6g/t Ag and .01g/t Au or 0.98% copper equivalent at a 0.2% copper cut-off. This translates into 21.84 billion pounds of copper, 897 million pounds of molybdenum, 70 million ounces of silver and 437,000 ounces of gold.

Copper Equivalent was calculated using prices of Cu $0.80/lb, Mo $6/lb, Ag $5/oz, Au $350/oz.

More recently, Ascendant has commenced community relations in the Junin area and is working in conjunction with the local inhabitants to continue exploratory efforts, through the implementation of a short, medium and long-term local development plan. The company expects to initiate a drilling program to enhance and expand the current inferred resource in the near future.

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.

Safe Harbor Statement:

Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially.

There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward looking information contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particulate event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release.

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States pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange Commission ("SEC")

(Canadian Compliant)