Lumina Gold Vice President of Corporate Development and Communications Scott Hicks joined Steve Darling from Proactive to share significant developments regarding the company's precious metals purchase agreement. Lumina Gold has drawn down a total of 28.7 million under the previously announced $300 million agreement. These funds will enable the company to continue its resource definition and metallurgical drilling efforts, slated to commence in December.
These activities are crucial in supporting the Feasibility Study for Lumina's Cangrejos gold-copper project in southwest Ecuador. The company has ambitious plans to deploy up to twelve drill rigs on-site to complete the geotechnical and resource definition program, with an expected completion date in Q1 2024. Additionally, the drilling program will provide fresh material for the upcoming round of metallurgical test work, further supporting the Feasibility Study.
These advancements underscore Lumina Gold's commitment to the successful development of the Cangrejos project and its mission to unlock the project's full potential. Stay tuned for further updates on Lumina Gold's progress in the coming months.