Lumina Copper Corp. (TSX VENTURE: LCC) ("Lumina" or the "Company")
is pleased to announce that the Company intends to complete a
strategic reorganization of its business. Lumina's royalty
interests and certain non-core assets will be transferred to a
newly incorporated company to be called Lumina Royalty Corp.
Shareholders of the Company will receive shares in Lumina Royalty
Corp. in proportion to their shareholding in Lumina.
Lumina Royalty Corp. will hold the following key assets:
-- A 1.5% Net Smelter Return ("NSR") royalty on Teck Resources Ltd's
Relincho copper/molybdenum advance development project located in Region
IV, Chile.
-- A 1.5% NSR royalty on Los Andes Copper Limited's Vizcachitas
copper/molybdenum project located in Region V, Chile.
-- A 1.08% NSR royalty on Lumina Copper Corp.'s Taca Taca
copper/gold/molybdenum project located in Salta Province, Argentina.
-- A copper royalty, including the advance royalty payments (excluding the
May 2011 US $4 million payment), on Coro Mining Corp's San Jorge
copper/gold/molybdenum project located in Mendoza Province, Argentina.
-- A 1.5% NSR royalty on all metal production, other than copper, on Coro
Mining's San Jorge copper/gold/molybdenum project.
The Taca Taca copper/gold/molybdenum project will remain in
Lumina Copper Corp. along with the necessary cash to fund the
Company's ongoing exploration and development program.
It is intended that, as part of the reorganization, Lumina's
current shareholders will receive shares of Lumina Royalty Corp. by
way of a return of capital on their shares of the Company. The
return of capital will require the approval of the Company's
shareholders at a shareholders meeting, which the Company expects
to hold by the end of May 2011. Lumina has no plans to seek a
public listing for Lumina Royalty Corp.'s shares in the near
term.
The Company is completing the reorganization in order to focus
on the development of its Taca Taca copper/gold/molybdenum project.
The Taca Taca project, comprising approximately 2,500 hectares, is
located in the Puna region of north western Argentina in Salta
Province, approximately 230 kilometres west of the provincial
capital of Salta and 90 kilometres east of the world's largest
copper mine, Escondida. In January, the Company announced that it
had initiated a 43,000m drill program and a comprehensive
engineering and metallurgical testing program at Taca Taca. Both
programs are expected to be completed by the end of 2011.
On October 9, 2008, Lumina announced it had received an
independent National Instrument 43-101 ("NI 43-101") compliant
mineral resource estimate for the Taca Taca project that at a 0.4%
copper equivalent cut-off contained inferred mineral resources of
841 million tonnes grading 0.64% copper equivalent, containing 8.71
billion pounds of copper, 2.97 million ounces of gold and 333.70
million pounds of molybdenum(1).
Additional information on the Taca Taca project, including the
NI 43-101 technical report "Amended Taca Taca Technical Report"
dated January 22, 2010 by Robert Sim, P.Geo., can be found on
Lumina's website (www.luminacopper.com) and on SEDAR
(www.sedar.com).
Leo Hathaway, P.Geo., Vice President, Exploration and the
Qualified Person (as defined by NI 43-101) for the Taca Taca
project, has reviewed and approved the content of this press
release.
(1) The copper equivalent cut off grade used in the calculation
of the mineral resource estimate was determined using US$1.50 / lb
copper, US$600 / oz gold and US$6.00 / lb molybdenum and was not
adjusted for metallurgical recoveries as these remain uncertain.
The formula used in the calculation was as follows: CuEQ = Cu% +
(Au g/t x 0.583) + (Mo% x 6).
LUMINA COPPER CORP.
David Strang, President & CEO
CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release
contains "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect
to the completion of a reorganization of the Company and the
transfer of certain of the Company's passive assets to a company to
be incorporated, the future price of gold, silver, copper and
molybdenum, and the Company's commitment to, and plans for
developing any of its projects. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "can", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to: the risks
of the Company not obtaining the required approvals to proceed with
the proposed reorganization, tax consequences of the proposed
reorganization, risks related to the exploration and potential
development of the Company's projects, risks related to
international operations, the actual results of current exploration
activities, conclusions of economic evaluations, changes in project
parameters as plans continue to be refined, future prices of gold,
silver, copper and molybdenum, as well as those factors discussed
in the sections relating to risk factors of our business filed in
the Company's required securities filings on SEDAR. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results to be materially different from those anticipated,
described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company does not undertake to
update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities
laws.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term defined is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Lumina Copper Corp. David Strang President & CEO +
604 646 1880 + 604 687 7041 (FAX) dstrang@luminacopper.com
www.luminacopper.com
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