#Lumina Gold #Cangrejos Project #Ecuador #Canada #Vancouver

Lumina Gold Secures Concession Extension Until 2049

Lumina Gold Corp., based in Vancouver, Canada, is making significant strides in its operations in Ecuador. Recently, the company announced that it has received an extension on its mining concession for the Los Cangrejos project until the year 2049.

Importance of the Extension

The extension was granted by the Ecuadorian Ministry of Energy and Mines, marking a pivotal moment for Lumina as it enhances conditions for ongoing investments into the Cangrejos project. The extension also allows the company the opportunity to apply for an additional 25-year extension post-2049. This offers Lumina Gold a long-term perspective in developing one of the largest primary gold deposits in Ecuador.

Upcoming Milestones

Lumina Gold is actively pushing forward with its agenda to transition the Cangrejos project into a fully permitted site ready for construction. Here’s a timeline of projected milestones:

• - Q4 2024: Signing of the binding terms for the Exploitation Contract.
• - Q4 2024: Amendment of the existing Exploration Investment Protection Agreement.
• - Q1 2025: Signing of the Complementary Investment Protection Agreement for the construction phase.
• - Q2 2025: Completion of the Feasibility Study.
• - Q2 2025: Submission of the Environmental Impact Study for permitting.
• - H1 2025: Transitioning of Mining Title from exploration to exploitation.
• - H2 2025: Signing of the Exploitation Contract.
• - To Be Determined: Public Environmental Consultation.

These milestones are crucial in ensuring that Lumina Gold maintains its trajectory towards creating a fully operational mining site.

Advancements in Feasibility Study

In tandem with these goals, Lumina is making progress in key components associated with the feasibility study. This includes:

• - Completion of a metallurgical testing program in collaboration with C. H. Plenge CIA S.A., an independent lab in Lima, Peru.
• - A comprehensive geotechnical field program that involved 20 boreholes, 53 test pits, and over 9,500 meters of geophysical lines.
• - Implementation of a Regional Hydrogeology Program, featuring 12 new wells drilled and pump-tested to underpin both the Feasibility and Environmental Impact Studies.
• - An updated resource estimate and mine plan design is nearing completion by the specialists at Sim Geological and IMC Tucson.
• - Final site plans and plant design are being processed alongside vendor quotes for essential equipment to generate capital and operating cost estimates as part of the feasibility study, with support from Ausenco Engineering Canada ULC.

Leadership Review

Ron Halas, P.Eng., who serves as the Chief Operating Officer of Lumina, has endorsed the activities detailed in this release, emphasizing the company’s commitment to transparency and diligence throughout the project development phases.

About Lumina Gold

Lumina Gold Corp. specializes in precious and base metals, notably focusing on the Cangrejos Gold-Copper Project located in El Oro Province in southwest Ecuador. In 2023, the company successfully completed a Pre-Feasibility Study which underscored the project’s potential value. The experienced management team has a strong track record of propelling exploration projects towards successful monetization.

For continued updates and details, stakeholders can follow Lumina Gold on their social media platforms or visit their official website. You can also subscribe for future news releases to stay informed about this promising venture in Ecuador’s mining landscape.