Lumina alters restructuring plan

Vancouver – Lumina Copper (LCC-T) has made a slight modification to its planned corporate restructuring.

Conflict with an existing company name will see Lumina Copper rename one of its proposed new entities Global Copper instead of Continental Copper.

Global Copper is to hold the two non-core Chilean projects, Vizcachitas and Relincho, and will also see the Argentinean copper projects, Taca Taca and San Jorge, added to its portfolio for ease of management and improved valuation.

The transfer of the Argentinean properties to Global will see the new Lumina Resources holding just the Canadian projects, specifically Redstone, Hushamu and Casino.

Assuming shareholder approval, the company anticipates the restructuring to be complete by late-May.

Metallurgical testing of mineralized material from Regalito is continuing at SGS Lakefield’s Santiago lab with initial results anticipated soon. Lumina Copper has now signed some 17 confidentiality agreements with companies that are evaluating the Regalito deposit.

In addition to maximizing market value, the basis of Lumina Copper’s proposed restructuring is to leave Regalito as a sole project in the company, to be renamed Regalito Copper, facilitating a simplified possible sale or financing of the project.

The company also exercised its option to acquire the Taca Taca project from Corriente Resources (CTQ-T) early. In lieu of making its final payment of 100,000 shares plus US$1.1 million, Lumina Copper issued 200,000 shares to Corriente for full title to the Argentinean porphyry copper project. The project has seen significant work since the 1960s including over 24,000 metres of drilling. An historic mineral resource of 240-million tonnes grading 0.41% copper (using a 0.2% copper cut-off) was calculated by AMEC for BHP Billiton (BHP-N) prior to implementation of National Instrument 43-101.

Lumina Copper’s planned reorganization will see the company split into four separate entities each holding advanced copper projects based on geographic regions.

Investors keen on copper have recently traded the issue in the $9.00-9.60 per share range, giving the company a market capitalization of $190 million with its 20.5-million shares outstanding.