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Ascendant Holdings Ltd.

26 26 2006

Hamilton, Bermuda: October 26, 2006 -- Ascendant Holdings Ltd. (AHH.BH) announced today that it had completed a spin-off of its remaining mining projects into a new corporate structure, EcuaGold Resources Ltd. "EGR", which they intend to take public through an Initial Public Offering on a major international exchange in the fourth quarter of 2006. The mining projects included are Curiplaya, Telimbela, Molleturo, Palmira, Asaray and San Bartolome. The Company has approved a dividend of one quarter share of EGR for every one share of Ascendant Holdings Ltd. to its shareholders of record as at September 28^th 2006, payable on or before November 30th, 2006. Ascendant Holdings, Ltd. will then retain the balance of the shares. The Shareholders will receive individual notification of the dividend.

DIVIDEND NOTIFICATION

September 29, 2006

To The Shareholders of:

ASCENDANT HOLDINGS LTD.

A Bermuda Corporation

Ascendant Holdings, Ltd. (the "Company") is pleased to announce the declaration of a share dividend to all shareholders of record as of September 28^th 2006, payable on or before November 30th, 2006. The dividend will consist of one quarter of one common share EcuaGold Resources Ltd ("EGR") for each share of the Company held on the record date.

EGR is a British Columbia subsidiary of the Company. Management of EGR intends to seek a listing for the common shares of EGR on a recognized stock exchange in Canada. Counsel for EGR are holding the certificates representing the shares to be issued as a dividend, and will forward to shareholders a copy of the EGR share certificate within the next 60 days. Copies of original certificates will be delivered to shareholders no later than the listing of the shares of EGR on the stock exchange. The tax basis of this stock is $0.01 per EGC share.

Furthermore, to provide for an orderly market for the shares of EGR following the listing, the Company has agreed to a lock up period for all shares of EGR that will be as the dividend such that 10% of the shares will be free-trading on listing, with the balance becoming free-trading in four equal installments every 90 days thereafter. The certificates for the EGR shares distributed as the dividend will bear a legend setting out these trading restrictions.