VANCOUVER, BC, Nov. 21,
2024 /CNW/ - Lumina Gold Corp. (TSXV: LUM)
(OTCQB: LMGDF) (the "Company" or "Lumina") is pleased to announce
that the Ministry of Energy and Mines of Ecuador has extended the Los Cangrejos mining
concession until 2049. This decision by the Government of
Ecuador creates positive
conditions to continue the investment plans for Cangrejos. The
Company can apply for another 25-year extension beyond 2049.
The Company continues to execute its plans to advance the
Cangrejos project to a fully permitted, ready to construct project
with the following projected milestones:
- Signing of the binding terms (Acta de Negociación Final) for
the Exploitation Contract – Q4 2024
- Addendum of the existing Exploration Investment Protection
Agreement to include historical investment up to 2024 – Q4
2024
- Signing of the Complementary Investment Protection Agreement
for the construction period – Q1 2025
- Completion of the Feasibility Study – Q2 2025
- Submission of the Environmental Impact Study for permitting –
Q2 2025
- Change of Mining Title phase to exploitation – H1 2025
- Signing of the Exploitation Contract – H2 2025
- Public Environmental Consultation – Specific timing to be
determined
Lumina continues to advance specific components of the
Feasibility Study, including:
- Completion of a metallurgical test work program at C. H. Plenge
& CIA S.A., an independent metallurgical laboratory based in
Lima, Peru.
- Completion of a geotechnical field program for facility siting
was completed to finalize designs, including a total of 20
boreholes, 53 test pits, and over 9,500 metres of geophysics
lines.
- Completion of a Regional Hydrogeology Program, which included
the drilling and pump-testing of 12 new wells to support the
Feasibility Study and Environmental Impact Study baseline.
- Advancement of an updated resource estimate and mine plan
design is near completion by Sim Geological and IMC Tucson.
- Advancement of final site plans, plant design and receipt of
vendor quotes for all major equipment required to generate capital
and operating cost estimates for the Feasibility Study are being
undertaken by Ausenco Engineering Canada ULC.
Qualified Persons
Ron Halas, P.Eng., Chief
Operating Officer of Lumina and a Qualified Person as defined by NI
43-101 has reviewed, verified, and approved the contents of this
news release.
About Lumina Gold
Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base
metals development company focused on the Cangrejos Gold-Copper
Project located in El Oro Province, southwest Ecuador. In 2023, the Company completed a
Pre-Feasibility Study for Cangrejos, which is the largest primary
gold deposit in Ecuador. Lumina
has an experienced management team with a successful track record
of advancing and monetizing exploration projects.
Follow us on: Twitter, Linkedin or Facebook.
Further details are available on the Company's website at
https://luminagold.com/. To receive future news releases please
sign up at https://luminagold.com/contact.
LUMINA GOLD CORP.
Signed: "Marshall Koval"
Marshall Koval, President
& CEO, Director
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to statements or
information with respect to the timing and completion of the items
listed as projected milestones. Often, but not always,
forward-looking statements or information can be identified by the
use of words such as "will" or "projected" or variations of those
words or statements that certain actions, events or results "will",
"could", "are proposed to", "are planned to", "are expected to" or
"are anticipated to" be taken, occur or be achieved.
With respect to forward-looking statements and information
contained herein, the Company has made numerous assumptions
including among other things, assumptions about general business
and economic conditions, the prices of gold and copper, and
anticipated costs and expenditures. The foregoing list of
assumptions is not exhaustive.
Although management of the Company believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that a forward-looking statement or information herein will prove
to be accurate. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information. These factors include,
but are not limited to: risks associated with the business of the
Company; business and economic conditions in the mining industry
generally; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; risks relating to inaccurate geological
and engineering assumptions (including with respect to the tonnage,
grade and recoverability of reserves and resources); risks relating
to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); risks relating to adverse weather conditions; political
risk and social unrest; changes in general economic conditions or
conditions in the financial markets; and other risk factors as
detailed from time to time in the Company's continuous disclosure
documents filed with Canadian securities administrators. The
Company does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lumina-gold-announces-concession-extension-until-2049-302313698.html
SOURCE Lumina Gold Corp.
