VANCOUVER, British Columbia, Aug. 07, 2019 (GLOBE NEWSWIRE) -- Luminex Resources Corp. (TSXV: LR) (US OTC: LUMIF) (the “Company” or “Luminex”) received notice from First Quantum Minerals Ltd. (“First Quantum”) that First Quantum will be terminating its earn-in option on the Company’s Orquideas copper-molybdenum focused concession in Ecuador. First Quantum made this decision after the first five drill holes at Orquideas failed to produce significant mineralized intercepts. Luminex will evaluate whether it will retain Orquideas on a 100% basis or relinquish the concession.
First Quantum also is currently reviewing progress and exploration data on, and whether to continue with, its earn-in option on the Company’s Cascas concessions. For the time being, First Quantum’s earn-in option on the Company’s Cascas concessions will remain in place, as will the total US$7.0 million cash payment schedule over the 5-year earn-in period. First Quantum’s total required spend to earn 51% ownership of Cascas is US$10.3 million.
Qualified Person
Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information concerning the Orquideas concession in this news release and has verified the data underlying that scientific and technical information.
About Luminex Resources
Luminex Resources Corp. is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex’s inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador, including the Tarqui, Pegasus and Cascas projects, which are being co-developed with BHP Group plc, Anglo American plc and First Quantum Minerals Ltd. respectively.
Further details are available on the Company’s website at https://luminexresources.com/.
| LUMINEX RESOURCES CORP. | | | |
| | For further information contact: | | |
| Signed: “Marshall Koval” | Scott Hicks | | |
| | info@luminexresources.com | | |
| Marshall Koval, CEO and Director | T: +1 604 646 1899 | | |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: First Quantum continuing with its earn-in option on the Company’s Cascas concessions, First Quantum making future cash payments to Luminex and Luminex evaluating whether it will retain the Orquideas concession.
With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to mineral exploration (including with respect to mineral prospects, resources or reserves being identified with sufficient grade, tonnage and economics to warrant further exploration or development); risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
