VANCOUVER, BC, Oct. 18,
2023 /CNW/ - Lumina Gold Corp. (TSXV: LUM)
(OTCQB: LMGDF) (the "Company" or "Lumina") is pleased to
announce that activities at the Cangrejos project are proceeding on
schedule. The Company has been actively executing its 2023
Feasibility Study drill plan with nine rigs currently at site. The
Company has also been advancing work related to the Feasibility
Study expected to be completed in Q1 2025.
Drilling Update
Over 11,000 metres have been completed out of the planned 18,000
metres of resource, geotechnical and metallurgical drilling. The
drill program is expected to be finalized by year end. Lumina
compares assay results as they are received against those predicted
by the Pre-feasibility Study block model, and the average results
from assays received to date are tracking extremely well.
Feasibility Study Update
Contracts have been signed with several engineering companies
for the advancement of the Feasibility Study for the Cangrejos
project. These companies include IMC Mining Consultants to complete
the mining sections, SIM Geological Inc. for Resource Estimation,
Wyllie & Norrish Rock Engineers for pit slope engineering, and
Austin International as the metallurgical qualified person.
Several trade-off studies have been initiated in an effort to
further optimize the Cangrejos project. The studies are focused
on:
- Potentially resequencing when Gran Bestia enters the mine
plan, with the goal of reducing haulage to the waste rock storage
facility by utilizing the depleted Cangrejos deposit area.
- Review of final site infrastructure placement to assist with
project optimization and permitting.
- Review of the flowsheet to allow for the processing of
gold bearing saprolite that was treated as waste in the
Pre-Feasibility Study.
The results and potential implications of these studies should
be available to the Company in early 2024.
The Company is in the process of selecting the Feasibility Study
process lead consultant, which will be determined over the next
several months.
Ecuador Election
On Sunday, October 15, 2023,
Daniel Noboa was elected as
President of Ecuador. Lumina's
management team believes that President Elect Noboa will continue
policies supportive of mining in Ecuador. He has said that he will prioritize
the attraction of foreign investment and that responsible mining
has great potential to be an important source of financing for
social projects and generation of employment. Lumina looks forward
to engaging with the new administration on its Exploitation
Agreement terms and Exploitation Investment Protection Agreement to
support the development of Cangrejos.
Qualified Person
Leo Hathaway, P.Geo., Senior Vice
President of Lumina and the Qualified Person as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
for the Cangrejos Project has reviewed, verified, and approved the
contents of this news release and has verified the data underlying
the contents of this news release.
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 work programs, development of the
project, negotiating the exploitation agreement terms, negotiating
the exploitation investment protection agreement and future studies
at Cangrejos. 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.