VANCOUVER, BC, Jan. 2, 2025
/CNW/ - Luca Mining Corp. ("Luca" or the
"Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68)
The Company has been advised that on December 31, 2024, one of the Company's insiders,
Calu Opportunity Fund LP, ("Calu") with an address at 1166
Alberni Street, Suite 1201 Vancouver,
BC V6E 3Z3, sold an aggregate of 5,699,975 common
shares ("Common Shares") of Luca. The Common Shares were
sold on the open market through the facilities of the TSX Venture
Exchange (the "TSXV") at an average price of approximately
$.62 per Common Share for an
aggregate gross amount of $3,533,984
(the "Sales Proceeds"). Calu has advised the Company's
management that it intends to use $2,000,000 of the Sales Proceeds to exercise a
total of 4,000,000 warrants at an exercise price of $.50 per warrant.
Immediately prior to the sale of the Common Shares described
above, Calu owned or controlled an aggregate of
35,000,000 Common Shares, representing approximately 17.57% of
the then issued and outstanding Common Shares and 7,000,000 share
purchase warrants (the "Warrants") entitling Calu to acquire
an additional 7,000,000 Common Shares. Following the sale of the
Common Shares and the exercise of 4,000,000 Warrants, Calu will own
or control 33,300,025 Common Shares and 3,000,000 Warrants.
Calu does not have any specific current plan or future intention
with respect to such securities and may or may not purchase or sell
securities of the Company in the future on the open market or in
private transactions in the ordinary course, depending on market
conditions and other factors material to Calu's investment
decision.
About Luca Mining Corp
Luca Mining (TSXV: 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 is
expected to achieve commercial production in Q1 2025.
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) "Dan Barnholden"
Dan Barnholden, Chief
Executive Officer
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.