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Northern Peru Engages Financial Advisor to Pursue Strategic
Alternatives
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Vancouver, British Columbia -- Northern Peru Copper Corp. is pleased to
announce that it has retained Genuity Capital Markets ("Genuity") as a
financial advisor to explore various strategic alternatives it is
considering. Genuity is an independent Canadian financial advisory firm
specializing in the mining sector, and has provided advisory services
in connection with some of the largest mining transactions in recent
years.

Galeno contains one of the largest undeveloped copper resources in the
Americas. The property is located in the Yanacocha mining district
approximately 16 kilometers east of the Yanacocha gold mine, one of the
largest gold mines in the world and 5 kilometers north of the
Michiquillay copper/gold project which is currently being privatized by
the Peruvian government.

On January 10, 2007 the Company announced the results of a positive
prefeasibility study on the Galeno project. The study showed that the
project has robust economics supported by a high grade starter pit, an
exceptionally low strip ratio, simple processing technology, a 661
million tonne probable mineral reserve and good regional
infrastructure. Based upon a long term copper price of US$1.35/lb, the
study shows that the project generates an after tax net present value
of US$560 million at an 8% real discount rate with an internal rate of
return of 18.2%. Further details on the results of the prefeasibility
study can be found in the Company's news release dated January 11, 2007
(www.northernperu.com). An updated 43-101 technical report detailing
the results of the prefeasibility study will be available in late
February.

Northern Peru continues to advance the Galeno project. A bankable
feasibility study will begin in early February and will include a
20,500 meter infill drill program, metallurgical testing and
engineering, social and environmental studies. The Company will also
continue its exploration program on base metal and gold targets at
Galeno and the neighbouring Hilorico gold deposit.

Key contacts at Genuity are:

- Ted Hirst (604) 694-6950
- Gunnar Eggertson (604) 694-6951

NORTHERN PERU COPPER CORP

Signed: "Marshall Koval"

Marshall Koval, CEO & President

For further information contact:
David Strang, VP Corporate Development
dstrang@northernperu.com
tel: + 604 687 0407
fax: + 604 687 7041

CAUTION REGARDING FORWARD LOOKING STATEMENTS: This release includes
certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts
that address future production or resource potential, exploration
drilling, exploitation activities and events or developments that
Northern Peru expects to occur, are forward-looking statements.
Although the company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results
or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward looking statements include
fluctuations in commodity prices, exploration successes, and continued
availability of capital and financing and general economic, market or
business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. The Company does not assume any obligation
to update or revise its forward-looking statements, whether as a result
of new information, future events or otherwise.

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 on this [website or press release or
relevant disclosure document], such as "measured resources", "indicated
resources", and "inferred resources", 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 File No. 20F, which may be secured from us, or from the SEC's
website at http://www.sec.gov/edgar.shtml.

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Copyright (c) 2007 NORTHERN PERU COPPER CORP. (NOC) All rights
reserved. For more information visit our website at
http://www.northernperu.com/ or send mailto:info@northernperu.com
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