VANCOUVER, BC, Aug. 6, 2024 /PRNewswire/ - 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.
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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.
SOURCE Luca Mining Corp.
