TORONTO, ONTARIO -- (Marketwire) -- 03/30/09 -- Centenario Copper Corporation ("Centenario" or the "Company") (TSX: CCT) reports its financial results for the year ended December 31, 2008. Set out herein are the highlights from the MD&A for the year ended December 31, 2008. The annual Financial Statements and Management Discussion and Analysis of the Company are available on the Company's web site at www.centenariocopper.com and on SEDAR at www.sedar.com. All amounts are expressed in US dollars unless otherwise stated.

Highlights:

- Sale of company to Quadra Mining

-- On February 9, 2009 the Company entered into a definitive agreement with Quadra under which Quadra is expected to acquire all of the issued and outstanding common shares of Centenario (the "Arrangement Agreement") at an exchange ratio of 0.28 Quadra common shares for each Centenario common share. The closing of the Arrangement Agreement is subject to a number of standard conditions as well as the restructuring of the Franke Credit Facility on terms satisfactory to Quadra (the "Debt Restructuring").

-- On March 20, 2009 Quadra and Centenario announced the receipt of a signed commitment letter for $37.5 million from West LB in connection with a syndicated $50 million project loan facility (the "New Project Facility") to partially refinance the Franke Credit Facility. Discussions are ongoing with Centenario's existing lenders and other lenders to complete the syndication. However, in the event the syndication does not complete on a timely basis, Quadra will fund the $12.5 million difference until the syndication can be completed.

-- On March 20, 2009 Quadra announced a "Bought Deal" equity financing for CAD $75.3 million. The net proceeds are intended to be used to partially refinance the Franke Credit Facility, pay obligations to project contractors and complete development of the Franke Project, as well as for general working capital and corporate purposes. The offering is conditional upon, among other things, the completion of the Arrangement.

-- Based on the funding from the New Project Facility and the Bought Deal financing, Quadra has announced that it appears that the Debt Restructuring condition of the Arrangement Agreement will be satisfied.

-- On March 26, 2009 Quadra and Centenario announced they have settled the terms of a convertible loan agreement to provide interim financing of up to $12.5 million.