Highlights include:

• Master Composite achieved 84% gold recovery compared to 82% recovery for 2020 PEA
• Simplified flowsheet with elimination of saprolite/saplock material and elimination of molybdenum enrichment circuit
• Ausenco-led pre-feasibility study expected to be completed in Q2 2023

Vancouver, British Columbia, January 25, 2023 /CNW/- Lumina Gold Co., Ltd. (TSXV: LUM) (OTCQX: LMGDF) (“Company” or “Lumina”), our Cangrejos Copper-Gold project (“Cangrejos Project”) is scheduled for Q2 2023.

Marshall KovalPresident and CEO commented: “PFS is on schedule with several major components of the study completed. Metallurgical test work program is nearly complete, demonstrating improved gold recovery over 2020 PEA. Copper and silver recoveries are pending Metallurgical balances are expected and should be completed in the coming weeks Capital and operating cost estimates and enrichment marketing studies have begun and overall PFS is We are well on our way to completion in the second quarter of this year.”

PFS status

The following PFS work streams have completed.

• Estimation of Mineral Resources in the Cangrejos and Gran Bestia Deposits
• Revision of mine plans to incorporate only specified mineral resources for the purpose of conversion to potential reserves
• Process flowsheet design
• Quotations for major mechanical and electrical equipment
• Dry stack tailing design
• Facility location survey
• power research
• Harbor cargo handling research

Description of metallurgical test work

The current program of test work is carried out at CH Plenge & CIA SA (“Plenge”), an independent metallurgical laboratory based in Switzerland. Lima,Peru. The results presented in this news release are for the master composite (“2022 Master Composite) and 14 individual variable composites reflecting the expected range of material grades, rock types, and time periods. The composites were collected during the 2021-2022 infill and step-out drilling campaigns. Approximately 4,900 kilograms of drill cores were used to prepare 50 different boreholes spanning the Cangrejos and Gran Bestia deposits.

Test results

As well as the preliminary economic assessment of the Cangrejos Project (“2020 PEA”) included in the company’s technical report “Cangrejos Gold and Copper Project El Oro State”: EcuadorNI 43-101 Technical Report Preliminary Economic Assessment, effective date June 8, 2020, the overall process flowsheet assumes flotation combined with cyanation of the flotation cleaner scavenger tail, concentrating from the flotation of coarse particles (“sands”) from coarser flotation tailings. The flowsheet also uses gravity concentration to recover coarse gold.

The 2022 master composite was created to represent ‘fresh rock’ material from both deposits over the expected mining life, with 0.50 g/t gold, 1 g/t silver, 0.087% copper, 24 ppm molybdenum and 0.33% sulfur were analyzed. Lifetime average plant feed grades are projected to be 0.55 g/t gold and 0.1% copper, slightly higher grades than the 2022 master composite. The 2022 Master Composite has undergone grinding testing, whole ore cyanide, gravity concentration, bulk rough and concentrate cleaner flotation, copper-molybdenum separation flotation, and sand flotation. Tests incorporating scavenger cleaner tails and sand concentrate cyanide are underway. Variable composite testing is also underway, with recently completed crushing and whole-rock cyanide tests.

In whole ore flotation tests using optimized conditions and reagents, gold, copper and silver were recovered in the coarser flotation concentrate at 81%, 88% and 68%, respectively. Flotation of the sand concentrate from the coarser tail recovered an additional 4% of gold, bringing the total recovery from the coarser flotation to 85%. Once cyanation of the scavenger cleaner tail and sand concentrate occurs, the overall gold recovery to the concentrate and dre is predicted to be 84%. The washed copper-gold flotation concentrate contains 15% copper, 70 g/t gold and 101 g/t silver, compared to 17% copper, 75 g/t gold and 72 g/t silver estimated in the 2020 PEA. was analyzed. A cleaner flotation test found that achieving a 15% copper concentrate grade would require re-polishing to 20 microns compared to the 38 microns envisioned in his 2020 PEA. is shown. Rock cycle coarse and clean flotation tests are underway on all composites to determine concentrate grade and concentrate-dre metal recovery.

A copper-molybdenum separation flotation test of a copper-gold flotation concentrate yielded a potentially salable molybdenum concentrate that analyzed for 48% molybdenum while recovering approximately 50% of the molybdenum. The Company has determined that the production of molybdenum concentrate is currently not economically viable given its operating and capital costs, and will therefore remove the processing circuit from the PFS flowsheet.

