VANCOUVER, BC, Feb. 1, 2022 /CNW/ - Lumina Gold Corp.
(TSXV: LUM) (OTCQX: LMGDF) (the "Company" or "Lumina") is pleased
to announce that after a competitive bidding process, the Company
has appointed Ausenco Engineering Canada Inc. ("Ausenco") to lead
the Cangrejos Pre-feasibility study ("PFS"). Ausenco was
responsible for the waste rock, tailings management and site
infrastructure portions of the 2020 Preliminary Economic Assessment
("PEA") and is already familiar with the Cangrejos project. In
addition to these project areas, Ausenco will also serve as the
lead author for the NI 43-101 technical report with its
professionals acting as Qualified Persons for Infrastructure
(Section 18) and Market Studies (Section 19), as well as portions
of Mineral Processing (Section 13), Recovery Methods (Section 17),
Environmental Studies, Permitting, and Social or Community Impacts
(Section 20), Capital and Operating Costs (Section 21), and
Economic Analysis (Section 22).
As part of the PFS work for the project, Lumina and Ausenco have
agreed to complete trade-off and optimization studies around the
following areas:
- Process plant layout and siting with the aim of reducing the
plant footprint
- Overall review of metallurgical test work with the aim to
simplify the process flowsheet
- Gravity gold recovery circuit cost/benefit analysis and gravity
gold treatment method
- Gold-copper extraction/recovery circuit optimization, including
saprolite and sap-rock processing
- Molybdenum concentrate circuit cost/benefit analysis
- HPGR processing cost/benefit analysis vs SAG/ball mill
circuit
- Process plant throughput optimization based on current
information with the aim to identify CAPEX and OPEX reductions
versus 2020 PEA
- Review of the 2020 PEA filter plant and dry stack tailings
design and identify optimization opportunities, including
evaluating potential conventional slurry tailings and dry stack
sites
The drilling program is continuing at Cangrejos with four rigs
now working on site. To date, approximately 4,700 metres have been
drilled across 9 completed holes and 3 holes that are in progress.
Lumina continues to expect the completion of the PFS in early
2023.
About Ausenco
Ausenco is a global company redefining what's possible. Its team
is based across 26 offices in 14 countries, with projects in over
80 locations worldwide. Combining their deep technical expertise
with a 30-year track record, Ausenco provides innovative, value-add
consulting and engineering studies and project delivery, asset
operations and maintenance solutions to the mining & metals,
oil & gas and industrial sectors.
About Lumina Gold
Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base
metals exploration and development company focused on the Cangrejos
Gold-Copper Project located in El Oro Province, southwest
Ecuador. Lumina has an experienced
management team with a successful track record of advancing and
monetizing exploration projects.
Further details are available on the Company's website
at https://luminagold.com/.
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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 which trade-off studies will be
completed in the PFS and the timing for completion of the PFS.
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.
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SOURCE Lumina Gold Corp.