Mining Press
La minera canadiense Lumina Copper Corp. se dividió en dos compañías: Lumina Copper Corp. y Lumina Royalty Corp. El acuerdo fue aprobado por los accionistas de la compañía quienes recibieron acciones de la nueva empresa, según su participación en la minera madre. Además, anunció nuevos resultados exploratorios
Según comunicó Lumina Copper, con la división busca reorganizar sus negocios y centrarse en su proyecto de cobre, oro y molibdeno Taca Taca, en la Puna argentina. En tanto, Lumina Royalty tendrá otros activos no estratégicos y participaciones en las ganancias de otros proyectos mineros.
Lumina Copper ha obtenido una valoración profesional que atribuye a las acciones ordinarias un valor de mercado de 25.735.000 dólares, o $ 0,683 por acción. Las acciones ordinarias de Lumina Copper seguirán cotizando en el TSX Venture Exchange bajo el símbolo "LCC". Las acciones ordinarias de Lumina Royalty no serán incluidas en ninguna bolsa por el momento.
Lumina Copper Corp. and Lumina Royalty Corp. Announce Closing of Arrangement
Lumina Copper Corp. and Lumina Royalty Corp. are pleased to announce that they have closed their previously announced arrangement effective at 11:59 p.m. on June 16, 2011 (the "Effective Time").
Tax Information Related to the Plan of Arrangement
Under the terms of a statutory plan of arrangement which received shareholder approval on June 7, 2011 (the "Plan of Arrangement"), the shareholders of Lumina Copper (the "Shareholders") each received, as a distribution in respect of a reduction of capital, one common share of Lumina Royalty for each common share of Lumina Copper held at the Effective Time.
As described more fully in Lumina Copper's management information circular which was mailed to shareholders on May 10, 2011 (the "Circular"), each Shareholder must, for the purposes of the Income Tax Act (Canada), subtract from the adjusted cost base of the common shares of Lumina Copper held at the Effective Time an amount equal to the fair market value of the common shares of Lumina Royalty received under the Plan of Arrangement. Lumina Copper has obtained a professional valuation which ascribes to the common shares of Lumina Royalty at the Effective Time an aggregate fair market value of $25,735,000, or $0.683 per common share.
Lumina Copper will prepare its tax returns based on this valuation, and believes that it would be reasonable for the Shareholders to also rely on the valuation for their own tax purposes. However the valuation is not binding on the Canada Revenue Agency or the Internal Revenue Service.
The foregoing is qualified entirely by the Circular and is not intended to be tax advice to any particular Shareholder. Shareholders are encouraged to read the Circular in full and to consult with their own tax advisors having regard to their own circumstances.
The common shares of Lumina Copper will continue to trade on the TSX Venture Exchange under the symbol "LCC". The common shares of Lumina Royalty are not currently listed on any exchange.
Lumina Intersects 310 meters grading 1.06% copper equivalent in twin hole at Taca Taca copper-gold-molybdenum project, Argentina - extends mineralization additional 114 meters to depth
Lumina Copper Corp. 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.