The total ore gravity concentration test of the 2022 Master Composite showed average gold and silver recoveries of 29% and 5%, respectively, with 60 g/t of gold and 18 g/t of gold weighing 0.26% of the raw material weight. The silver in t is analyzed.

Whole ore cyanide can be used to process mineralized material to produce dre, but it is not expected to recover copper using this process. Cyanide testing of all composites The average recoveries for gold and silver are 89% and 34% respectively, similar to past test results. The cyanide consumption in the tests averaged 1 kilogram per tonne of material processed.

The 2022 Master Composite Grinding Test shows an average bond ball mill work index of 16 kWh/mt for the mineralized material. This classifies the material as medium to hard. This is similar to past test results. A JK-SMC test result of A*b=24.6 confirmed his PEA results for 2020 and classified the material as hard. These results confirm the advantage of using high pressure grinding rolls as the primary grinding in the grinding circuit.

quality assurance

The above metallurgical tests were conducted by an independent commercial laboratory and the samples used for testing were selected as representative of materials currently planned for processing. Lumina is not aware of any drilling, sampling, recovery or other factors that may materially affect the accuracy or reliability of the data referenced herein.

qualified person

nelson kingSME Registered Members and Lumina Metallurgical Consultants are “Qualified Persons” as defined in National Instrument 43-101 – Mineral Project Disclosure StandardsMr. King assisted Lumina in the development and direction of the metallurgical test program for the Cangrejos Project and visited the Cangrejos Project and Prenge laboratories. Lima I have also reviewed and approved the scientific and technical information contained in this news release. Mr. King also verified the disclosed data underlying the scientific and technical information in this news release.

About Lumina Gold

Lumina Gold Corp. (TSXV: LUM) is vancouver, canada Precious and base metal exploration and development company focused on the Cangrejos gold and copper project in the southwest El Oro state. EcuadorCangrejos has advanced to a Pre-Feasibility Study and is the world’s largest primary gold deposit. EcuadorLumina has an experienced management team with a successful track record of driving and monetizing exploration projects.

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Lumina Gold Co., Ltd.

signature: “Marshall Koval”

Marshall Koval, Representative Director and President

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Cautionary Note Regarding Forward-Looking Statements

Certain statements and information in this document, 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 the potential for conversion of mineral resources into mineral reserves, potential recovery for use in future economic studies, and molybdenum concentrate in calculating operating and capital costs. including, but not limited to, statements or information regarding the potential economic viability of Timing of elimination of treatment circuits from PFS flowsheets, expected recovery of copper from total ore cyanide, and completion of PFS studies. Often, but not always, forward-looking statements or information involve the use of words such as “will” or “forecast”, or variations of these words, or that a particular action, event or outcome will be ” It can be identified by the descriptions “will” and “may”. , ‘proposed’, ‘planned’, ‘expected’ or ‘expected’ to be adopted, to occur or to be achieved.

With respect to the forward-looking statements and information contained herein, we make a number of assumptions, including, among other things, assumptions regarding general business and economic conditions, gold and copper prices, and anticipated costs and expenses. The preceding list of assumptions is not exhaustive.

Although our management believes that the assumptions and expectations made by such statements or information are reasonable, we cannot prove that the forward-looking statements or information contained herein are accurate. There is no guarantee that. Forward-looking statements and information, by their nature, are based on assumptions and are subject to known and unknown risks, uncertainties and our actual results, performance or performance, or industry results. It involves other factors that may cause results to differ materially. or results expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the Company’s business; Business and economic conditions in general mining. Demand and supply of labor and other inputs for the Cangrejos project. fluctuations in commodity prices; fluctuations in interest and exchange rates; and risks associated with inaccurate geological and engineering assumptions, including those relating to tonnage, grade and recoverability of reserves and resources. Risks associated with unforeseen operational problems (equipment or processes failing to perform to specifications or expectations, increased costs, unavailability of materials and equipment, delays in receiving government action or government approval, industry disruption or other work arrangements) and unforeseen events related to health, safety and environmental issues); risks associated with adverse weather. political risks and social unrest; changes in general economic or financial market conditions; Other risk factors are detailed from time to time in our continuous disclosure documents filed with our Canadian securities regulators. We do not undertake to update forward-looking information, except in accordance with applicable securities laws.