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Re: News - Tuesday, May 29, 2007
Peru Copper Provides Corporate Update
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Vancouver, British Columbia, Canada, May 29, 2007, 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.

For further information please contact Patrick De Witt, Director of
Investor Relations at (604) 689-0234 or patrick@perucopper.com.


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.

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Copyright (c) 2007 PERU COPPER INC. (PCR) All rights reserved. For
more information visit our website at http://www.perucopper.com/ or
send mailto:info@perucopper.com
Message sent on Tue May 29, 2007 at 5:10:25 AM Pacific Time
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