VANCOUVER, BC, June 1, 2023
/CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF)
(the "Company" or "Lumina") is pleased to announce that the Company
has filed on SEDAR an independent technical report (the "Report")
prepared in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101")
supporting the results of a Pre-Feasibility Study ("PFS") for the
development of its Cangrejos gold-copper project located in
southwest, Ecuador (the "Project"
or "Cangrejos"). The results of the PFS were previously reported in
the Company's news release dated April 17,
2023, and there are no material differences in the Report
from those results. The effective date of the Report is
April 7, 2023.
PFS Highlights:
- Life of mine ("LOM") average annual payable production of 371
thousand ounces gold ("koz")
- LOM average annual payable by-product production of 41 million
lbs copper
- 469 koz of average annual gold equivalent production over the
LOM
- 26-year mine life with a LOM revenue mix of 79% gold, 20%
copper and 1% silver
- 30,000 tonnes per day processing operation from years 1-3, with
an expansion to 60,000 in year 4 and 80,000 in year 7
- After-tax NPV (5%) of $2.2
billion and IRR 17.2% using base case prices
- Average cash operating costs of $602/oz and all-in sustaining costs of
$671/oz, net of by-product
credits
- LOM processed grades of 0.55 grams per tonne ("g/t") gold and
0.10% copper
- Years 1-6 processed grades of 0.71 g/t gold and 0.12%
copper
- Initial capital costs of $925
million include working capital and exclude refundable value
added tax ("VAT")
The full Report dated June 1,
2023, and entitled "Cangrejos Gold-Copper Project NI 43-101
Technical Report on the Pre-feasibility Study", can be found
on the Company's website at
https://luminagold.com/projects/cangrejos-project/technical-reports
and on SEDAR under the Company's issuer profile at
www.sedar.com.
Qualified Persons
The scientific and technical information contained in this news
release has been reviewed and approved by Leo Hathaway, P.Geo., Senior Vice President of
Lumina, who Is a Qualified Person as defined by NI 43-101.
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 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.
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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 ability to negotiate
terms for its Investment Protection Agreement and begin the
permitting process for the Project; the key assumptions, parameters
and methods used to estimate the mineral resource and mineral
reserve estimates relating to the PFS; the development, operational
and economic results of the PFS, including grade or quality of
mineral deposits, processing and production schedules, LOM
projections and estimates, cash estimates and costs, mined and
processed material estimates, and future exploration and expansion
potential; the realization of mineral resource and mineral reserve
estimates; the engineered pit designs providing satisfactory access
and sufficient working room for the planned fleet and optimize
increasing metal prices; the copper-gold flotation concentrate that
makes up the majority of the Project revenue being trucked to an
Ecuadorian port approximately 40 km away, Puerto Bolivar, and shipped to smelters and
refiners for further processing; the environmental, social and cost
benefits of the DSTF; proximity to the Ecuadorian port reducing
greenhouse gas emissions; creation of employment opportunities
during the construction period and throughout the mine life,
including employment opportunities during production dedicated to
community, environmental and health and safety work; the Company's
prioritization of local hiring and purchasing; the Company's
ability to engage in community relations programs in Ecuador as an ongoing corporate priority; the
Company's ability to continue meeting Ecuadorian environmental
regulations, international mining industry best practices and
appropriate international lending institution guidelines; the
continued use of electrical power from renewable hydroelectric
sources; minimization of land clearance, progressive reclamation
and revegetation, and reforestation of impacted lands; availability
of adequate water for the Project from on-site or nearby water
sources; impact of water consumption on local water users; the
ability of the Company to continually pay a NSR and other local and
municipal taxes; higher commodity prices negatively affecting
sovereign adjustment payments; and the absence of adverse
conditions at 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
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.
