Lumina Copper Corp.
TSX VENTURE : LCC

Lumina Copper Corp.

April 07, 2011 08:31 ET

Lumina Intersects 318 Meters Grading 0.95% Copper Equivalent at Taca Taca Copper-Gold-Molybdenum Project, Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2011) - Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce the results of four additional holes drilled as part of the ongoing drilling program at its 100% owned Taca Taca copper/gold/molybdenum deposit located in Salta province, Argentina. The results are highlighted by hole TTBJ10-04 that intersected 318 meters grading 0.66% copper, 0.19g/t gold and 0.03% molybdenum (0.95% copper equivalent(1)).

TTBJ10-04 was drilled from the same location as TTBJ10-01 but in a northeasterly direction, increasing the extent of known higher grade mineralization by 225 meters to the north. TTBJ10-05 was drilled 500 meters to the west of holes TTBJ10-01 and TTBJ10-04. TTBJ10-06 was drilled approximately 200 meters to the northwest of TTBJ10-05 and may define the boundary of mineralization in this direction. TTBJ10-07 was drilled approximately 200 meters to the southeast of TTBJ10-01 and the drill result suggests that mineralization may be thinning in this direction.

Details of the relevant intercepts from the latest four holes are shown in the table below. A map showing the location of the new results in relation to historical drilling is attached to this news release:

Hole No.   From   To   Interval   Cu   Au   Mo   CuEq(1)
    Meters   Meters   meters   %   g/t   %   %
TTBJ10-04   300   618   318   0.66   0.19   0.030   0.95
including   524   550   26   1.00   0.17   0.062   1.47
                             
TTBJ10-05   236   449   213   0.45   0.16   0.017   0.65
including   330   386   56   0.59   0.19   0.015   0.79
                             
TTBJ10-06           no significant intercepts        
                             
TTBJ10-07   318   380   62   0.30   0.07   0.022   0.48
(1) Copper equivalent calculated using US$2.00/lb Cu, US$800/oz Au and US$12.00/lb Mo and is not adjusted for metallurgical recoveries as these remain uncertain. The formula used is as follows: CuEQ = Cu% + (Au g/t x 0.583) + (Mo% x 6).

The drill program is focused on defining a higher grade zone within the known NI 43-101 compliant mineral resource estimate as well as expanding known mineralization to the north. To date 13 holes totalling 5,662 meters have been completed and two drill rigs are operating on the project with two additional drill rigs expected to be arriving over the next four to six weeks.

The Company is pleased to announce that Mr. Andrew Carstensen has been appointed Vice President, Exploration and will supervise all Taca Taca exploration activities.

The Taca Taca copper/gold/molybdenum project, comprising approximately 2,500 hectares, is located in the Puna region of north western Argentina in Salta Province, approximately 230 kilometres west of the provincial capital of Salta and 90 kilometres east of the world's largest copper mine, Escondida.

On October 9, 2008, the Company announced it had received an independent National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the project that at a 0.4% copper equivalent cutoff contained inferred mineral resources of 841 million tonnes grading 0.64% copper equivalent, containing 8.71 billion pounds of copper, 2.97 million ounces of gold and 333.70 million pounds of molybdenum(3). This mineral resource estimate does not incorporate or reflect the drilling results described above.

Additional information on Taca Taca, including the NI 43-101 technical report "Amended Taca Taca Technical Report" dated January 22, 2010 by Robert Sim, P.Geo., can be found on the Company's website (www.luminacopper.com) and on SEDAR (www.sedar.com).

Andrew Carstensen, CPG, Vice President, Exploration and the Qualified Person as defined by NI 43-101 for the Taca Taca project has reviewed and approved the content of this press release.

(3) The copper equivalent cut off grade used in the calculation of the mineral resource estimate was determined using US$1.50 / lb copper, US$600 / oz gold and US$6.00 / lb molybdenum and was not adjusted for metallurgical recoveries as these remain uncertain. The formula used in the calculation was as follows: CuEQ = Cu% + (Au g/t x 0.583) + (Mo% x 6).

LUMINA COPPER CORP

David Strang, President & CEO

CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, copper and molybdenum, the timing of exploration activities, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Lumina Copper's commitment to, and plans for developing any of its projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lumina Copper to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, copper and molybdenum, as well as those factors discussed in the sections relating to risk factors of our business filed in Lumina Copper's required securities filings on SEDAR. Although Lumina Copper has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

There can be no assurance that any forward-looking 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. Lumina Copper does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

To view "Figure 1", please visit the following link: http://media3.marketwire.com/docs/llc_fig1.pdf

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