VANCOUVER, BC, May 26, 2023
/CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQX:
LMGDF) (the "Company" or "Lumina") is pleased to announce
that it has received the first US$12
million payment (the "First Early Deposit Payment") under
the previously announced precious metals purchase agreement (the
"Gold Stream") with Wheaton Precious Metals International Ltd.
("Wheaton") in relation to its 100% owned Cangrejos gold-copper
project located in El Oro Province, Ecuador (the "Project" or "Cangrejos").
The principal terms of the First Early Deposit Payment and the
Gold Stream are as described in the Company's news release dated
May 16, 2023, whereby Wheaton will
pay a total of US$300 million to
acquire 6.6% of the payable gold produced from the Project
until 700,000 ounces of gold have been delivered, and 4.4.%
thereafter, with US$48 million being
paid as an early deposit pre-construction and US$252 million being paid during
construction.
The Company also wishes to clarify information disclosed in its
May 16, 2023 news release, to revise
the original statement from "Wheaton will pay a production payment
representing 18.0% of the spot price of gold for the first 700,000
ounces and 22.0% of the spot price of gold thereafter"
to "Wheaton will make ongoing payments for the gold ounces
delivered equal to 18.0% of the spot price of gold until the
uncredited deposit is reduced to nil and 22.0% of the spot price of
gold thereafter".
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. In 2023, the Company
completed a Preliminary Feasibility Study (the "PFS") 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.
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Further details are available on the Company's website at
https://luminagold.com/. To receive future news releases please
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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 Company's decision and ability to
develop the Project into a producing mine; payment by Wheaton of
$300 million to Lumina and the
satisfaction of each party's obligations in accordance with the
Gold Stream; and the delivery to Wheaton of gold production in
respect of the Project. 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, copper and silver; the
Company's ability to meet its obligations under the Gold Stream and
other material agreements; the accuracy and reliability of
technical data, forecasts, estimates and studies, including the
PFS; the accuracy of slope guidance underlying the engineered pit
design; estimates of mineral resources and mineral reserves;
anticipated costs and expenditures; future results of operations;
ability to satisfy power infrastructure and water capacity
requirements; availability and ability to procure personnel,
machinery, supplies, and equipment from local sources where
possible; the characteristics of the Project producing innate
positive environmental impacts; tax rates and royalty rates
applicable to the Project; the relationship between the Company and
the local communities and its business partners; ability to operate
in a safe and effective manner; and the success of exploration,
development and processing activities. 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 relating to exploration activities
and accurately predicting mineralization; the timing and ability of
the Company to obtain necessary permits; 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); capital costs varying
significantly from estimates; business and economic conditions in
the mining industry generally; risks associated with the business
of the Company; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; inflation and credit risks; 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.