VANCOUVER, BC, July 9, 2024
/CNW/ - Luca Mining Corp. ("Luca" or the
"Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt:
Z68) is pleased to announce that its board of directors
has appointed Mr. Dan Barnholden as the
Company's Chief Executive Officer ("CEO"), effective July 15, 2024. Ramon
Perez, who has served as interim CEO for the past 4 months,
will return to his role as President and will work closely with Dan
to optimize operations at Campo
Morado and achieve commercial production at Tahuehueto.
Dan Barnholden is a seasoned professional with
over 20 years of experience in senior
mining investment banking roles at bank-owned and boutique
dealers in Toronto and
Vancouver. He has raised billions
of dollars in debt and equity for junior, mid-tier and senior
mining companies, as well as advised dozens of companies on
mergers, acquisitions, divestitures, and other financial, strategic
and governance matters. Mr. Barnholden joins Luca from and
international investment banking firm where he was Managing
Director, Investment Banking. Previously, he served as Head
of Investment Banking at a Vancouver based, employee-owned investment
banking firm. Dan completed his B.A. with Great Distinction
from McGill University and holds an MBA
from the Richard Ivey School of Business at the University of Western Ontario, where he was an Ivey
Scholar.
Chairman David Rhodes stated,
"I'm very pleased to announce Dan joining the Luca team as CEO.
He brings a wealth of experience in the sector, having held
numerous leadership roles and successfully navigating complex
market dynamics. His extensive background in mergers and
acquisitions and financial markets will provide invaluable
expertise as we strive to enhance our strategic initiatives and
operational efficiency. Dan's proven track record aligns with our
vision of transforming Luca into a prominent mid-tier company. We
are confident that his leadership will steer us towards new heights
of success and industry recognition. Luca's Board of Directors
wish to thank our President, Ramon
Perez for stepping in as interim CEO while we
undertook the search for a full time CEO. As evidenced by
our progress at both Campo
Morado and Tahuehueto, Ramon who has oversight
over all Mexican operations, has done a tremendous job
and we look forward to him continuing to do so as the Company's
President." Dan is expected to bring strategic, financial and
governance expertise to Luca as it transitions from a junior
development company to a mid-tier diversified mining
company. Initially, Dan will focus on Company health &
safety, environmental, corporate strategy, governance, marketing,
and financial matters as well as responsibility for overall
corporate matters and Ramon will continue to manage and optimize
the operations."
Dan Barnholden said, "I am
honoured and excited about the opportunity to lead Luca Mining into
its next chapter, and I want to thank the Board for this
opportunity. I admire the hard work that has been done over the
past year and the entire team to position the Company for success.
Today, the Company is at an exciting juncture, as Campo Morado continues to increase production
and Tahuehueto moves to declaring commercial production. I believe
that Luca represents a unique opportunity to apply my skill set to
create significant value for all stakeholders and I couldn't be
more excited to work with the fabulous team of professionals
already in place at the Board and management level".
Issue of Options
The Company announces that it will issue an aggregate of
1,500,000 options to purchase Common Shares (the "Options") to the
CEO pursuant to its omnibus incentive award plan. The Options
exercise price will be set based on the closing price of the
Company's shares on July 12, 2024,
and will expire five years from the date of their issuance. The
Options shall vest as follows: (i) 25% on the July 15, 2024; (ii) 25% January 15, 2025; and (iii) 25% April 15, 2025, and (iv) the balance on
July 15, 2025.
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. 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, a prolific 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 Tahuehueto Gold, Silver Mine is a new underground operation
in Durango State, Mexico, within
the Sierra Madre Mineral Belt which hosts numerous producing and
historic mines along its trend. The Company is completing the
installation of major equipment and commissioning its mill capacity
to 1,000 tonnes per day, with key test work and production ramp-up
underway, to increase production by 2H 2024.
The Company expects its operations to start generating positive
cash flows in 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) "Ramon Perez"
Ramon Perez, President
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.