Aurania Resources Finds First Field Evidence of Colonial Spanish Activity at Its Lost Cities Project in Ecuador

Toronto, Ontario, November 27, 2019 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to report that vestiges of an old road have been found in the central part of its Lost Cities – Cutucu Project (“Project”) in southeastern Ecuador.  The road was discovered by Aurania’s field teams while searching for Sevilla de Oro which was one of two gold mining centres described in historic manuscripts from Ecuador, Peru, Spain and the Vatican.  These records describe the Colonial Spanish operating the two gold mines between approximately 1565 and 1606.  The road discovered by Aurania’s exploration teams is believed to be the one that linked Sevilla de Oro to the other gold mining centre ‘Logroño de los Caballeros’ as described in the historic manuscripts.

Aurania will be hosting a webcasted (audio-only) conference call on November 28th, 2019 at 10:30am Eastern Standard Time followed by a short question and answer period.  Dial-in details for the call are listed after the Next Steps section.

Aurania’s Chairman and CEO, Dr. Keith Barron commented, “The historical record names the Treasurers of the “Caja Reales” – the Royal Treasuries – in Sevilla and Logroño, so we know that the gold produced was cast into crude ingots for transport to Quito.  We always presumed that these ingots would have been transported by horse or donkey along a well-travelled route from the mines.  It appears that we have come across one of these trails, though it is cut by more recent landslides at both ends.  Our LiDAR survey should pick up the continuations of the trail and its termination at the historical mine sites.  We do not anticipate the discovery of any ruined buildings, though the discovery of dressed stone along the trail is perhaps significant and suggests that the Spaniards attempted to build a stone Caja Real as they had done in other locations in Ecuador, but that the dressed stone was dropped on the road along the way.”

The remnants of the old road, which runs north-south along the axis of Aurania’s concession block, have been found in thick vegetation over a distance of 2.5 kilometres.  It is an engineered road, cut into embankments and its downslope edges are lined with blocks of shale that have prevented erosion. The road is well drained, and its surface is of packed shale which is the country rock in the area that the road transects.  The road is engineered to have moderate grade where the ground rises or falls steeply and is straight in relatively flat areas.

Two rectangular blocks of dressed sandstone lie at a junction in the road.  The blocks are over a metre (36 inches) long, 50cm (18 inches) wide and 30cm (12 inches) deep.  These blocks are estimated to weigh between 400kg and 450kg (900-1,000 pounds).  A third rectangular block more crudely shaped in diorite (a granitic rock), but showing clear chisel marks, was found in thick vegetation some 300m from the two well-hewn blocks.

Historic documents from the period in which the two gold mining areas at Sevilla de Oro and Logroño de los Caballeros operated, refer to the areas being linked by a road – and these mining areas were a hard day’s march apart.

Next Steps

Follow-up of the initial discovery will be undertaken on several fronts as follows:

• Field teams will continue to search north and south to try to find extensions of the road;

• The location of the road will be fed back into the data that Metron is iteratively processing – and the topography studied to estimate the route of the road that is likely to have followed relatively flat areas to have minimized stream crossings;

• A LiDAR survey will be expedited over the area with sensors that are less sensitive to weather conditions and humidity. The lower resolution of the planned LiDAR survey should be sufficient to detect extensions to the road; and

• Exploration will continue over strong indications of a mineralized system near the road. Those indications are focused on an extensive area of quartz-sericite-pyrite alteration, which is typically found over and adjacent to porphyry systems.

Conference Call Details

Date: Thursday, November 28, 2019

Time: 10:30am EST

Webcast URL:  http://services.choruscall.ca/links/aurania20191128.html

When prompted, webcast participants enter: First Name, Last Name, Company, Email Address.

PARTICIPANT TELEPHONE NUMBERS

Canada/USA TF: 1-800-319-4610

Toronto Toll: +1-416-915-3239

UK & Europe TF: 0808-101-2791

Callers should dial in 5 – 10 min prior to the scheduled start time and simply ask to join Aurania’s call.

Qualified Person

The technical information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc.  Mr. Pallier has seen the road in the field and has verified the descriptions made in this press release.  Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania

Aurania is a junior mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at  https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir

Manager – Investor Services

Aurania Resources Ltd.

(416) 367-3200

carolyn.muir@aurania.com

Dr. Richard Spencer

President

Aurania Resources Ltd.

