Lumina Copper Corp.
TSX VENTURE : LCC

Lumina Copper Corp.
Lumina Royalty Corp.

Lumina Royalty Corp.

July 29, 2011 17:15 ET

Lumina Copper and Lumina Royalty Announce Filing of Amended and Restated Carve-Out Financial Statements of Lumina Royalty

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 29, 2011) - Lumina Copper Corp. ("Lumina Copper") (TSX VENTURE:LCC) and Lumina Royalty Corp. ("Lumina Royalty") announce that they have today filed amended and restated carve-out consolidated financial statements for the years ended September 30, 2010 and 2009, and the three month period ended December 31, 2010 (the "Amended Carve-Out Statements") in respect of the royalty and other non-core assets (the "Lumina Royalty Business") formerly owned by Lumina Copper which were transferred to Lumina Royalty prior to the plan of arrangement (the "Plan of Arrangement") involving Lumina Copper, the shareholders of Lumina Copper and Lumina Royalty pursuant to which Lumina Royalty became a reporting issuer. The original carve-out consolidated financial statements for the years ended September 30, 2010 and 2009, and the three month period ended December 31, 2010 for the Lumina Royalty Business were filed as Schedule "G" to Lumina Copper's information circular for the special meeting of the shareholders of Lumina Copper held on June 7, 2011 for the approval of the Plan of Arrangement.

During the preparation of Lumina Royalty's consolidated financial statements for the period ended June 30, 2011, it was determined that certain historical costs incurred in October 2008 by Lumina Copper relating to the acquisition of the net smelter royalty on Lumina Copper's Taca Taca property (the "Taca Taca Royalty") had not been separately identified under the continuity of interests basis of accounting. As a result, the Lumina Royalty Business should have recognized the Taca Taca Royalty asset at a carrying value of $849,744 (with an offsetting amount included in the contribution from Lumina Copper) instead of $Nil.

Accordingly, the Amended Carve-Out Statements have been revised as set out below:

As previously reported Adjustment Restated
Consolidated Balance Sheet as at December 31, 2010 (unaudited):
Other investments $ 3 $ 849,744 $ 849,747
Contribution from Lumina Copper Corp. 8,713,213 849,744 9,562,957
Consolidated Balance Sheet as at September 30, 2010:
Other investments 3 849,744 849,747
Contribution from Lumina Copper Corp. $ 8,655,201 $ 849,744 $ 9,504,945
Consolidated Balance Sheet as at September 30, 2009:
Other investments $ 34 $ 849,744 $ 849,778
Contribution from Lumina Copper Corp. 8,480,732 849,744 9,330,476
Consolidated Statement of Cash Flows for the year ended September 30, 2009:
Financing activities 1,038,292 849,744 1,888,036
Investing activities $ 582,900 $ (849,744) $ (266,844)

The Amended Carve-Out Statements are available on Lumina Copper and Lumina Royalty's SEDAR profiles at www.sedar.com.

LUMINA COPPER CORP.

Signed: "David Strang"

David Strang, President & CEO

LUMINA ROYALTY CORP.

Signed: "David Strang"

David Strang, President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information