According to Marshall Koval (CEO) Ecuador mining was hit early by Covid-19. However, the interruption was short-lived, by May drilling had resumed and is continuing. Mining was deemed an essential industry, assuring that operations will move forward. Lumina/Luminex and its peers have established strong protocols to protect its workforce. And perhaps most importantly, they’ve been supporting their communities in many different capacities to help get them through this crisis.
Lumina Gold – LuminaGold.com TSX: LUM – OTC: LUMIF
Marshall informed us that the PEA update is completed. The economics have been substantially upped, making it a great acquisition target. Permitting work is continuing. Ross Beaty mentioned that the Lumina’s strategy of execution by adding value and de-risking is has been well under way and a sale of the company is expected, at terms that will be highly advantageous to shareholders. In the interim, Beaty has provided a C$5 million financing to sustain operations. Shareholders’ patience will likely yield large rewards.
Luminex Resources – LuminexResources.com TX: LR OTC: LUMIF
VP Corp. Dev. Scott Hicks indicated that significant the Company is moving quickly ahead. Drilling on 5 different potential projects will be taking place by both the Company and its joint venture partners. He’s expecting a PEA on the Condor project, with needed engineering work proceeding apace. The other 4 projects are at different places in the process. Targets have been identified and they’ll be vigorously pursued in 2021.
All things considered, it looks like the coming year will be another one of major milestones for a group that has already accomplished so much. (Both companies are FSN Sponsors)
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