Lumina Gold Announces Successful Extension of the EIPA with the Government of Ecuador

Rhea-AI Summary

Lumina Gold (TSXV: LUM) (OTCQB: LMGDF) has secured an extension of its Exploration Investment Protection Agreement with the Government of Ecuador. The extension now covers investments from 2010 through 2024, protecting a total investment of US$79 million. This development follows recent achievements including a 25-year extension of the Los Cangrejos concession and completion of Exploitation Contract terms.

The company expects to execute the addendum to the agreement by public deed in the coming weeks and is working towards completing a Complimentary Investment Protection Agreement for the Cangrejos construction period (2025-2031). The ongoing Feasibility Study results are anticipated in Q2 2025.

Positive

• Secured extension of Exploration Investment Protection Agreement covering US$79 million in investments
• Recently obtained 25-year extension for Los Cangrejos concession
• Completed Exploitation Contract terms

Negative

• None.

VANCOUVER, BC, Dec. 10, 2024 /PRNewswire/ - Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) (the "Company" or "Lumina") is pleased to announce that it has received notice of the passing of a resolution by the Government of Ecuador's Strategic Committee for the Promotion and Attraction of Investments to extend its existing Exploration Investment Protection Agreement to include spending from 2010 up until the end of 2024. The increased amount of investment protected by the agreement is US$79 million. The addendum to the Exploration Investment Protection Agreement is expected to be executed by public deed in the coming weeks.

Marshall Koval, CEO & Director commented: "The Company is extremely pleased at the progress made in the last month, which has seen the extension of the Los Cangrejos concession by 25-years, completion of the Exploitation Contract terms and this Exploration Investment Protection Agreement extension. Lumina is looking forward to completing the Complimentary Investment Protection Agreement to cover the potential construction period for Cangrejos, 2025-2031 and announcing the results from the ongoing Feasibility Study in Q2 2025."

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 Cangrejos, 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 https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact.

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 of the public deed for the Exploration Investment Protection Agreement extension, completing the Complementary Investment Protection Agreement and the timing and completion of the Feasibility Study. 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, and anticipated costs and expenditures. 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.

FAQ

What is the total investment amount protected under Lumina Gold's (LMGDF) extended agreement with Ecuador?

The extended Exploration Investment Protection Agreement with Ecuador covers US$79 million in investments from 2010 through 2024.

When will Lumina Gold (LMGDF) release its Cangrejos Feasibility Study results?

Lumina Gold expects to announce the results from the ongoing Feasibility Study in Q2 2025.

What period does Lumina Gold's (LMGDF) Complimentary Investment Protection Agreement cover?

The Complimentary Investment Protection Agreement will cover the potential construction period for Cangrejos from 2025 to 2031.

How long is the new extension for Lumina Gold's (LMGDF) Los Cangrejos concession?

Lumina Gold secured a 25-year extension for the Los Cangrejos concession.