Lumina Copper Corp.
TSX VENTURE : LCC

Lumina Copper Corp.

February 14, 2012 08:30 ET

Lumina Intersects 813 Meters Grading 0.60% Copper Equivalent Including 134 Meters Grading 1.22% Copper Equivalent in Step-Out Hole at Its Taca Taca Copper-Gold-Molybdenum Project, Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2012) - Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce results from 9 new holes (holes TT11-55 and TT11-61-71, assay results from holes 65, 68 and 70 are pending) drilled as part of the ongoing exploration and development program at its 100% owned Taca Taca copper/gold/molybdenum deposit located in Salta province, Argentina. Results are highlighted by step-out hole 71 that intersected 813 meters grading 0.50% copper, 0.07g/t gold and 0.01% molybdenum (0.60% copper equivalent(1)), including 134 meters grading 1.04% copper, 0.11g/t gold and 0.02% molybdenum (1.22% copper equivalent).

Hole 71 is the longest mineralized intersection drilled to date at Taca Taca and was drilled 150 meters to the east of hole 52 (see news release dated December 14, 2011). Hole 63, drilled 300 meters to the south of hole 71 and 150 meters to the east of hole 59 (see news release dated December 14, 2011), intersected 437 meters grading 0.56% copper, 0.06g/t gold and 0.02% molybdenum (0.71% copper equivalent) including 54 meters grading 1.00% copper, 0.03g/t gold and 0.01% molybdenum (1.08% copper equivalent). Holes 71 and 63 are located 300 meters to the east of holes 45 and 49 that define the northeastern boundary of mineralization in the updated National Instrument 43-101 ("NI 43-101") mineral resource estimate (See attached map).

Holes 61 and 62 are in-fill holes drilled within the northern supergene enrichment zone defined in the updated NI 43-101 mineral resource estimate and further define the continuity of this high grade copper zone. Hole 61 intersected 444 meters grading 0.73% copper, 0.14g/t gold and 0.03% molybdenum (0.99% copper equivalent) including 74 meters grading 1.36% copper, 0.25g/t gold and 0.06% molybdenum (1.87% copper equivalent). Hole 62 intersected 496 meters grading 0.67% copper, 0.13g/t gold and 0.02% molybdenum (0.87% copper equivalent) including 56 meters grading 1.92% copper, 0.22g/t gold and 0.04% molybdenum (2.29% copper equivalent).

Hole 55 was drilled in the southern part of the NI 43-101 mineral resource estimate and is the Company's most southerly hole with assay results drilled to date. Hole 55 intersected two zones of sulphide copper mineralization, the upper zone containing 46 meters grading 0.65% copper, 0.17g/t gold and 0.02% molybdenum (0.87% copper equivalent) and the lower zone containing 320 meters grading 0.52% copper, 0.12g/t gold and 0.01% molybdenum (0.65% copper equivalent). The hole was lost in mineralization grading greater than 0.5% copper.

Hole 66 was drilled in the eastern portion of the central zone of the deposit and intersected 172 meters grading 0.23% copper, 0.11g/t gold and 0.02% molybdenum (0.41% copper equivalent) further defining the eastern boundary of mineralization in this zone. Hole 66 also intersected two zones of oxide gold in the leached cap, the first containing 24 meters grading 0.34g/t gold while the second averages 0.37 g/t gold over 72 meters.

Holes 64 and 69 were drilled in the southeastern portion of the deposit and intersected weakly mineralized material including porphyritic dykes. However, both holes contained oxide gold mineralization and are located beyond the southeastern boundary of the updated NI 43-101 oxide gold mineral resource.

Hole 67 was drilled approximately 500 meters to the south of hole 63 and approximately 900 meters to the east of hole 29. Hole 67 was drilled to investigate whether copper mineralization may exist beyond a series of surface-mapped porphyritic dykes. Hole 67 encountered extensive porphyritic rock with local low-grade copper mineralization (grading between 0.1% and 0.4% copper), suggesting that the previously mapped surface dykes are associated with a larger porphyritic intrusive at depth. Future drilling in this southeastern zone will focus on determining the size and extent of the porphyritic intrusive and whether higher-grade copper mineralization, similar to that identified to the north and west of the intrusive, exists to its east and south.

Details of the relevant intercepts from the latest 9 holes are shown in the table below, locations are shown in the map at the following link: http://media3.marketwire.com/docs/LCC214M.pdf.

