Lumina Copper Corp.

Lumina Copper Corp.

January 04, 2005 08:30 ET

Independent Mineral Resource Estimate Demonstrates World Class Size of Lumina's 2004 Copper Discovery at Regalito, Chile


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LUMINA COPPER CORP.

TSX, AMEX SYMBOL: LCC

JANUARY 4, 2005 - 08:30 ET

Independent Mineral Resource Estimate Demonstrates
World Class Size of Lumina's 2004 Copper Discovery at
Regalito, Chile

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 4, 2005) - Lumina
Copper Corp. (TSX:LCC)(AMEX:LCC) is pleased to announce that an
independent mineral resource estimate demonstrates that it has
discovered a world-class leachable1 copper deposit at its Regalito
property in Chile, the largest copper producing country. The resource
ranks fifth amongst the known leachable copper discoveries made in Chile
in the last 35 years and is one of the largest undeveloped leachable
copper deposits in the world.

The report estimates measured and indicated resources of 628 million
tonnes grading 0.43% copper and inferred resources of 131 million tonnes
grading 0.41% copper, at a cutoff grade of 0.25% copper. Further
measured and indicated resources of 215 million tonnes grading 0.21%
copper and inferred resources of 60 million tonnes grading 0.20% copper
at a cutoff grade of 0.15% have also been delineated and may be
considered suitable for dump leaching. The mineral resource has been
prepared in compliance with National Instrument 43-101 and audited by
AMEC (Peru). The deeper primary mineralization at Regalito remains, for
the most part, unexplored.

Lumina will host a conference call on January 5 at 11 a.m. (Eastern
Time) to discuss the resource estimate in greater detail. Call-in
information is provided at the end of this news release.

Anthony Floyd, President, said, "We are excited to have discovered a
world class, near surface, leachable copper deposit at the first of the
company's ten properties to be drilled by Lumina. We look forward in
2005 to aggressively advancing Regalito and to achieving similar success
with exploration programs at our Galeno, Redstone and Hushamu
properties."

Resource estimates of the oxide and supergene styles of mineralization
at different copper cutoff grades are shown in the table below. The
resource estimate is classified as Measured, Indicated and Inferred
Mineral Resources, consistent with the CIM definitions referred to in NI
43-101:



Measured and Indicated Resources
--------------------------------------------------------------------
Measured + Cont-
Measured Indicated Indicated ained
Cutoff ------------------------------------------------ Cu
Grade Tonnes Grade Tonnes Grade Tonnes Grade (Million
(%Cu)(2) (Million) (%Cu) (Million) (%Cu) (Million) (%Cu) lbs)
--------------------------------------------------------------------
0.15 80 0.50 740 0.36 820 0.37 6,730
--------------------------------------------------------------------
0.25 74 0.53 554 0.41 628 0.43 5,890
--------------------------------------------------------------------
0.35 66 0.56 336 0.49 402 0.50 4,420
--------------------------------------------------------------------

Inferred Resources
-------------------------------------------
Cutoff
Grade Tonnes Grade Contained Cu
(%Cu)(2) (Million) (%Cu) (Million lbs)
-------------------------------------------
0.15 185 0.35 1,410
-------------------------------------------
0.25 131 0.41 1,170
-------------------------------------------
0.35 77 0.49 820
-------------------------------------------


The mineral resource estimate is based on assay results from 39,617
meters (24,927m reverse circulation, 14,690m drill core) of drilling in
183 holes. Independent geologist Robert Sim, P.Geo., and a Qualified
Person as defined by National Instrument 43-101, was responsible for the
mineral resource estimate, while Steve Blower, P.Geo., and a Qualified
Person as defined by National Instrument 43-101, from AMEC was
responsible for the mineral resource audit. This estimate will be filed
in a Technical Report, compliant with National Instrument 43-101, and
posted on SEDAR within 30 days.

To put Regalito in perspective, the reported tonnage and grades for the
largest leachable copper deposits discovered in Chile over the last 35
years are presented below:



-------------------------------------------------------------------
Cont-
ained
Date Cu
Discov- Tonnes Grade (Million
Deposit(3) Operator Status ered (Million) (%Cu) lbs)
-------------------------------------------------------------------
Zaldivar Placer Dome Mine 1981 1,100 0.57 13,820
-------------------------------------------------------------------
Gaby Codelco Mine 1996 900 0.50 9,920
Construc-
tion
-------------------------------------------------------------------
Quebrada
Blanca Aur Resources Mine 1976 460 0.89 9,040
-------------------------------------------------------------------
Spence BHPBilliton Mine 1996 400 1.00 8,820
Construc-
tion
-------------------------------------------------------------------
Regalito Lumina Undevel- 2004 627(a) 0.43 5,890
oped ------------------------
131(b) 0.41 1,170
-------------------------------------------------------------------
Cerro
Colorado BHPBilliton Mine 1973 194 1.00 4,280
-------------------------------------------------------------------
Mantoverde Anglo Mine 1969 310 0.60 4,100
American
-------------------------------------------------------------------
Lomas
Bayas Falconbridge Mine 1991 572 0.28 3,530
-------------------------------------------------------------------
Opache Codelco Undevel- 1996 341 0.53 3,980
oped
-------------------------------------------------------------------
El Tesoro Antofagasta Mine 1991 228 0.76 3,820
-------------------------------------------------------------------
(a) Measured and Indicated Resource Estimate
(b) Inferred Resource Estimate


