Lumina Reports Updated Mineral Resource Estimate at Taca Taca

Lumina Reports Updated Mineral Resource Estimate at Taca Taca
Copper-Gold-Molybdenum Project, Argentina-Significant Increase in
Resources 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- Lumina
Copper Corp. (TSX VENTURE:LCC) (the "Company" or "Lumina") is pleased
to announce that it has received an updated mineral resource estimate
on its 100% owned Taca Taca copper/gold/molybdenum project located in
Salta province, Argentina. The estimate significantly increases the
known sulphide copper, gold and molybdenum resources over the
previous mineral resource estimate released in May 2012.  
At a 0.3% copper equivalent cut-off, total contained sulphide copper
in the Indicated resource category is estimated to be 21.1 billion
pounds of copper, while total contained sulphide copper in the
Inferred resource category is estimated to be 7.6 billion pounds of
copper. 
The base case cut-off grade for the sulphide mineral resource
estimate has been decreased from 0.4% copper equivalent to 0.3%
copper equivalent to align the mineral resource estimate with the net
smelter return cut-off that will be used to define the parameters of
the mine plan to be incorporated in the forthcoming Preliminary
Economic Assessment ("PEA"). There has been no change to the cutoff
grade, of 0.2g/t gold, for the oxide gold resource estimate. 
The updated mineral resource estimate shows that the sulphide mineral
resource remains open to depth in some areas and along the southern
boundary of the deposit's northeastern limb. The boundaries of the
oxide gold resource appear to be fully defined.  
The salient details of the updated National Instrument 43-101
compliant ("NI 43-101") mineral resource estimate are as follows: 
Sulphide Resources (0.3% copper equivalent cut-off) 


 
--  2.17 billion tonnes grading 0.44% copper, 0.08g/t gold and 0.013%
    molybdenum (0.57% copper equivalent) in the Indicated category
    containing 21.1 billion pounds of copper, 5.6 million ounces of gold and
    616 million pounds of molybdenum. The previous NI 43-101 mineral
    resource estimate contained 995 million tonnes grading 0.53% copper,
    0.11g/t gold and 0.017% molybdenum at the same cut-off grade. 
--  921 million tonnes grading 0.37% copper, 0.05g/t gold and 0.012%
    molybdenum (0.47
% copper equivalent) in the Inferred category containing
    7.6 billion pounds of copper, 1.6 million ounces of gold and 235 million
    pounds of molybdenum. The previous NI 43-101 mineral resource estimate
    contained 1.48 billion tonnes grading 0.40% copper, 0.07g/t gold and
    0.012% molybdenum at the same cut-off grade.

 
The sulphide mineral resource is comprised of primary and supergene
mineralization. The supergene zone contains higher average grades as
highlighted below:  
Supergene Resources (0.3% copper equivalent cut-off) 


 
--  701 million tonnes grading 0.60% copper, 0.08g/t gold and 0.009%
    molybdenum (0.70% copper equivalent) in the Indicated category. 
--  90 million tonnes grading 0.44% copper, 0.06g/t gold and 0.005%
    molybdenum (0.50% copper equivalent) in the Inferred category.

 
In the previous mineral resource estimates, a zone of shallower, high
grade, supergene mineralization was defined in the northern part of
the deposit. The Company is investigating whether this zone may form
the basis of a "starter pit" for the project. The updated NI 43-101
mineral resource estimate for this zone is defined as follows: 


 
--  253 million tonnes grading 0.85% copper, 0.13g/t gold and 0.016%
    molybdenum (1.02% copper equivalent) in the Indicated category (0.5%
    copper equivalent cut-off). The previous NI 43-101 mineral resource
    estimate contained 200 million tonnes grading 0.95% copper, 0.14g/t gold
    and 0.017% molybdenum (1.11% copper equivalent) in the Indicated
    category at the same cut-off grade.

 
Oxide Gold Resources (0.2g/t gold cut-off) 


 
--  243 million tonnes grading 0.27g/t gold in the Indicated category
    containing 2.1 million ounces of gold. The previous NI 43-101 mineral
    resource estimate contained 198 million tonnes grading 0.27g/t gold. 
--  17 million tonnes grading 0.23g/t gold in the Inferred category
    containing 0.1 million ounces of gold. The previous NI 43-101 mineral
    resource estimate contained 81 million tonnes grading 0.26g/t gold.

