Lumina Gold Completes Consolidation of the Cangrejos Concession Package

The main purpose of the consolidation is to streamline permitting and development of the Cangrejos and Gran Bestia deposits, which previously straddled multiple concessions. The maximum size for a concession under the Ecuadorian mining code is 5,000 hectares.

The consolidated main Los Cangrejos concession has been designed to maximize the area that would fall under current and future permits and will be 4,999 hectares. Lumina will still retain its total land package of 6,373 hectares, but it will now be across seven concessions instead of the previous ten concessions.

Another ancillary benefit of the reorganization process is the change of the concession classification to the start of the Advanced Exploration stage under the Industrial Large Scale Mining Regime. This gives Lumina up to four years in the Advanced Exploration stage, then two years in the Economic Evaluation stage, with the option to extend an additional two years. In aggregate, this allows for up to eight years before a Mining Production Title is required to advance to exploitation.

Diego Benalcazar, SVP commented Not only does this bring Cangrejos and Gran Bestia onto one consolidated concession; it also brings in all the unexplored peripheral targets onto the main concession that will be permitted. This consolidation is an important step towards advancing and permitting the project.

Lumina currently has a valid Environmental Impact Study (EIS) on the 3,498 hectare original Cangrejos concession and an additional EIS on the original 779 hectare C20 concession allowing for all required drilling and development work required for the Pre-feasibility study. The Company plans to unify the two EIS's into a single EIS that covers the new main concession.