VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2008) - Lumina Copper Corp. ("Lumina") (TSX VENTURE:LCC) announces that Rio Tinto plc. ("Rio Tinto") has notified the Company that it will not continue its option on the Taca Taca copper-gold-molybdenum project in Salta Province, Argentina in spite of drilling the best holes on the property to date. Rio Tinto indicated that despite the excellent results from its exploration program, the deposit would not likely meet its corporate objectives.
The results of the Rio Tinto program are highlighted by holes TTBJ-0007 which graded 426 meters grading 0.75% copper, 0.16 grams/tonne gold and 0.025% molybdenum (0.99% copper equivalent(ii)) including 120 meters grading 1.40% copper, 0.21 grams/tonne gold and 0.035% molybdenum (1.73% copper equivalent(ii)); TTBJ-0006 that returned 248 meters grading 0.89% copper, 0.11 grams/tonne gold and 0.036% molybdenum (1.16% copper equivalent(ii)) and TTBJ-0003 that returned 195 meters grading 0.78% copper, 0.29 grams/tonne gold and 0.030% molybdenum (1.12% copper equivalent(ii)).
Rio Tinto completed 5,003 meters in eight steeply inclined (-70 to -90 degrees) diamond drill holes drilled from six platforms covering an 800 meter diameter area in the centre of the Taca Taca porphyry copper-gold-molybdenum deposit. Two of the eight holes (TTBJ-0001 and TTBJ-0004) were stopped due to mechanical reasons before they reached the target.
Rio Tinto targeted a deeper zone of higher grade copper mineralization inferred to exist below the base of the existing drilling and also delineated a central area of enriched copper mineralization that is open to the north as well as to depth. The six successful Rio Tinto holes ranged from 472 to 1,153 meters in vertical depth and averaged 708 meters. In comparison, the 159 holes (24,614 meters) drilled by the five previous operators ranged in vertical depth between 15 and 529 meters and averaged 149 meters vertical depth.
The results of the successful holes are listed in the table below:
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Rio Tinto
Hole From To Int. Cu Mo Au CuEq
Number (m) (m) (m) (%) (%) (g/t) %(i) Comments
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TTBJ-0002 260 494 234 0.38 0.017 0.01 0.48 Restart of "lost" hole
------------------------------------------------- TTBJ-0001, (end of
and 528 540 12 0.29 0.020 0.04 0.43 TTBJ-0002 1,153m)
-------------------------------------------------
and 626 664 38 0.36 0.018 0.01 0.47
-------------------------------------------------
and 788 816 28 0.32 0.020 0.15 0.53
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TTBJ-0003 294 489 195 0.78 0.030 0.29 1.12 Interval open to depth,
(end of hole at 489m)
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TTBJ-0005 400 408 8 0.14 0.097 0.05 0.75 Restart of "lost" hole
------------------------------------------------- TTBJ-0004, (end of
and 612 620 8 0.47 0.007 0.02 0.52 TTBJ-00005 at 801m)
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TTBJ-0006 316 564 248 0.89 0.036 0.11 1.16 Sampling started at 316m
------------------------------------------------- leaving the interval
incl. 316 428 112 1.40 0.041 0.02 1.66 open upwards, as well
as to the north, (end
of hole at 736m)
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TTBJ-0007 228 654 426 0.75 0.025 0.16 0.99 End of hole at 683m
-------------------------------------------------
incl. 264 384 120 1.40 0.035 0.21 1.73
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TTBJ-0008 294 518 224 0.55 0.015 0.09 0.70 Interval open to north
and to depth, (end of
hole at 518m)
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(i) Copper equivalent calculated using US$1.00/lb Cu, US$400/oz Au and
US$6.00/lb Mo and is not adjusted for metallurgical recoveries as these
remain uncertain. The formula used is as follows: CuEQ equals Cu% +
(Au g/t x 12.86 / 22.05) + Mo% x 132.28 / 22.05).
(ii) Intervals have been calculated using a 0.40% CuEq cut-off grade.
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Lumina has now reacquired a 100% interest in the property. In light of the excellent Rio Tinto drill results, Lumina intends to aggressively advance the project. Within the next six weeks, after all data has been received from Rio Tinto, the Company will release a comprehensive drill plan and a new 43-101 compliant resource estimate and during the 4th quarter initiate an exploration and infill drill program designed to expand and upgrade the zone of enriched copper mineralization at Taca Taca and to explore for the deeper zone of higher grade copper-gold-molybdenum mineralization.
Leo Hathaway, P.Geo., is the Qualified Person as defined by National Instrument 43-101 for the Taca Taca project and has reviewed and approved the contents of this news release and the QA/QC data and has visited the project and sampling facilities while drilling was in progress. The 2008 drill campaign on the project was managed on site by Rio Tinto geologists. Drill core was sampled every two meters and logging and sampling were completed at Rio Tinto's secure facility located at the project. The drill cores were sawn in half on site and the samples were securely transported to the Alex Stewart's 9001:2000 certified facilities in Mendoza, Argentina for sample preparation and analysis. Total copper content was determined by three-acid digestion with atomic absorption finish. Rio Tinto inserted standards, blanks and duplicates selected on a random basis into the sample stream and sent sample pulps from one complete hole to check laboratories in Santiago, Chile.
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, silver, 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, silver, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lumina Copper Corp.
David Strang
President & CEO
(604) 687-0407
(604) 687-7041 (FAX)
Email: dstrang@luminacopper.com
Website: www.luminacopper.com