(416) 367-3200

richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Regulus Announces Receipt of Anta Norte Drill Permit and Now Has Ability to Test Priority Targets to the North

November 26, 2019 (Vancouver, BC) – Regulus Resources Inc. (“Regulus” or the “Company”, REG TSX.V) is pleased to announce the receipt of the Declaración de Impacto Ambiental permit (“DIA”) which allows up to 40 drill pads for the Anta Norte portion of its AntaKori copper-gold project in Cajamarca, Peru. Gaining access to these new drill pads for the northern portion of the project (Anta Norte) offers an opportunity to properly test the various geophysical anomalies (Figure 1) which the Company believes may represent mineralization related to a porphyry centre (the magnetic low) surrounded by an annular ring of magnetite-bearing skarns (the magnetic highs). To date, the Company has not been able to adequately test the geophysical anomalies and has been drilling along the southern edges of the targets from currently permitted drill pads. If one or more of the geophysical anomalies prove to be mineralized as the Company believes, it would represent a material change for the scale and scope of the project. With the DIA in hand, the Company can now apply for the Authorization to Initiate Exploration Activities (“AIEA”) which will be required to begin drilling. Receiving the AIEA is an administrative procedure and should take no more than 45 days, once submitted. The Company anticipates it will mobilize to newly permitted drill setups covered by the DIA towards the end of Q1 2020. This will allow us to complete planned drill holes from current setups, apply for and receive the AIEA, and avoid mobilizing during the rainy season.

John Black, Chief Executive Officer of Regulus, commented as follows: “Receiving the DIA is a significant milestone for Regulus. The geophysical anomalies to the north represent considerable upside for the AntaKori project and to date we haven’t been able to test them directly due to lack of access. The drill pads we have been using to date have allowed us to drill very long holes, all with significant intercepts of mineralization, along the southern edges of both the magnetic-low and magnetic-high targets. In all cases, we never properly tested these targets, however with the DIA now in hand we can mobilize a drill program in 2020 to drill what we believe to be the future of the AntaKori project.”

Qualified Person

The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Kevin B. Heather, Chief Geological Officer, FAusIMM, who serves as the qualified person (QP) under the definition of National Instrument 43-101. 

For Further Information, please contact:

Regulus Resources Inc.

John E. Black
CEO / Director
Phone: +1 303 618-7797 mobile
           +1 720 514-9036 office
Email: john.black@regulusresources.com

Adam Greening
Vice President, Corporate Development
Phone:+1 647 923 7799
Email: adam.greening@regulusresources.com

Laura Brangwin
Manager, Investor Relations
Phone: +447517313833
Email: laura.brangwin@regulusresources.com

About Regulus Resources Inc. and the AntaKori Project

Regulus Resources Inc. is an international mineral exploration company run by an experienced technical and management team. Regulus’ flagship property is the AntaKori copper-gold-silver project in northern Peru. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (see press release dated March 1, 2019). Mineralization remains open in most directions and drilling is currently underway to confirm and increase the size of the resource.

For further information on Regulus Resources Inc., please consult our website at www.regulusresources.com.

Forward Looking Information
Certain statements regarding Regulus, including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus’ control.  Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the proposed exploration  and development of the AntaKori project described herein, the completion of the anticipated drilling program, the completion of an updated  NI 43-101 resource estimate and management’s assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus’ control.  These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.  Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward looking statements contained in this press release are made as of the date hereof and Regulus does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.

Orestone Initiates Exploration at Resguardo in Northern Chile

Orestone Mining Corp. (TSX Venture Exchange–Symbol: ORS) (Frankfurt: WKN: A2DWW7) (the “Company”) is pleased to announce that the Company through its newly formed Chilean subsidiary Cerro Golpe de Rayo SpA, has initiated an exploration program on the Resguardo property in northern Chile. The program will further define potential for porphyry and manto style copper-gold mineralization at a shallow depth. Work will consist of detailed mapping, sampling of outcrops and systematic geochemical sampling.

Additionally, the Company is planning to begin a program of trenching, road access and drill pad construction over the target area, in preparation for drill testing in early 2020.

“We are very encouraged by the recent IP survey results and this exploration program moves the Company one step closer to drilling this very large, exciting target”, stated David Hottman, CEO of Orestone Mining Corp.

Copper-gold mineralization occurs as dissemination’s and fracture coatings within a 50-100 metre wide zone along a strike length of 1500 metres, open to the southwest. Where favorable flat lying carbonate beds occur, copper-gold manto-skarn mineralization is present up to 20 metres in thickness. Historically near-surface oxide copper grading 1% to 7% and approximately 0.50 g/t gold was mined intermittently from pits and tunnels. Although sampling is believed to have been competently carried out, it was not certified by a professional geologist, therefore the results are not 43-101 compliant and cannot be relied upon.

