Peru Copper provides corporate update

VANCOUVER, May 29  /PRNewswire-FirstCall/ -- Peru Copper Inc. (TSX:PCR / AMEX:CUP / BVL:CUP) ("Peru Copper" or the "Company) announced today that the previously reported exclusivity period granted to a third party to facilitate discussions, has expired without reaching any agreement on price or terms. The exclusivity agreement has not been extended. There is no assurance any agreement on price or terms can be reached with the third party or any other third party.

The Company continues to evaluate strategic alternatives to maximize shareholder value from its Toromocho Copper Project. These alternatives may include a sale of a portion of the project to a strategic partner to assist in the development of the Toromocho Project, a sale of the Company or development of the Toromocho Project by the Company itself which would involve the raising of additional capital of the Company to advance the project.

Peru Copper continues to work with its financial advisor, UBS Investment Bank, to ensure that all alternatives available to the Company are properly considered and evaluated.

  Cautionary Note to U.S. Investors-The United States Securities and
  Exchange Commission permits U.S. mining companies, in their filings with
  the SEC, to disclose only those mineral deposits that a company can
  economically and legally extract or produce. We use certain terms in this
  press release, such as "mineral deposit", that the SEC guidelines
  strictly prohibit U.S. registered companies from including in their
  filings with the SEC. U.S. Investors are urged to consider closely the
  disclosure in our Form F-3 Registration Statement, File # 333-121527,
  which may be secured from us, or from the SEC's website at
  http://www.sec.gov/edgar.shtml.

  CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS



This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of copper and molybdenum, the timing of exploration activities, the mine life of the Toromocho Project, the economic viability and estimated internal rate of return of the Toromocho Project, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Peru Copper's commitment to, and plans for developing, the Toromocho Project. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Peru Copper to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Toromocho Project, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of copper, silver, molybdenum and gold, as well as those factors discussed in the section entitled "Risk Factors" in the Form F-3 as on file with the Securities and Exchange Commission in Washington, D.C. and in the section entitled "Narrative Description of the Business -- Risks of the Business" in the Annual Information Form of the Company dated March 28, 2007. Although Peru Copper has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Peru Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

CONTACT: Patrick De Witt, Director of Investor Relations, at [phone], or  

DATASOURCE: Peru Copper Inc.



CONTACT: Patrick De Witt, Director of Investor Relations, at (604)

689-0234, or 

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