VANCOUVER, BC, Jan. 3, 2024
/CNW/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA)
(OTCQX: LUCMF) (Frankfurt: Z68) is pleased to announce the
appointment of Lisa Dea as Chief
Financial Officer ("CFO"), effective January
2, 2024.
Lisa Dea, CPA, CA, is a highly
experienced financial executive with over three decades of
expertise in finance, securities, and accounting. As the former
Chief Financial Officer of Guanajuato Silver Company Ltd., a TSX-V
listed mid-tier producing silver company, Ms. Dea played a pivotal
role in strategically reactivating past producing silver and gold
mines in central Mexico. Her
comprehensive skills span corporate and M&A activities, debt
and capital markets, operations, financial reporting, and human
resources. Ms. Dea has a proven track record of successfully
negotiating and completing numerous debt and equity deals,
fostering and maintaining banking relationships with international
institutions, and leading teams with a focus on collaboration and
mentorship. Holding a Chartered Accountant designation earned in
1997 and a Bachelor of Commerce degree from the University of British Columbia, Lisa Dea has been instrumental in overseeing all
aspects of finance and legal functions, implementing structural
controls, governance, and fiscal policies throughout her career.
With a strong foundation built during her eleven-year tenure at
Deloitte & Touche LLP, where she achieved the position of
Senior Manager, Ms. Dea's strategic financial management has been
evident in her roles as the CFO of several TSX, TSX-v, CSX and ASX
listed companies throughout her career in the finance industry.
CEO, Mike Struthers, stated,
"I'm very pleased to announce Lisa joining the Luca team. She
brings a wealth of experience both corporately and in operations.
Her recent experience in Mexican mines is directly relevant and
will be invaluable as Luca continues to optimise administrative and
accounting functions at the mines and corporately, especially at
our new gold mine at Tahuehueto. Lisa will quickly become a
valuable leading member of the Vancouver-based team, and her strategic
experience will also help shape Luca's future. Welcome
Lisa."
The Company also extends its sincere gratitude to Mr.
Omar Garcia Abrego for his dedicated
service as the CFO over the last 7 years, significantly
contributing to the Company's current success. Mr. Abrego will
continue to support Luca Mining Corp. as a consultant over the
coming weeks, facilitating a seamless transition.
The Company announces that pursuant to its Omnibus Equity
Incentive Plan, it has granted incentive stock options to purchase
an aggregate 200,000 shares in the capital stock of the Company.
The options will be exercisable at a price of $0.35 per share for a period of 5 years.
Board Resignation
The Company also announces the resignation of Ralph Shearing from the Board of Directors.
Ralph, the founder of our company, has played an instrumental role
in shaping Luca Mining's trajectory from its inception over 30
years ago. His leadership and unwavering commitment have been a
cornerstone, guiding the company through challenging times in the
public markets, ensuring its survival and growth. While Ralph steps
down from the Board, we are pleased to announce that he will
continue to contribute to our future growth as an advisor to the
company. We extend our heartfelt appreciation for his dedication
and tireless efforts and wish him continued success in his future
endeavors.
"On behalf of the Company I want to thank Ralph for his
dedication to laying the foundations for Luca to become a
successful mining company", commented Mike Struthers, CEO. "On a personal note, I
also want to thank Ralph for ensuring such a smooth transition when
I joined Luca. Ralph is a consummate professional and has always
put the interests of the Company and its shareholders first and
foremost. I look forwards to continuing to draw on Ralph's
knowledge of the projects as we push forwards with our plans for
2024."
About Luca Mining Corp.
Luca Mining Corp. is a Canadian based mining company with two
100% owned Mexican gold, silver, and base metal mining projects.
With one mine ramping up, and another going through an optimisation
program, the Company expects these operations to achieve consistent
positive free cash flow during 2024.
Luca's Tahuehueto Mine is a new underground gold mine in
northwestern Durango State, Mexico, located within the prolific Sierra
Madre Mineral Belt which hosts numerous producing and historic
mines along its trend. Currently in the final stages of
construction to the nameplate capacity of 1,000 tonnes per day,
Tahuehueto is on track to become a significant and one of
Mexico's newest gold mines to come
into production. The Pre-Feasibility Study updated in 2022
contemplates an operation achieving production of 40,000 ounces
gold-equivalent per year, with approximately 75% of the revenues
from precious metals, and a 10-year mine life.
The Campo Morado Mine, located in Guerrero State, Mexico, is an operating underground base and
precious metals mine with a throughput of approximately 600,000
tonnes per year, producing zinc, copper, and lead concentrates with
significant precious metals credits. It is currently undergoing an
optimisation program which is already generating significant
improvements in recoveries and grades, and cashflows.
Visit: www.lucamining.com
On Behalf of the Board of Directors
(signed) "Mike Struthers"
Mike Struthers, CEO and
Director
Cautionary Note Regarding
Production Decisions and Forward-Looking Statements
It should be noted that Luca declared commercial production at
Campo Morado prior to completing a
feasibility study of mineral reserves demonstrating economic and
technical viability. Accordingly, readers should be cautioned that
Luca's production decision has been made without a comprehensive
feasibility study of established reserves such that there is
greater risk and uncertainty as to future economic results from the
Campo Morado mine and a higher
technical risk of failure than would be the case if a feasibility
study were completed and relied upon to make a production decision.
Luca has completed a preliminary economic assessment ("PEA") mining
study on the Campo Morado mine
that provides a conceptual life of mine plan and a preliminary
economic analysis based on the previously identified mineral
resources (see News Release dated November
8, 2017, and April 4,2018).
Statements contained in this news release that are not
historical facts are "forward-looking information" or
"forward-looking statements" (collectively, "Forward-Looking
Information") within the meaning of applicable Canadian securities
laws. Forward Looking Information includes, but is not limited to,
disclosure regarding the planned program to improve mining
operations at Campo Morado; and
other possible events, conditions or financial performance that are
based on assumptions about future economic conditions and courses
of action; the timing and costs of future activities on the
Company's properties, such as production rates and increases;
success of exploration, development and bulk sample processing
activities, and timing for processing at its own mineral processing
facility on the Tahuehueto project site. In certain cases,
Forward-Looking Information can be identified using words and
phrases such as "plans," "expects," "scheduled," "estimates,"
"forecasts," "intends," "anticipates" or variations of such words
and phrases. In preparing the Forward-Looking Information in this
news release, the Company has applied several material assumptions,
including, but not limited to, that the current exploration,
development, environmental and other objectives concerning the
Campo Morado Mine and the Tahuehueto Project can be achieved; that
the program to improve mining operations at Campo Morado will proceed as planned; the
continuity of the price of gold and other metals, economic and
political conditions, and operations. Forward-Looking Information
involves known and unknown risks, uncertainties and other factors
which may cause the actual results, performance, or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
Forward-Looking Information. There can be no assurance that
Forward-Looking Information 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 Information. Except as
required by law, the Company does not assume any obligation to
release publicly any revisions to Forward-Looking Information
contained in this news release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Neither 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 release.
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SOURCE Luca Mining Corp.