VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) - Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce the results of five new holes drilled as part of the ongoing program at its 100% owned Taca Taca copper/gold/molybdenum deposit located in Salta province, Argentina. The results are highlighted by hole TTBJ11-13 that intersected 310 meters grading 0.83% copper, 0.21g/t gold and 0.02% molybdenum (1.06% copper equivalent(1)) including 60 meters grading 1.30% copper, 0.39g/t gold and 0.02% molybdenum (1.65% copper equivalent).
Four of the five holes (TTBJ11-09, 10, 11, 13) are twin holes, drilled as part of the process to verify and confirm the drilling completed by previous operators on the project. The results from the twin holes correlate well with the previous results with two holes showing overall higher grades (TTBJ11-10, 13), one hole matching the historical grades (TTBJ11-11) and one hole containing lower grade and mineralized interval (TTBJ11-09). TTBJ11-08 and its offset TTBJ11-12 were drilled to the east and south of the known resource. Hole TTBJ11-08 was abandoned due to poor ground conditions while TTBJ11-12 did not encounter any significant mineralization.
The results from holes TTBJ11-13 and TTBJ11-10 are particularly significant. Hole TTBJ11-13 continued in mineralization an additional 114 meters below the depth of the twinned hole. It also revealed higher average copper grades (0.83% Cu vs. 0.77% Cu) largely due to exceptional grades intersected below the depth of the previous hole. Similarly, TTBJ11-10 showed a higher overall copper grade (0.45% Cu vs. 0.40% Cu) versus its twin while marginally increasing the length of the mineralized interval by 6 meters.
Details of the relevant intercepts from the latest five 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:
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 16 holes totalling 8,529 meters have been completed and three drill rigs are operating on the project (two focused on resource drilling and one focused on geotechnical drilling). A fourth rig is expected to arrive on site within the next month.
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