Luminex Entered Into Historic Deal on Ecuador Gold Project

Wed Aug 23 2023

Luminex Resources Corp. announced that it has reached a historic agreement with informal miners in the Condor North portion of its Condor gold project in Ecuador. The agreement was signed with Minera La Pangui SAS- an entity that comprises of members of as many as 19 mining operators, most of whom holding historical operating permits granted by the Ministry of Energy and Mines within the Condor gold project.

According to the company, the agreement will help the company to secure areas within Condor North, which has multiple open pit deposits, with an indicated resource of 2.3 Moz of gold and 12.8 Moz of silver. Furthermore, the agreement satisfies the desire of the informal artisanal miners to gain legal mineral concession rights over informal mining properties in the company’s Chinapintza area.

As per the terms of the agreement, the company will execute a material division of its Chinapintza concession so as to create four new mining titles, one of which will be transferred to the local entity. Upon completion of the transfer, the local entity will grant the company a voluntary mining easement for the duration of said mining title and its renewals and extensions.

Source: https://www.barchart.com