Luminex Resources Increases Condor Ownership Stake

Rhea-AI Summary

Luminex Resources Corp. has increased its ownership stake in five mineral deposits within its Condor project from 90.0% to 98.7%. This increase is due to the capitalization of existing inter-company loans with its subsidiary, Condormining. The deposits contain significant resources, with 2.3 million ounces of indicated gold and 4.3 million ounces of inferred gold. The project hosts 110.7 million tonnes of indicated resources at a gold grade of 0.65 g/t and 224.3 million tonnes of inferred resources at 0.60 g/t.

Positive

• Increased ownership in Condor project from 90.0% to 98.7% enhances control over valuable assets.
• Mineral deposits host substantial resources: 2.3 million ounces of indicated gold and 4.3 million ounces of inferred gold.

Negative

• None.

Highlights:

• Luminex's ownership on its five mineral deposits rises to 98.7% from 90.0%
• Increased ownership resulted from capitalization of existing inter-company loans

VANCOUVER, BC, Jan. 31, 2022 /PRNewswire/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce the increase of its ownership interest on certain concessions within its Condor project. Luminex's move from 90.0% to 98.7% ownership resulted from capitalizing existing intercompany loans with its Condormining subsidiary. The Condormining subsidiary directly or indirectly holds the Viche Congüime I, II, III; Chinapintza and Hitobo concessions. These concessions encompass Luminex's Los Cuyes, Soledad, Enma and Camp, collectively "Condor North", and Santa Barbara deposits. The five deposits host 2.3 million ounces of contained indicated gold resources and 4.3 million ounces of contained inferred gold resources ⁽¹⁾.

Notes:

(1) Condor has 110.7 million tonnes of indicated resources with a gold grade of 0.65 g/t and 224.3 million tonnes of inferred resources with a gold grade of 0.60 g/t. For further details on the mineral resource estimates for the Condor project, please see the Company's technical report entitled "Condor Project NI 43-101 Technical Report on Preliminary Economic Assessment" with an effective date of July 28, 2021, authored in part and compiled by Ausenco Engineering Canada Inc., and the mineral resources estimate contained therein prepared by Independent Mining Consultants, Inc. and SIM Geological Inc.. The report can be found on SEDAR or at https://luminexresources.com/projects/condor-project/technical-report/.

Qualified Persons

Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information in this news release and has verified the data underlying that scientific and technical information.

About Luminex Resources

Luminex Resources Corp. (TSXV:LR, OTCQX:LUMIF) is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex's inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador, including the Tarqui, Pegasus and Orquideas projects, which are being co-developed with BHP Group plc, Anglo American and JOGMEC respectively.

Further details are available on the Company's website at https://luminexresources.com/.

To receive news releases please sign up at https://www.luminexresources.com/contact/contact-us/.

LUMINEX RESOURCES CORP.

Signed: "Marshall Koval"

Marshall Koval, CEO and 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.

View original content:https://www.prnewswire.com/news-releases/luminex-resources-increases-condor-ownership-stake-301471139.html

SOURCE Luminex Resources Corp.

FAQ

What is Luminex Resources' recent ownership change regarding the Condor project?

Luminex Resources increased its ownership in the Condor project from 90.0% to 98.7% through the capitalization of inter-company loans.

How many gold resources are estimated in Luminex Resources' Condor project?

The Condor project hosts 2.3 million ounces of indicated gold resources and 4.3 million ounces of inferred gold resources.

What are the key mineral grades reported by Luminex Resources for the Condor project?

The project has 110.7 million tonnes of indicated resources with a gold grade of 0.65 g/t and 224.3 million tonnes of inferred resources with a gold grade of 0.60 g/t.

What does the increase in ownership mean for Luminex Resources shareholders?

The increase in ownership enhances Luminex's control over its assets, potentially improving shareholder value.