On November 14, 2006, Ascendant Copper Corporation announced that it had signed an agreement (with an effective date of September 1, 2006) with Antofagasta PLC for the exploration and advancement of Ascendant's Chaucha project, a copper-molybdenum property located in southern Ecuador.

Under the terms of the Agreement, Antofagasta has the right to earn over a six-year period up to an undivided 60% interest in the project through earning an equity interest in Ascendant's special purpose subsidiary, Compañia Minera DosRios S.A. (or other company that the parties might agree to form to hold DosRios), which holds (or will hold) all of the concessions and applications for concession associated with the project. To earn this interest, Antofagasta must fund DosRios with at least US$40 million, primarily for in-the-ground exploration expenditures on the project, but which will include the preparation of a detailed feasibility study.

Darrell Podowski and Michael Bourassa of Fasken Martineau advised Antofagasta in this matter.