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Luminex increases Ecuador exploration raise

Ross Beaty-backed Luminex Resources has reached agreement with underwriters and insiders to increase a placement raising by 30% to C$13 million (US$9.7 million) to help fund exploration in Ecuador.
Luminex increases Ecuador exploration raise Luminex increases Ecuador exploration raise Luminex increases Ecuador exploration raise Luminex increases Ecuador exploration raise Luminex increases Ecuador exploration raise

Luminex Resources will increase the tempo of drilling at Condor in Ecuador

Staff Reporter

The company is eager to continue drilling at Condor after reporting a new high-grade gold zone in April, intercepting 21m at 4.26 grams per tonne gold and 26.3g/t silver from 617m, which was not included in the maiden resource for the Camp deposit announced in March.

Lead agent Haywood Securities and PI Financial, Cormark Securities and Raymond James have agreed to buy 11.536 million shares at 70c for gross proceeds of $8 million, while insiders agreed to increase a parallel non-brokered private placement to $5 million.

Luminex aims to drill the Soledad Bajo target at Camp, probe the high-grade area at Condor, advance the NW Camp area to drill stage, complete sampling and mapping at Prometedor, and do more metallurgical testwork.

Condor comprises five deposits which together host an indicated resource of 72.1Mt grading 0.67g/t gold, 4.2g/t silver and base metals for 0.77g/t gold-equivalent containing 1.6Moz gold and 9.7Moz silver. It also has an inferred resource of 169.6Mt grading 0.66g/t gold and 2.9g/t silver for 0.83g/t gold-equivalent containing 3.6Moz gold and 16Moz silver.

Shares (TSXV:LR) last traded at 74c, capitalising Luminex at $53.5 million (US$40 million).