August 11, 2008
Centenario Copper Corporation Appoints Rene Oliva As Franke Operations Manager
TORONTO, ONTARIO--(Marketwire - Aug. 11, 2008) - Centenario Copper Corporation (TSX:CCT) is pleased to announce the appointment of Rene Oliva as Franke Operations Manager, effective August 11, 2008.
Mr Oliva is a Mining Civil Engineer with over 21 years of experience in mining operations throughout Chile, working for Codelco and LAC Minerals. Most recently, he was Mine Manager of the Andina Division of Codelco (over 2,600 workers), where he developed and implemented a mine-to-mill concept that increased throughput and reduced operating costs and led various labour contract negotiations. Previously, he was Mine Manager at the Chuquicamata (over 4,000 workers) and Mina Sur (over 1,000 workers) operations of the Codelco Norte Division. He was also directly responsible for the very successful start-up of operations at the Radomiro Tomic SX-EW mine.
Mr Richard Leclerc's, Chief Operating Officer of Centenario commented: We are very pleased to have been able to attract someone of Rene's calibre to head up our operations at Franke. While still a young man (46 years old), Rene has already established himself as an outstanding operator of mines in Chile and has a strong track record in establishing productive and collaborative relations with workers. His experience gained in the start-up of the Radomiro Tomic SX-EW operation will be particularly valuable as we bring Franke into production in the near future.
In connection with his employment, Mr. Oliva has been granted 40,000 options, subject to vesting in accordance with the Company's Option Plan, exercisable at the closing price of the Company's shares on the TSX on the August 11, 2008, and subject to certain vesting provisions and the terms of the Company's Stock Option Plan.
CENTENARIO COPPER CORPORATION
Richard Colterjohn, President and CEO
About Centenario Copper Corporation:
The Company was founded in 2004 with the goal of becoming a mid- tier copper producer and consolidator, active in regions of low sovereign risk. Centenario currently operates exclusively in Regions II and III of Chile. The Company intends to achieve its goal through the acquisition and development of advanced, mid-sized copper projects. It then plans to enhance the scale and value of its principal projects through the roll-up of smaller satellite copper resources, which exist regionally around the principal projects.
The Franke Property, located in Region II, is currently in construction and is projected to produce 30,000 tonnes of cathode copper per year, starting in December 2008. On the nearby Pelusa Property, a fast track evaluation of various copper targets is underway. The Company believes that the Pelusa Property is highly prospective for developing additional leachable copper resources and is evaluating possible production scenarios, including processing at the Franke plant. The Pan de Azucar Property, located 45 km. from the Franke Property, is currently being evaluated as a possible nucleus for a second property cluster. The Company continues to evaluate other "in region" clustering opportunities, which could reinforce its existing property portfolio.
Copies of NI 43-101 Technical Reports are posted on SEDAR and on the Company's web site.
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved of disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of Centenario Copper Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Centenario's expectations are the risks detailed herein and from time to time in the filings made by Centenario Copper Corporation with securities regulators.
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