 
The Company has now completed its planned drilling program on the
Taca Taca deposit and is undertaking the various engineering studies
required to complete a PEA on the project. The PEA is expected to be
completed by March 2013.  
The updated NI 43-101 mineral resource estimates at various copper
equivalent and oxide gold cut-off grades are presented in the tables
below. Maps showing the boundaries of the mineral resource estimates
are attached to this news release. 


 
                Indicated Sulphide Mineral Resource Estimate               
                                                                           
---------------------------------------------------------------------------
CuEq                                                                       
(1)                                                                        
Cut-off        Size                           Grade         Contained Metal
         ------------------------------------------------------------------
             Tonnes    CuEq                                                
          (Million)     (1)      Cu      Au      Mo      Cu      Au      Mo
                        (%)     (%)   (g/t)     (%)  (B lb)  (M oz)  (M lb)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
0.2           2,817    0.49    0.38    0.07   0.011   23.84    6.32   707.9
---------------------------------------------------------------------------
0.3(2)        2,165    0.57    0.44    0.08   0.013   21.15    5.56   615.8
---------------------------------------------------------------------------
0.4           1,545    0.65    0.51    0.09   0.015   17.51    4.61   493.8
---------------------------------------------------------------------------
0.5             997    0.77    0.61    0.11   0.016   13.34    3.54   360.5
---------------------------------------------------------------------------
0.6             660    0.88    0.70    0.13   0.018   10.23    2.68   259.0
---------------------------------------------------------------------------
0.7             454    0.99    0.80    0.14   0.019    7.99    2.02   187.0
---------------------------------------------------------------------------
                                                                           
                Inferred Sulphide Mineral Resource Estimate                
                                                                           
---------------------------------------------------------------------------
CuEq                                                                       
(1)                                                                        
Cut-off        Size                           Grade         Contained Metal
         ------------------------------------------------------------------
             Tonnes    CuEq                                                
          (Million)     (1)      Cu      Au      Mo      Cu      Au      Mo
                        (%)     (%)   (g/t)     (%)  (B lb)  (M oz)  (M lb)
---------------------------------------------------------------------
------
---------------------------------------------------------------------------
0.2           1,396    0.40    0.31    0.05   0.010    9.44    2.08   310.7
---------------------------------------------------------------------------
0.3(2)          921    0.47    0.37    0.05   0.012    7.55    1.57   235.4
---------------------------------------------------------------------------
0.4             571    0.55    0.44    0.06   0.013    5.50    1.10   162.4
---------------------------------------------------------------------------
0.5             302    0.64    0.52    0.07   0.014    3.43    0.65    95.8
---------------------------------------------------------------------------
0.6             162    0.73    0.59    0.07   0.015    2.11    0.36    54.9
---------------------------------------------------------------------------
0.7              76    0.81    0.68    0.07   0.016    1.14    0.17    26.4
---------------------------------------------------------------------------
 
1.  Copper equivalent calculated using US$2.00/lb Cu, US$800/oz Au and
    US$12.00/lb Mo and is not adjusted for mining and metallurgical
    recoveries as these remain uncertain. The formula used is as follows:
    CuEQ = Cu% + (Au g/t x 0.583) + (Mo% x 6). 
2.  Sulphide resource base case cut-off grade of 0.3%CuEq is highlighted in
    the tables.
 
 Indicated Oxide Gold Mineral Resource Estimate 
                                                
------------------------------------------------
Au                Tonnes          Au          Au
Cut-off        (Million)       (g/t)      (M oz)
------------------------------------------------
0.1                  799        0.18        4.66
------------------------------------------------
0.15                 483        0.22        3.40
------------------------------------------------
0.2                  243        0.27        2.07
------------------------------------------------
0.25                 126        0.31        1.23
------------------------------------------------
                                                
  Inferred Oxide Gold Mineral Resource Estimate 
                                                
------------------------------------------------
Au                Tonnes          Au          Au
Cut-off        (Million)       (g/t)      (M oz)
------------------------------------------------
0.1                  213        0.14        0.97
------------------------------------------------
0.15                  66        0.18        0.39
------------------------------------------------
0.2                   17        0.23        0.13
------------------------------------------------
0.25                   3        0.30        0.03
------------------------------------------------
 
