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Ascendant Copper Corporation ("Ascendant")
(TSX:ACX)(TSX:ACX.WT)(FRANKFURT:A5C)(BERLIN:A0HMLE) and St. Genevieve Resources
Ltd. ("SGV") (CNQ:SGVL) today announced that they have entered into a binding
arrangement agreement to complete the previously announced acquisition by
Ascendant of all of the common shares of SGV in exchange for up to 30 million
common shares of Ascendant. The acquisition was initially announced by Ascendant
and SGV on October 31, 2007.


"With the completion of this transaction, Ascendant will have taken a material
step toward accomplishing its goal of near-term production in the Americas,"
said Gary E. Davis, CEO and President of Ascendant. "The SGV portfolio includes
several copper exploration properties and two near-term producing properties in
the United States. Over the longer term, as one or more of the SGV assets are
financed and put into production, we believe our shareholders will participate
in a significant increase in the value of the combined company."


Bryan Wilson, CEO & President of SGV, said, "We are excited by the prospects of
this merger between Ascendant and SGV. With Ascendant's strong management team
in place, we feel near-term production at the Zonia Project and possibly Emerald
Isle, is imminent. The SGV directors and officers strongly believe this
arrangement is in the best interest of the SGV shareholders."


Highlights of the Combined Company:

- Geographic diversification in the United States and Ecuador in terms of
identified copper resources and exploration properties;


- Stronger balance sheet to finance development of the asset portfolio, with
approximately US$8.84 million in cash on a pro forma basis as at September 30,
2007;


- SGV shareholders will be offered a TSX listing for their shares and a more
liquid market;


- All shareholders will (i) be offered an opportunity to benefit from cash
resulting from bringing into production one or more of SGV's near-term copper
producing properties and (ii) participate in the significant upside offered by
ACX's existing large copper/molybdenum porphyry exploration properties located
in South America;


- Strong management team having extensive international and U.S. mineral
operations and exploration experience;


- The existing ACX shareholder base includes several large, well-established
Canadian investment institutions providing potential access to ongoing
financing.


Under the terms of the arrangement agreement, Ascendant has agreed to issue up
to an aggregate of 30 million ACX common shares in exchange for all issued and
outstanding shares of SGV. The exact number of ACX common shares to be issued to
SGV shareholders will be reduced by an amount of 7.5 ACX common shares for each
one dollar of amounts drawn down under certain credit facilities extended to SGV
by ACX and payables outstanding on the date of closing.


The agreement received the unanimous approval of the boards of directors of both
Ascendant and SGV. The board of directors of SGV, having received a fairness
opinion from Evans & Evans Inc., the financial advisor to SGV, is recommending
that SGV shareholders and warrantholders vote in favour of the transaction. A
copy of the arrangement agreement will be posted on SEDAR under the profiles of
each of Ascendant and SGV.


The acquisition, which will proceed by way of a court-approved plan of
arrangement, is subject to all requisite regulatory and court approvals and
other conditions customary in transactions of this nature. The arrangement must
be approved by at least two-thirds of the votes cast by the shareholders and
warrantholders of SGV, voting together as a class, at a special meeting of
shareholders and warrantholders to be held in Montreal on February 15, 2008.
Approximately 50% of SGV shareholders have already pledged support for the
merger and have signed lock-up agreements to this effect. The transaction
expected to close prior to the end of February 2008. Additional terms of the
transaction will be more fully described in the management proxy circular, which
will be mailed shortly to all shareholders and warrantholders of SGV who are
entitled to vote at the special meeting. Following closing of the transaction,
SGV shares will cease trading on the CNQ and SGV will operate as a wholly-owned
subsidiary of Ascendant.


The SGV portfolio includes several copper exploration properties and highlighted
by two near-term producing properties in the United States:


Zonia (Prescott, Arizona)

The Zonia Mine property comprises approximately 3,000 acres and produced 33
million pounds of copper from 1966 to 1975 by heap leaching. A recent National
Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101")
Technical Report dated October 16, 2006 by Scott Wilson Roscoe Postle Associates
(RPA) provides an independent estimate of an inferred mineral resource of 63
million tons averaging 0.37% total copper (at a cut-off grade of 0.25% copper)
containing an estimated 460 million pounds of copper. A third party engineering
firm, Gustavson Associates, contracted by ACX, as part of the due diligence
process, estimates that the Zonia property can be put back into production
within 24 months producing approximately 20 million pounds of copper annually
for 17 years. A feasibility study for this project was prepared in 1994 by a
previous owner which included significant technical, environmental and
permitting information. While much of this prior work is outdated, it serves as
good baseline data as ACX management formulates a plan to advance this project
as quickly as possible.


Emerald Isle (Kingman, Arizona)

RPA also prepared a NI 43-101 compliant technical report in March 2006 based on
historical drilling and concluded that the property contains 2.3 million tons
grading 0.625% copper (at a cutoff grade of 0.30% copper) with an indicated
resource of 27.5 million pounds of copper. Behre Dolbear & Company (USA) Inc.
recently completed a pre-feasibility study demonstrating the viability of this
operation at current copper prices. ACX management believes that the Emerald
Isle mine can be in production within 12 months, producing approximately 5
million pounds of copper annually for 4 years, and is currently reviewing this
alternative.


About Ascendant Copper Corporation

Ascendant Copper Corporation is a mineral exploration and development company
that is focused on becoming a mid-tier copper and molybdenum producer. Ascendant
is responsibly advancing its copper-molybdenum projects in Ecuador toward a
verifiable economic base metal discovery. Ascendant continues to investigate
mineral properties of merit in the Americas.


About St. Genevieve Resources Ltd.

St. Genevieve Resources Ltd. is a base metal exploration and development company
with its principal assets located in Arizona and Nevada, USA. SGV is listed on
the CNQ Exchange under the symbol SGVL.

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