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B2B (00:01): Our guests today are Marshall Koval, President and Chief Executive Officer, and Scott Hicks, VP Corporate Development and Communications at Lumina Gold. Lumina Gold Trades on the TSX Venture Exchange under the ticker LUM and OTCQX symbol LMGDF. Good day gentlemen. Thank you for joining us today on B2B Interviews.
B2B (00:34): I thought you might begin with a brief introduction and overview of the company.
MK (00:40): Lumina Gold is part of the Lumina Group. It was a group founded by Ross Beaty. Originally, it was Lumina Copper Company back in 2003/ 2004 with a view that copper would move from 85 cents up to a couple dollars. It went right through that and up to about $4.
Anyway, we raised about $275 million in market and returned about $1.6 billion to shareholders. We had several copper projects in mining friendly countries and basically, after we dispositioned all those projects, Caserones Mine was one of them and then Taka Taka is a development project that First Quantum has.
We decided to turn our focus with the management team to the gold space, so we entered Ecuador in 2014 and acquired Cangrejos and that was a project discovered by Newmont, which had no reportable resource on it at the time.
Through all the drilling work that we did in publishing from 2014, publishing a 2020 PEA, we have about 17 million ounces of gold in all categories and about 2.2 billion pounds of copper.
Basically, right now, Cangrejos is at the prefeasibility stage. We just finished a 36,000-meter drilling program in the field. We're doing the engineering work and we're advancing the prefeasibility study, looking at having that published in April timeframe in 2023. Scott, you might just want to run through some of the results of the 2020 PEA, just to give a high-level overview here.
SH (02:28): Where this project sits today, it's a massive project. As Marshall said, it has both gold and copper. It's about 80% gold by revenue, 20% copper by revenue. It's 25 year mine life that incorporates two large scale pits. It'll eventually be an 80,000 ton per day project, so it’s quite large.
It's the 37th largest gold deposit by resource size in the world and it'll produce just under 400,000 ounces of gold a year on average for those 25 years. We expect the net of the copper byproduct to be in and around $600 an ounce, which makes it a first quartile asset by cost per ounce.
We're excited with the way the project's shaping up so far and we've completed about another 36,000 meters of drilling in the last 12 months to take it towards a prefeasibility study that we expect early next year.
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