Business

Luca Mining Corp. Bolsters Financial Leadership with Senior Appointment

VANCOUVER, BC, April 2, 2024 /PRNewswire/ - Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68), is proud to publicize the latest enhancement to its executive ranks by welcoming Mr. Israel Munoz to the team as the new Vice President of Finance. This strategic addition signals the company's ongoing commitment to implementing best-in-class corporate governance and financial stewardship as it progresses from a development stage to a multi-mine production entity.

As part of this steadfast improvement initiative, Mr. Munoz joins the ranks starting April 1, 2024. Holding the prestigious CPA, CA accreditation, he brings with him an impressive portfolio of experience spanning twenty-four years. His expertise encompasses a wide array of crucial financial areas including IFRS, financial reporting, the development and implementation of robust internal controls focused on SOX compliance as well as operational risk management, along with budgeting and forecasting prowess. Prior to his tenure with Luca, Mr. Munoz has demonstrated his financial acumen working for various mining companies engaged in the production of silver, gold, zinc, and lead across the USA, Mexico, and broader Latin America. This illustrious list includes industry players such as Guanajuato Silver Company Ltd., Fortuna Silver Mines, Golden Queen Mining, and First Majestic Silver. Additionally, his resume is bolstered by more than a decade at Ernst & Young in Mexico, where he facilitated numerous audits as a manager.

Executive Leadership Remarks

Ramon Perez, Luca Mining's President and Interim CEO, passionately remarked, "We are elated to bring Israel Munoz on board as the VP Finance. His collaboration with Lisa Dea, our CFO, is anticipated to refine our financial operations, introduce structured internal controls, and spearhead the deployment of a revolutionary enterprise resource planning system across the company. With Mr. Munoz's appointment, we believe the critical positions necessary for both operational and corporate growth are now filled. We look forward to updating the market on the notable strides we have made in the year 2024."

A Leap Toward Enhanced Financial Growth: Stock Options and Incentives

Aligned with its Omnibus Equity Incentive Plan, the company has proudly announced the grant of incentive stock options to procure an aggregate of 200,000 shares in the company's capital stock. These options shall be available for exercise at a strike price of $0.37 per share, holding a five-year term.

Luca Mining Corp: An Overview of Excellence

Delving deeper into the organization's framework, Luca Mining Corp. is a Canadian mining company known for its diversified operations, including two 100%-owned producing mines located in Mexico. These sites actively yield essential minerals such as gold, copper, zinc, silver, and lead, each presenting considerable development opportunities and resource potential.

Campo Morado: A Notable Asset

The Campo Morado mine, situated in the prolific Guerrero State mining region of Mexico, is an underground enterprise producing copper, zinc, and lead concentrates with additional precious metals credits. As part of its strategy to enhance operational efficiency, Campo Morado is undergoing an optimization program. These enhancements are focused on improving recoveries and grades, operational economies, and subsequently leading to a stronger financial performance.

Tahuehueto Gold, Silver Mine: An Exciting Venture

The Tahuehueto Gold, Silver Mine adds another layer to the company's impressive portfolio. This newly commissioned underground operation in Mexico's Durango State lies within the highly prospective Sierra Madre Mineral Belt, a region that bears several active and historical mining operations along its corridor. With ambitions to boost its mill capacity to over 1,000 tonnes per day, the company is conducting significant test work and production ramp-ups to heighten production by the second half of 2024.

The trajectory for Luca Mining anticipates that the financial year 2024 will witness the commencement of positive cash flows from operations. The company retains a razor-sharp focus on growth and is set on coupling this momentum with the goal of delivering maximal returns to its shareholders.

For additional insights and updates regarding Luca Mining Corp., stakeholders and interested parties are encouraged to visit their official website at www.lucamining.com.

A Message From the Board

On behalf of Luca Mining Corp.'s Board of Directors, (signed) "Ramon Perez," Ramon Perez, President and Interim CEO, extends his earnest gratitude to shareholders and the mining community for their ongoing support and confidence in the company's journey towards achieving operational excellence and financial prosperity.

Cautionary Note on Production Decisions and Forward-Looking Statements

In an act of transparency, Luca Mining Corp. advises caution regarding its production decisions for the Campo Morado mine. These decisions were made prior to conducting a full-scale feasibility study that confirms the mine’s economic and technical viability. Without such a study, there is an inherent higher risk and uncertainty related to the mine's economic outlook and a greater likelihood of operational failure. Nevertheless, Luca has completed a preliminary economic assessment (PEA) that provides a conceptual life of mine plan and preliminary economic analysis based on previously identified mineral resources (refer to news releases dated November 8, 2017, and April 4, 2018).

The company defines positive operating cash flow, exclusive of considerations such as capital, debt repayment, and Trafigura financing options. Forward-looking statements contained within this press release must be interpreted with the understanding that actual results could deviate materially from those projected. Such statements are based on future economic conditions and planned corporate actions. These include, but are not limited to expectations surrounding the program to enhance mining operations at Campo Morado, along with forecasted timing and costs for future company activities and production rates.

Future Prospects: Mining and Beyond

Embracing diligent planning and robust corporate strategies further strengthens Luca Mining Corp.’s position, assuring stakeholders that the improvement program underway at Campo Morado is set to unfold as anticipated. The company remains steadfast in its expectation that the price of gold and other metals will maintain stability, allowing forward momentum to persist amid fluctuating economic and political landscapes.

The Forward-Looking Information has been formulated in consideration of several material assumptions. These include the achievement of projected exploration and development milestones for the Campo Morado Mine and the Tahuehueto Project, maintaining timely progress, and ensuring that the programs intended to enhance mining operations at Campo Morado continue without deviation from the prescribed path.

However, inherent risks and uncertainties could impact anticipated results significantly and variances could occur from expected achievements. No representations are made as to the accuracy of Forward-Looking Information, and the company does not undertake any obligation to update or revise such information to reflect new events or circumstances, unless mandated by law.

Finally, it is vital to note that neither the TSX Venture Exchange nor its Regulation Services Provider bear any responsibility for the adequacy or precision of the contents shared within this release.

Source: Luca Mining Corp.

This news article serves to communicate the pivotal developments at Luca Mining Corp., especially in terms of corporate governance and strategic appointments such as that of Mr. Israel Munoz as VP Finance. Readers are encouraged to consider the forward-looking statements with an understanding of the risks involved and to recognize that such statements are predictions that may not be realized as expected.

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