Lumina Copper Corp.

Lumina Copper Corp.

March 23, 2005 14:09 ET

Lumina Copper Corp.: Corporate and Restructuring Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LUMINA COPPER CORP.

TSX, AMEX SYMBOL: LCC

MARCH 23, 2005 - 14:09 ET

Lumina Copper Corp.: Corporate and Restructuring Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2005) - Lumina
Copper Corp. (TSX:LCC)(AMEX:LCC) is pleased to announce that all
1,015,100 warrants that were set to expire on March 17, 2005 have been
exercised. The Company now has cash reserves of C$14.9 million and 20.5
million shares outstanding (21.7 million shares fully diluted).

The corporate restructuring announced on February 2, 2005 is on
schedule, with some modifications. Due to a name conflict, the proposed
Continental Copper Corp. will be renamed Global Copper Corp. For better
management and valuation, the Argentinean properties Taca Taca and San
Jorge will be added to Global's assets, leaving the proposed Lumina
Resources Corp. as a wholly Canadian copper exploration and development
company. The shareholders' meeting to approve the reorganization is
scheduled for May 9, 2005 and it is anticipated that the restructuring
will be completed by mid to late May. Shareholders can expect to receive
management's proxy circular in mid April. The record date for the
meeting is April 1.

Lumina continues to make excellent progress on advancing its 2005
exploration and development program. At Regalito, the metallurgical test
program is continuing. A news release detailing the initial results of
the program will be issued in early April. In addition, the Company is
continuing to provide data on, and host visits to, Regalito for the 17
companies who have signed confidentiality agreements.

The drill program at the Galeno property is being finalized and the
drilling contract is being tendered. It is anticipated that construction
on the drilling platforms will commence in early April with drilling
commencing in May. A data compilation program is currently underway on
the Hushamu property that will lead to a field exploration and drilling
campaign during the summer and fall. In addition, various drilling
targets are being evaluated at the Redstone property.

LUMINA COPPER CORP.

Anthony Floyd, President


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