VANCOUVER, BC, Aug. 6, 2024
/CNW/ - Luca Mining Corp. ("Luca" or the
"Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt:
Z68) is pleased to announce that it has engaged Cominvi, S.A.
de C.V. ("Cominvi") to carry out core mining operations at the
Company's 100% owned Campo Morado
copper-zinc-gold mine located in the state of Guerrero in
southwestern Mexico.
Cominvi is one of the largest and most respected mining
contractors in Latin America with
a particular expertise in underground mining. They have a
well-earned reputation for delivering excellent results with the
highest degree of safety and responsibility.
Working with Cominvi will allow Luca to quickly increase
production at Campo Morado and
will provide cost effective access to newer mining equipment for
the Company's ongoing operations. The addition of Cominvi to
our operations team will help ensure that Campo Morado can meet and exceed its daily
production targets and will provide a rapid path to further
increases in production and revenues without incurring significant
capital expenditures.
Dan Barnholden, CEO, commented,
"I am very pleased to have Cominvi join our team at Campo Morado. They bring incredible expertise
and experience and will greatly enhance our operational
flexibility. The timing of this decision is fortuitous
as Cominvi has just completed a major mining project nearby
and therefore, mobilization will occur very quick. We intend to
increase our mill throughput from the current 1,400-1,600 tonnes
per day ("tpd") to 2,000 tpd by year end and continue to push
forward to 2,400 tpd mill rate during 2025. These
achievements, along with the Company's previously
announced Campo Morado Improvement Project to increase
metallurgical recoveries and produce higher value concentrates,
will have a material positive impact on the Company's production,
costs and cash flow. Cominvi's seasoned team will be an important
factor in the execution of these plans."
About Luca Mining Corp
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a
diversified Canadian mining company with two 100%-owned producing
mines in Mexico within the
prolific Sierra Madre Mineral Belt. The Company produces gold,
copper, zinc, silver and lead from these mines that each have
considerable development and resource upside.
The Campo Morado mine, is an
underground operation located in Guerrero
State, an important mining region in Mexico. It produces copper-zinc-lead
concentrates with precious metals credits. It is currently
undergoing an optimisation program which is already generating
significant improvements in recoveries and grades, efficiencies,
and cashflows. The mill at Campo
Morado has a capacity of 2,400 tonnes per day.
The Tahuehueto Gold, Silver mine is a new underground mine in
Durango State, Mexico which hosts
numerous producing and historic mines on trend. Tahuehueto has a
designed processing capacity of 1,000 tonnes per day and expected
to achieve commercial production in 2H 2024.
Luca Mining is focused on growth with the aim of maximizing
shareholder returns.
For more information, please visit: www.lucamining.com
On Behalf of the Board of Directors
(signed) "Dan Barnholden"
Dan Barnholden, Chief
Executive Officer
Qualified Persons
The technical information contained in this News Release has
been reviewed and approved by Mr. Chris
Richings, Vice-President Technical at Luca Mining as the
Qualified Person for the Company as defined in National Instrument
43-101.
Cautionary Note Regarding Production Decisions and
Forward-Looking Statements
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 releases dated
November 8, 2017, and April 4, 2018).
Positive operating cash flow is defined as excluding capital,
debt repayment and Trafigura financing.
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,
disclosure regarding the planned program to improve mining
operations at Campo Morado; and
other possible events, 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
the program to improve mining operations at Campo Morado 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.
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.
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SOURCE Luca Mining Corp.