Orestone believes these historic workings to be peripheral to, and may represent leakage from, a large copper-gold porphyry or manto system at a shallow depth. This model is supported by the results of a recently completed Induced Polarization (IP) survey geophysical program detailed in the Company’s news release of Sept 17, 2019.

A large chargeability anomaly has been outlined at a depth of 150 to 250m below surface over a strike of 1400 metres and width of 500-800 metres. There is a central core of greater than 20 mv/V over a strike length of 1100 metres and width of 300-600 metres.

Infrastructure for the Resguardo project is excellent, with road access 75 km NE of the City of Copiapo, Chile along Highway 31. Highway 31 is also the main route to the La Coipa Mine and the northern part of the Maricunga Gold Belt.

Gary Nordin, P.Geo, a director of the Company, is a qualified person as defined by National Instrument 43-101, Mr. Nordin has reviewed and approved the technical information in this press release.

Additional information will be released as it becomes available. To stay informed of the latest corporate activities please click here to provide consent and receive news and updates.

ON BEHALF OF ORESTONE MINING CORP.

David Hottman

CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.

For further information contact: David Hottman at 604-629-1929  -  info@orestone.ca

Lundin Gold Receives Key Permits for Its Fruta Del Norte Gold Project

VANCOUVER, Nov. 14, 2019 /CNW/ - Lundin Gold Inc. ("Lundin Gold" or the "Company") (TSX: LUG, Nasdaq Stockholm: LUG) reports that it has received the Industrial Water Permit and Administrative Act from La Secretaría Nacional del Agua (SENAGUA) for its Fruta del Norte gold project ("Fruta del Norte" or the "Project") in Ecuador. These two permits are required in order to move Fruta del Norte into production. The process plant has been in the hot commissioning phase for about a month and, with these two permits in hand, the Project can move forward to first gold production, as planned, in this quarter. View PDF Version.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, is developing its wholly-owned Fruta del Norte gold project in southeast Ecuador. Fruta del Norte is one of the world's largest, highest-grade gold projects currently under construction. The Company's board and management team have extensive expertise in mine construction and operations, and are dedicated to advancing this project through to first gold production in the fourth quarter of this year.

The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.

Additional Information

The information in this release is subject to the disclosure requirements of Lundin Gold under the Swedish Financial Instruments Trading Act. This information was publicly communicated on November 14, 2019 at 5:00 am Pacific Time through the contact persons set out below.

Follow Lundin Gold on Twitter

Caution Regarding Forward-Looking Information and Statements
Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.

By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only  as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.

This press release contains forward-looking information in a number of places, such as in statements pertaining to: the timing of first gold production and timing and success of permitting and regulatory approvals.

There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 27, 2019, which is available at www.lundingold.com or on SEDAR.

Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares, include: receipt of regulatory approvals, risks associated with the Company's community relationships; risks and hazards inherent in mining and processing; lack of availability of or interference with infrastructure; risks related to Lundin Gold's compliance with increasingly strict environmental laws and liability for environmental contamination; risks related political and economic instability in Ecuador; deficient or vulnerable title to mining concessions and surface rights; risk to shareholders of dilution from future equity financings; failure to maintain its obligations under its debt facilities; shortages of critical resources, such as skilled labour and supplies, consumables and equipment; inherent safety hazards and risk to the health and safety of the Company's employees and contractors; volatility in the price of gold; the cost of compliance or failure to comply with applicable laws; the timely receipt of regulatory approvals, permits  and  licenses; risks associated with the performance of the Company's contractors; the imprecision of Mineral Reserve and Resource estimates; dependence on key personnel; volatility in the market price of the Company's shares; the potential influence of the Company's largest shareholders; uncertainty with the tax regime in Ecuador; measures required to protect endangered species; exploration and development risks; the Company's reliance on one project risks related to artisanal and illegal mining; the reliance of the Company on its information systems and the risk of cyber-attacks on those systems; the ability to obtain adequate insurance; uncertainty as to reclamation and decommissioning; the uncertainty regarding risks posed by climate change; the ability of Lundin Gold to ensure compliance with anti-bribery and anti- corruption laws; the potential for litigation; and limits of disclosure and internal controls.

SOURCE Lundin Gold Inc.