1.  The oxide gold resource base case cut-off grade of 0.2g/t gold is
    highlighted in the table.

 
The updated NI 43-101 mineral resource estimate was based on a total
of 147,449 meters of drilling in 310 holes, including previous
drilling completed by BHP Billiton (28 holes, 9,893 meters),
Corriente (18 holes, 1,454 meters), Rio Tinto (15 holes, 7,608
meters) and 249 holes totalling 128,494 meters drilled by the
Company.  
The mineral resource estimate has been generated from drill hole
sample assay results and the interpretation of a geologic model which
relates to the spatial distribution of copper, molybdenum and gold in
the deposit. Grade estimates are made using ordinary kriging with
nominal block size measuring 25 meters long, 25 meters wide and 15
meters in height. Resources have been classified by their proximity
to sample locations and are reported according to CIM standards on
Mineral Resources and Reserves. 
An updated NI 43-101 technical report detailing the mineral resource
estimate will be completed and filed on SEDAR (www.sedar.com) and
Lumina's website (www.luminacopper.com) within 45 days. 
The Taca Taca copper/gold/molybdenum project is located in the Puna
region of north western Argentina in Salta province, approximately
230 kilometres west of the provincial capital of Salta and 120
kilometers east of the world's largest copper mine, Escondida.  
Robert Sim, P.Geo., a Qualified Person as defined by NI 43-101, is
responsible for the mineral resource estimate included in this news
release and has reviewed and approved the contents of this news
release as they relate to the mineral resource estimate.  
Since Lumina began drilling at the Taca Taca project in August 2010,
the sample assay results have been independently monitored through a
quality control / quality assurance ("QA/QC") program including the
insertion of blind standards, blanks and the reanalysis of duplicate
samples at a second umpire laboratory. The results of the QA/QC
program indicate that the sample database is of sufficient accuracy
and precision to be used for the generation of mineral resource
estimates. 
Andrew Carstensen, CPG, Vice President, Exploration and the Qualified
Person as defined by NI 43-101 for the Taca Taca project has reviewed
and approved the contents of this news release as they relate to the
ongoing exploration and development program at the Taca Taca project. 
To view the maps accompanying this press release, click on the
following link: http://media3.marketwire.com/docs/l1120map.pdf 
LUMINA COPPER CORP. 
David Strang, President & CEO 
CAUTION REGARDING FORWARD-LOOKING INFORMATION: This news release
contains "forward-looking information" within the meaning of the
applicable Canadian securities legislation. Generally, this
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "estimates",  "anticipates" or "does not
anticipate", or "is awaiting" or "believes", or variations of such
words and phrases or state that certain actions, events or results
"may", "can", "could", "would", "might" or "will be taken", "occur"
or "be achieved".  This forward-looking information refers to, among
other things: the updated mineral resource estimate, determination of
cut-off grade, determination of the net smelter return cut-off grade,
the possibility that a higher grade supergene zone could form the
basis of a starter pit, possible extension of deposit boundaries and
timing and completion of the PEA.  Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Lumina to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to:  assumptions regarding the accuracy of mineral
estimates, reliability of sampling and analysis and
representativeness of mineralization, risks related to the
exploration and potential development of the Company's projects,
risks related to governmental expropriation, royalty or taxes, risks
related to the uncertainty of timing of events including the timing
scheduled for completion of the PEA, risks related to international
operations, the actual results of current exploration activities,
conclusions of economic evaluations, changes in project parameters as
plans continue to be refined, future prices of commodities, as well
as those factors discussed in the sections relating to risk factors
of our business filed in Lumina's 
required securities filings on
SEDAR. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can be
no assurance that any 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.
Lumina does not undertake to update any forward-looking information
that is incorporated by reference herein, except in accordance with
applicable securities laws.  
Neither the 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 news
release. 
Contacts:
Lumina Copper Corp.
David Strang
President & CEO
604 646 1880
604 687 7041 (FAX)
dstrang@luminacopper.com
www.luminacopper.com
 
 
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