SALTA, Argentina LUMINA COPPER of Vancouver signed an agreement to purchase 100% Taca-Taca copper and gold mine from CORRIENTE RESOURCES for US$1.1 million and 300,000 common stock. The 2,546-ha property is located in the province of Salta, Argentina, and comprises 13 mining concessions. The copper area was explored beginning in the 1960s by Falconbridge, Gencor, BHP Minerals, and Corriente y Ro Tinto
"This purchase in Argentina is the first step for Lumina into a region with the great potential for the mining of excellent quality copper. In fact, our resources including this mine, will increase in the Americas to 11,500 million lb of copper and 2.8 million oz of gold", said Luminas president and CEO, Anthony Floyd. He may be contacted at 604-687-0407.
Payment includes US$25,000 on the day the agreement is signed by the parties, US$25,000 cash and US$100,000 stock two years later, and another US$100,000 in shares in the third year, US$100,000 in the fourth year, and US$1 million on the fifth year. Should Lumina not honour the terms of the agreement, it will have to transfer the stock to Corriente, under the scrutiny of the TSX Venture Exchange in Vancouver.
Lumina Copper is devoted to the acquisitions exploration and development of resources for copper mining in North and South America.