Vancouver, BC — June 8, 2023 — Luca Mining Corp.
Luca Mining Corp. (“Luca” or the “Company” (TSXV:LUCA; OTCQX:LUCMF; Frankfurt: TSGA) is pleased to announce the addition of two new members to its Board of Directors.
The Company welcomes Dr. Neil O’Brien and Mr. Phil Brumit Sr. as Independent Directors.
The addition of these highly qualified and experienced independent directors strengthens the Company’s corporate governance and adds considerable business and industry experience to the Board.
David Rhodes, Chairman, commented: “On behalf of the Board we are delighted to welcome Neil and Phil, both highly experienced miners”.
“Luca is extremely pleased to have attracted such qualified and experienced directors as Neil O’Brien and Phil Brumit” said Mike Struthers, CEO, “I’ve known and worked with both Neil and Phil for a number of years, and I know their wide tier-one experience will add considerable depth to the Board on a number of fronts, not least in corporate governance, operations, exploration and new business development. I’m excited to work with them both again to help build Luca into a successful mining company.”
Dr. Neil O’Brien
Dr. O’Brien is a consulting economic geologist and former mining executive with three decades of industry service including Board of Director roles in public and private mineral exploration companies. Dr. O’Brien has international experience on five continents in all stages of mineral exploration and development of economic mineral resource projects, mining project evaluation and strategic corporate development activities. He retired in 2018 from Lundin Mining Corporation as Senior Vice President, Exploration & New Business Development. Dr. O’Brien also provides consulting services and is a non-executive director of other public companies.
Phil Brumit Sr.
Mr. Brumit is a mining executive with over 40 years of experience in property evaluation, engineering, project management, construction, start-up and operations within the industry. He recently served as Executive VP Projects & Operations at Josemaria Resources Inc. Prior to joining Josemaria, Mr. Brumit was President and Managing Director of Minera Candelaria, Chile, a subsidiary of Lundin Mining Corporation. His previous industry experience includes President of Freeport-McMoRan’s African Division and Senior Advisor, focused on the Tenke Fungurume Mine in the DRC; North American Manager of Operations for Newmont Corporation; and General Manager of Operations for PT Newmont Nusa Tenggara’s Batu Hijau mine in Indonesia.
Directors Resignations
To accommodate the appointment of the above new directors, Luca has accepted the voluntary resignation of Independent Director Mark Bailey.
Chairman David Rhodes stated, “On behalf of the board and Luca I want to thank Mark for his valuable contributions to the Company over the past 18 months and wish him well in his future endeavours.”
Luca’s Board of Directors now consists of eight members as follows: David Rhodes (Chair), Mike Struthers, Roberto Guzman Garcia, Rory Godinho, Ruben Alvidrez Ortega, Neil O’Brien, Phil Brumit, and Ralph Shearing.
Grant of Incentive Stock Options
The Company announces that pursuant to its Omnibus Equity Incentive Plan, it has granted incentive stock options entitling Directors, Officers, and Employees to purchase an aggregate 4,400,000 shares in the capital stock of the Company. The options will be exercisable at a price of $0.455 per share for a period of 5 years.
Appointment of Marketing and Investor Relations Advisors
The Company has also appointed Brisco Capital Partners Corp, and TLG Growth Capital Corp., as marketing and investor relations consultants and advisors. The agreements are on a renewable monthly basis, and include the award of 250,000 stock options each, at CAD$ 0.455 per share, for a period of 5 years from the date of issuance. The options will vest 33% on issuance, and the balance in two equal tranches at 6 and 12 months from the grant date.
Extension of Private Placement
Due to continued strong demand, the Company has determined it will extend its previously announced private placement (the “Private Placement”) to June 30, 2023, in order to allow it to fill the oversubscription option of the Private Placement (see the Company’s news release dated March 31, 2023). The first tranche of the Private Placement closed on April 25, 2023, and the second tranche of the Private Placement closed on June 2, 2023 (see the Company’s news releases dated April 26, 2023, and June 5, 2023). Under this third and final tranche of the Private Placement, the Company may raise additional gross proceeds up to $3.6 million.
About Luca Mining Corp.
Luca Mining Corp is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.
Luca’s Tahuehueto mining project is in north-western Durango State, Mexico, where construction of an initial 500 tpd operation is well advanced. The second stage, the 1000 tpd project, will follow immediately after commissioning the initial stage. The operation is generating gold, silver, lead, and zinc in concentrates.
Campo Morado is an operating polymetallic base metal mine in Guerrero, Mexico, currently producing at an average of approximately 2,400 tonnes per day, generating zinc and copper concentrates with significant precious metal credits.
Visit: www.lucamining.com
On Behalf of the Board of Directors
(signed) “Mike Struthers”
Mike Struthers
CEO and Director
Cautionary Note Regarding Production Decisions and Forward-Looking Statements
Neither 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 release.
It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see News Release dated November 8, 2017, and April 4, 2018). ). Furthermore, It should be noted that Luca intends to commence pre-production and ramp up to full commercial production at Tahuehueto prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s pre-production and production decisions will be made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Tahuehueto mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make such production decisions. Luca has completed a positive pre-feasibility study (the “Pre-Feasibility Study”) and updated mineral reserves/resources estimates at its flagship Tahuehueto Mine that provides a conceptual life of mine plan and a preliminary economic analysis based on a 1,000 tonne per day operation (see News Release dated March 7, 2022)
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward-Looking Information includes but is not limited to conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans,” “expects,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; that commencement of pre-production mining and milling operations at Tahuehueto will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact Details
Glen Sandwell
+1 604-684-8071
Company Website
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Luca Mining Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Luca Mining Corp.’s industry; (b) market opportunity; (c) Luca Mining Corp.’s business plans and strategies; (d) services that Luca Mining Corp. intends to offer; (e) Luca Mining Corp.’s milestone projections and targets; (f) Luca Mining Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Luca Mining Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Luca Mining Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Luca Mining Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Luca Mining Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) Luca Mining Corp.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Luca Mining Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Luca Mining Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Luca Mining Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Luca Mining Corp.’s business operations (e) Luca Mining Corp. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Luca Mining Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Luca Mining Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Luca Mining Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Luca Mining Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Luca Mining Corp. or such entities and are not necessarily indicative of future performance of Luca Mining Corp. or such entities.
