Canadian Mining Journal


GOLD-COPPER: Lumina closes $20M deal for projects in Ecuador

ECUADOR – Lumina Gold Corp. of Vancouver has closed a private placement for gross proceeds of about $20 million. The company issued 32.3 million common shares that sold at a price of $0.62 each. The net proceeds will be used for exploration and advancement of the company’s projects in this country.

Examining drill core at Lumina’s Cangrejos gold-copper project in Ecuador. (Image: Lumina Gold)

The company has two advanced gold-copper properties – Cangrejos 40 km from Puerto Bolivar and Condor 40 km east of Zamora. A preliminary economic assessment is underway at Cangrejos where the inferred resource is 423 million tonnes at 0.85 g/t gold equivalent and containing 8.8 million oz. of gold and 1.1 billion lb. of copper. Condor has indicated resources of 365 million tonnes grading 0.51 g/t gold and 0.1% copper and containing 6.0 million oz. of gold and 800 million lb. of copper. There is also an inferred tonnage at Condor containing 2.3 million oz. of gold and 400 million lb. of copper in 178 million tonnes grading 0.4 g/t gold and 0.1% copper.

The private placement was brokered by a syndicate of agents led by Raymond James and Haywood Securities. They and other agents received a commission of $833,656.

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