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Lumina Copper Receives US$2 Million Advance Royalty Payment From Coro Mining for San Jorge Project
Jun. 09, 2010 11:15AM PST
Industrial Metals Investing
Lumina Copper Corp. (TSX VENTURE:LCC) announced that it has received a US$2 million payment from Coro Mining Corp. (“Coro”) as part of that company’s US$16 million advanced copper royalty payment in connection with its option to purchase Lumina’s San Jorge copper/gold/molybdenum project in Mendoza Province, Argentina.
Lumina Copper Corp. (TSX VENTURE:LCC) announced that it has received a US$2 million payment from Coro Mining Corp. (“Coro”) as part of that company’s US$16 million advanced copper royalty payment in connection with its option to purchase Lumina’s San Jorge copper/gold/molybdenum project in Mendoza Province, Argentina.
The press release is quoted as saying:
Under the terms of the option agreement, Coro is required to make advance payments of US$2 million in 2010, US$4 million in 2011 and US$5 million in 2012 and 2013 against future copper royalty payments less the aggregate deemed value of 1 million shares previously issued to Lumina.
Click here to access the entire press release