Hole No. From
Meters
To
Meters
Interval
Meters
Cu
%
Au
g/t
Mo
%
CuEq(1)
%
TT11-55 12 84 72 0.33
250 296 46 0.65 0.17 0.02 0.87
and 310 630 320 0.52 0.12 0.01 0.65
Significance: Drilled in southern portion of updated NI 43-101 mineral resource estimate, 150 meters south of hole 28 and the Company's southern-most hole with assay results drilled to date. Hole lost in >0.5% copper mineralization.
TT11-61 294 738 444 0.73 0.14 0.03 0.99
including 294 368 74 1.36 0.25 0.06 1.87
including 480 510 30 1.28 0.19 0.03 1.57
Significance: In-fill drill hole. Confirms northern continuity of known supergene mineralization.
TT11-62 0 154 154 0.26
and 176 276 100 0.34
296 792 496 0.67 0.13 0.02 0.87
including 296 352 56 1.92 0.22 0.04 2.29
Significance: In-fill drill hole. Confirms northern continuity of known supergene mineralization. Extensive oxide gold mineralization intercepted in the leached cap.
TT11-63 64 152 88 0.34 0.07 0.01 0.44
294 731 437 0.56 0.06 0.02 0.71
including 538 592 54 1.00 0.03 0.01 1.08
Significance: Step-out hole drilled 300m to the east of hole 49 that defines the northeastern boundary of the interim NI 43-101 mineral resource estimate.
TT11-64 98 150 52 0.26
314 364 50 0.32 0.14 0.01 0.46
and 466 502 36 0.29 0.05 0.02 0.44
Significance: Drilled in southeastern zone.
TT11-65 Assays pending
TT11-66 18 42 24 0.34
and 96 168 72 0.37
302 474 172 0.23 0.11 0.02 0.41
Significance: Drilled in eastern part of the central zone of the NI 43-101 mineral resource estimate. Extends oxide gold resource to the south.
TT11-67 No significant intercepts
Significance: Significant step out hole to the southeast, encountered low grade copper mineralization associated with extensive porphyritic rock.
TT11-68 Assays pending
TT11-69 122 132 10 0.47
328 382 54 0.22 0.09 0.01 0.33
Significance: Drilled in southeastern zone.
TT11-70 Assays pending
TT11-71 86 899 813 0.50 0.07 0.01 0.60
including 150 284 134 1.04 0.11 0.02 1.22
and 786 880 94 0.73 0.10 0.01 0.85
Significance: 300 meter step-out hole east of hole 45 that defines the northeastern boundary of the interim NI 43-101 mineral resource estimate.
(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 expanding the updated NI 43-101 mineral resource estimate to the north, northeast, northwest, east, south and southeast as well as upgrading mineralization from the inferred to indicated categories. To date, 96 core holes totalling 52,706 meters and 84 reverse circulation ("RC") holes totalling 13,420 meters have been completed. Nine drill rigs are currently operating on the project (7 core and 2 RC). RC drill rigs are being used to pre-collar core holes to expedite the program, as well as to explore and delineate the oxide gold resources present in the leached cap of the Taca Taca porphyry system.

The Taca Taca copper/gold/molybdenum project, comprising approximately 2,500 hectares, is located in the Puna region of northwestern 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 November 15, 2011, the Company announced that it had received an independent, updated and interim NI 43-101 compliant mineral resource estimate for the project that at a 0.4% copper equivalent cut-off contained indicated sulphide resources of 516 million tonnes grading 0.58% copper, 0.12g/t gold and 0.018% molybdenum (0.76% copper equivalent(2)) containing 6.6 billion pounds of copper, 2.1 million ounces of gold and 204.6 million pounds of molybdenum and inferred sulphide resources of 880 million tonnes grading 0.43% copper, 0.09g/t gold and 0.015% molybdenum (0.57% copper equivalent(2)), containing 8.3 billion pounds of copper, 2.3 million ounces of gold and 292.9 million pounds of molybdenum. In addition, an oxide gold resource has been defined within the leached cap that at a 0.2 g/t gold cut-off contains inferred resources of 190 million tonnes grading 0.25g/t gold containing 1.5 million ounces of gold. This mineral resource estimate does not incorporate or reflect the drilling results described above.

An updated NI 43-101 technical report detailing the mineral resource estimate has been filed on SEDAR (www.sedar.com) and the Company's website (www.luminacopper.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.

(2) The copper equivalent cut-off grade used in the calculation of the mineral resource estimate was determined using US$2.00 / lb copper, US$800 / oz gold and US$12.00 / 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 the Taca Taca project. 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 Taca Taca project, 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.

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