LUM:CC - US$300 Million Deal Validates Scale of Cangrejos Project in Ecuador Lumina Gold CEO Says

2023-05-29 16:00:00 ET

Lumina Gold’s (TSXV:LUM,OTCQX:LMGDF) recently signed precious metals purchase agreement with Wheaton Precious Metals (TSX: WPM ,NYSE:WPM) will help advance Lumina’s 100 percent owned Cangrejos project in Ecuador, according to Marshall Koval, the company’s president and CEO.

“This is a fantastic deal for Wheaton, for Lumina Group, Lumina Gold and for the country of Ecuador. It really gives us third-party verification that the project is on the path toward development,” Koval said.

Under the deal, Wheaton will be putting US$300 million into the project. “There's US$48 million that'll help take us through the feasibility study stage and permitting stage. And then there's US$252 million for the construction of the project once the construction decision is made. And basically, what we're doing is we're streaming 6.6 percent of the gold production with Wheaton,” Koval said.

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