The Regalito property, consisting of 4,158 hectares of exploitation
claims, is located in Chile's 3rd Region, approximately 115 kilometers
southeast of Copiapo, a large mining center. The Region's infrastructure
is well developed, hosting numerous mining operations including the
Candelaria and Mantoverde copper mines, and is capable of supporting the
development of a large-scale mining operation at Regalito. Lumina has a
long-term option to acquire 100% of Regalito from two Chilean companies.

Lumina began its Regalito work program in December 2003. Since then, the
company has spent approximately US$6 million advancing the property.
This work has included: a 32,189 meter, 114 hole drill program to
delineate the resource; a metallurgical test program that to date has
completed leachability test work on all of the drill assays, bottle roll
testing to confirm leachability and drilling eight representative large
diameter core holes for bulk column test work; and a preliminary
leaching facility layout study has been completed with the assistance of
Vector Engineering.

The 2005 work program will focus on evaluating the economic viability of
a large scale mining and leaching operation at Regalito. Metallurgical
test work is ongoing, with the eight core holes being crushed and
screened at SGS Lakefield's laboratories in Santiago in preparation for
the bulk column testing program that will begin in January 2005 and run
for most of the year. A Preliminary Assessment, managed by Hatch
(Chile), to evaluate the viability of a mining operation producing
150,000 tonnes per year of copper cathode has begun and is targeted for
completion during the second quarter of 2005.

Lumina has invited other mining companies to visit Regalito and to
review the project's data. To date, 11 companies have signed
confidentiality agreements and will begin evaluating the project in the
New Year.

Mr. Anthony Floyd, P.Geo., the Qualified Person as defined by National
Instrument 43-101 for the Regalito project, has reviewed and approved
the content of this press release.

Conference Call

Call-in details for the conference call are:

North American toll-free: 1-877-825-5811

International: 1-973-582-2767

A replay of this conference call will be available from Wednesday,
January 5 until January 20 and will be posted on Lumina's website at
www.luminacopper.com. The replay numbers are:

North American toll-free: 1-877-519-4471

International: 1-973-341-3080

Pin: 5556812

LUMINA COPPER CORP

Anthony Floyd, President

(1) Leachable refers to the dissolution of copper into solution using
sulfuric acid (oxide mineralization) and bacteria (secondary sulfide
mineralization) allowing the use of lower cost solvent extraction and
electrowinning technology (SX/EW) as opposed to traditional flotation
technology as the method of metallurgical extraction. SX/EW eliminates
the costly need to produce copper concentrates that require off-site
smelting.

(2) The cutoff grades were determined using the operating costs for
similar leaching operations in Chile published by Brook Hunt.
Metallurgical recoveries were derived from a report published by the
United States Geological Survey. A copper price of US$1.00/lb was used
in the calculation.

(3) The comparison is based on the publicly available mineral resource
estimate, prior to production commencing, for copper deposits where
leaching is the primary method of copper production. These estimates may
not comply with current Canadian reporting standards and may have been
compiled using geological information and cutoff grades that differ from
those used in the estimate of the Regalito resource. In addition, the
total contained copper estimate relates merely to the total amount of
copper contained within the resource estimate, not the amount of copper
that may ultimately be recovered during mining.

CAUTION REGARDING FORWARD LOOKING STATEMENTS:

Safe Harbor Statement under the United States Private Securities
Litigation Reform Act of 1995: Except for the statements of historical
fact contained herein, the information presented constitutes
"forward-looking statements" within the meaning of the Private
Securities Act of 1995. Such forward-looking statements, including but
not limited to those with respect to the price of copper, gold and
molybdenum, the timing and amount of future production, costs of
production, reserve and resource determination and reserve conversion
rates, involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievement of the
Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks relating to the integration of
acquisitions, risk relating to international operations, risks relating
to joint-venture operations, the actual results of current exploration
activities, conclusions of economic evaluations, changes in project and
exploration parameters as plans continue to be refined, future prices of
copper, gold and molybdenum, as well as those factors discussed in the
section entitled "Risk Factors" in the Form 20-F as on file with the
Securities and Exchange Commission in Washington, D.C. Although the
Company has attempted to identify important factors that could cause
actual results to differ materially, there may be other factors that
cause results not to be as anticipated, estimated or intended. There can
be no assurance that such 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.

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