VANCOUVER, BC, Jan. 28,
2025 /CNW/ - Lumina Gold Corp. (TSXV: LUM)
(OTCQB: LMGDF) (the "Company" or "Lumina") is pleased to
announce significant progress regarding power infrastructure
required for the Cangrejos gold-copper project (the "Project"). The
Company received approval of the definitive feasibility level
designs for connection to the national grid for the future energy
demand of the Project from Corporación Eléctrica del Ecuador ("CELEC") on January 15, 2025. The designs include two
transformers at the La Avanzada substation dedicated to the Project
and the 138 kV single circuit transmission line that will run
approximately 20 kilometres from the substation to the Project.
Along with these approvals, CELEC has committed to reserve the
necessary area required to build the transmission infrastructure at
the La Avanzada substation.
Other Project Updates
Ausenco Engineering Canada ULC, the lead engineering contractor
for the feasibility study for the Project (the "Feasibility
Study"), has completed 92% of the estimated work. The Feasibility
Study remains on schedule for completion during Q2 2025. Key
components completed include:
- An updated mineral resource estimate, mine plan and
schedule;
- Process flowsheet and facility design based on metallurgical
testwork;
- Project infrastructure siting, engineering and design;
- Metals marketing study;
- Receipt of vendor quotes; and
- Selection of major project equipment.
The Project team is now focused on developing final capital and
operating cost estimates to support the study's economic model.
Work for the Environmental Impact Study ("EIS") is progressing
on schedule. This work will allow for the submission of the EIS to
the Government of Ecuador in
mid-2025. Lumina is targeting receiving its Environmental License
for the construction and operation of the Project by early
2026.
About Lumina Gold
Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base
metals 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 the Project, 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
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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: completion and anticipated timing of
the Feasibility Study; connecting the Project to the National Grid
and the designs for connection; the future energy demand of the
Project; completing substation and power line construction; the
commitment from CELEC to reserve the necessary area required to
build the transmission infrastructure; completion and anticipated
timing of the EIS submission; and receiving the Environmental
License for the construction and operation of the Project by early
2026. 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, anticipated
costs and expenditures, availability of power, the timely receipt
of necessary approvals and licenses, the ability to meet current
and future obligations, the Company's ability to comply with
environmental laws, no unplanned delays or interruptions, the
parameters of the transmission infrastructure, and expected
Ecuador national, provincial and
local government policies. 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.
