VANCOUVER, BC, Aug. 15,
2024 /CNW/ - Luca Mining
Corp. ("Luca" or the "Company") (TSX-V:
LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) announces that it has granted
an aggregate of 4,508,833 incentive stock options
("Options") and 800,000 Restricted Share Units
("RSUs") to certain officers and directors in accordance
with Luca's omnibus equity incentive plan. The Options are
exercisable at a price of $.55 and
will expire five years from the date of their issuance. The Options
will vest as follows: (i) 33% on August
15, 2024 ; (ii) 33% February 15, 2025 ; and (iii) the balance
on August 15, 2025 . The RSUs will vest on August 15, 2025. The grant of the Options and
RSUs are subject to approval by the TSX Venture Exchange.
Luca is also pleased to announce that it has reached an
agreement with Empress Royalty Corp. ("Empress Royalty") to
amend (the "Amendment") the metal purchase and sale
agreement (the "Agreement") entered into between the Company
and Empress Royalty on April 14, 2021
and subsequently amended on May 1,
2023. The Amendment introduces a revised payment schedule
designed to normalize payments under the Agreement which were
partially deferred while Tahuehueto's nameplate capacity of 1000
tpd was installed. Regular silver ounce deliveries under the
Agreement are deemed to have recommenced effective July 1, 2024. For further information with
respect to the Amendment, please see Empress Royalty's press
release dated August 14, 2024. As
previously announced by a news release dated July 25, 2024, the Company has completed
construction of its new Tahuehueto gold, silver mine and is in the
process of commissioning same, with declaration of commercial
production expected to be announced within the next quarter.
On Behalf of the Board of Directors
(signed) "Dan Barnholden"
Dan Barnholden, Chief
Executive Officer
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/lead and zinc
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 commissioning its
mill capacity to 1,000 tonnes per day, and key test work and
production ramp-up is 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
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).
Furthermore, Luca intends to declare commercial production at
the Tahuehueto gold, silver mine 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
Tahuehueto gold, silver 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
prefeasibility study on the Tahuehueto gold, silver mine (see news
releases dated April 26, 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,
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 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. 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.