Lumina Copper Corp.
TSX VENTURE : LCC

Lumina Copper Corp.

July 06, 2011 08:30 ET

Lumina Intersects Exceptional Copper Grades at Taca Taca Copper-Gold-Molybdenum Project, Argentina

198 Meters Grading 1.06% Copper (1.30% Copper Equivalent), 187 Meters Grading 0.99% Copper (1.13% Copper Equivalent) and 84 Meters Grading 1.81% Copper (2.21% Copper Equivalent)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2011) - Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce the results of 5 new holes 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. The results are highlighted by hole TTBJ11-14 that intersected 254 meters grading 0.95% copper, 0.20g/t gold and 0.02% molybdenum (1.20% copper equivalent(1)) including 198 meters grading 1.06% copper, 0.22g/t gold and 0.02% molybdenum (1.30% copper equivalent) and hole TTBJ11-16 that intersected 187 meters grading 0.99% copper, 0.10g/t gold and 0.013% molybdenum (1.13% copper equivalent) including 84 meters grading 1.47% copper, 0.10g/t gold and 0.014% molybdenum (1.61% copper equivalent). In addition, TTBJ11-17 intersected 84 meters grading 1.81% copper, 0.27g/t gold and 0.04% molybdenum (2.21% copper equivalent) within an overall intercept of 378 meters grading 0.74% copper, 0.14g/t gold and 0.02% molybdenum (0.94% copper equivalent).

Results from TTBJ11-14, 16 and 17 are collectively the highest continuous copper grades encountered to date at Taca Taca. Hole TTBJ11-16 is of particular interest in that it was drilled along the north-eastern margin of the high grade zone and ended in material grading 0.5% copper. Holes TTBJ11-16 and 17 have extended and confirmed the high grade zone in a north easterly direction. Due to the average grade and length of mineralization encountered, the high grade zone appears to extend further to the north and east than previously predicted. Hole TTBJ11-14 was drilled in the projected center of the known high grade zone and in conjunction with holes TTBJ11-16 and 17 has significantly increased the average known copper grade over that contained within the existing mineral resource estimate. Hole TBJ11-15 has demonstrated an extension of the deposit to the west. Hole TBJ11-18 did not intersect any significant mineralization and with TTBJ10-02 may have begun to define the limits of mineralization to the northwest.

Details of the relevant intercepts from the latest 5 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
Meters
To
Meters
Interval
meters
Cu
%
Au
g/t
Mo
%
CuEq (1)
%
TTBJ11-14 292 546 254 0.95 0.20 0.02 1.21
including 292 490 198 1.06 0.22 0.02 1.31
including 311 426 115 1.22 0.19 0.02 1.45
Significance: Raises confidence in the internal continuity to the high-grade core.
TTBJ11-15 286 518 232 0.62 0.26 0.02 0.89
Significance: Extends the western margin of the deposit 100 meters where it remains partially open.
TTBJ11-16 314 501 187 0.99 0.10 0.013 1.13
including 348 432 84 1.47 0.10 0.014 1.61
Significance: An east-northeast extension to the high-grade mineralization where the deposit remains open to further expansion. Hole also terminated in 0.5% copper leaving the deposit open to depth as well in this sector.
TTBJ11-17 274 652 378 0.74 0.14 0.02 0.94
including 274 358 84 1.81 0.27 0.04 2.21
Significance: A 100 meter northerly expansion to the high-grade core. Deposit is open to the north – northeast. Additional holes have been planned to further delineate the deposit in these directions.
TTBJ11-18 No Significant Intercepts
Significance: The western margin of the deposit appears complex. TBJ11-18 missed while 150 meters south-southeast, TTBJ11-15, contained significant mineralization. Additional planned drilling will better define the limits.
(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, 34 core holes totalling 18,171 meters have been completed. Four drill rigs are currently operating on the project (3 core and one RC). Two additional core drills and one RC are expected to arrive at Taca Taca within 2 weeks. The RC rigs are being used to pre-collar core holes to expedite the program and receipt of exploration results. RC drilling will also be used in exploring and delineating the gold and copper zones known to exist in the oxide 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 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(2). 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.

(2) 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$9.00 / 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 the map associated with this press release, please visit: http://media3.marketwire.com/docs/lcc-map1-0706.pdf.

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