Lumina Gold Dramatically Increases the Cangrejos Resource: 10.4 Million Ounces Gold in Indicated Mineral Resource and 6.3 Million Ounces Gold in Inferred Mineral Resource

Vancouver, British Columbia - Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the “Company” or “Lumina”) is pleased to announce an updated mineral resource estimate for the Company’s 100% owned Cangrejos Gold-Copper Project, located in El Oro Province of southern Ecuador. The mineral resource update reflects both an update to the Cangrejos deposit (“Cangrejos”) and a maiden mineral resource estimate at the Gran Bestia deposit (“Gran Bestia” and together with Cangrejos, the “Project” or the “Cangrejos Project”).

Mineral Resource Update Highlights:

Cangrejos Deposit

• Converted and added 8.9 million ounces contained gold and 1.2 billion pounds contained copper to the indicated mineral resource

  • 469 million tonnes of indicated mineral resource with an average grade of 0.59 g/t gold and 0.12% copper

• Added 3.5 million ounces contained gold and 466 million pounds contained copper to the inferred mineral resource

  • 255 million tonnes of inferred mineral resource with an average grade of 0.43 g/t gold and 0.08% copper

Gran Bestia Deposit

• Added 1.5 million ounces of contained gold to the indicated mineral resource and 2.7 million ounces of contained gold to the inferred mineral resource at the Project from the maiden mineral resource estimate

  • 99 million tonnes of indicated mineral resource with an average grade of 0.46 g/t gold and 0.08% copper

  • 221 million tonnes of inferred mineral resource with an average grade of 0.39 g/t gold and 0.07% copper

  • Added 178 million pounds of contained copper to the indicated mineral resource and 322 million pounds of contained copper to the inferred mineral resource at the Project

All highlights above are calculated using the base case cut-off grade of 0.30 grams per tonne gold equivalent (“AuEq”) as summarized in the below tables and assumptions.

Marshall Koval, President and CEO commented, “The Cangrejos Project has continued to surprise and impress with both its scale and continuity. Two years of collaborative work and approximately 40,000 metres of drilling has now shown the Project to be the largest primary gold deposit in Ecuador. This news cements our view that this deposit is unique and one of the largest deposits in the world that is 100% controlled by an independent developer.”

The significant increase in the size of the mineral resource compared to Lumina’s 2018 Preliminary Economic Assessment (“PEA”) is due to four main factors:

1. 13,230 metres of drilling at the Gran Bestia deposit, which was previously not included in any published mineral resource estimates or the PEA.

2. 26,246 metres of additional infill and step-out drilling at the Cangrejos deposit, which successfully expanded the mineral resource and converted a large portion of the inferred mineral resource to an indicated mineral resource.

3. An increase in the gold price assumption to $1,500/oz versus $1,400/oz, as well as updated cost inputs based on the PEA results and ongoing engineering work.

4. The steepening of the pit walls from 45 degrees to 47.5 degrees based on geotechnical engineering.

The Cangrejos deposit remains open to expansion with further exploration to the west and at depth. The Gran Bestia deposit remains open to the north, west and at depth. Drilling opportunities will be evaluated in 2020.

Ongoing work at the Project includes a trade-off study of a High Pressure Grinding Roll-Flotation-CIP flowsheet versus the PEA flowsheet, infrastructure and facility siting, geotechnical engineering, metallurgy work on Gran Bestia and a mine plan revision to include Gran Bestia.

The base case cut-off grade for the current mineral resource estimate was updated to a 0.30 g/t gold equivalent cut-off grade from the 0.35 g/t gold equivalent cut-off grade used in the PEA mineral resource due to the refinement of cost inputs derived from the PEA, ongoing trade off studies and higher gold prices. The mining cost was improved from US$3.00 per tonne to US$2.00 per tonne. The processing cost was improved from US$11.00 per tonne to US$8.00 per tonne. The general and administrative costs were improved from US$2.00 per tonne to US$1.50 per tonne. The pit slop angles were improved from 45 degrees to 47.5 degrees.

Given the revised cut-off grade in the current mineral resource and the addition of ounces with a lower grade, the average gold and copper grades in the indicated mineral resource category at Cangrejos are modestly lower than the PEA inferred mineral resource grades. The higher grade areas of Cangrejos reflected in PEA mine plan (an average grade over the 16 year mine life of 0.69 g/t gold and 0.12% copper and an average grade in years 1 to 5 of 0.79 g/t gold and 0.11% copper) remain within the current mineral resource estimate. The development of the revised mine plan will optimize which portions of the current mineral resource will be included in the mine plan.

The Project is not overly sensitive to cut-off grade. For example, if the cut-off grade was increased by 67% from a 0.30 g/t gold equivalent cut-off grade to a 0.50 g/t gold equivalent cut-off grade, the indicated mineral resource of contained gold at the Project would decrease by only 14% from 10.4 million ounces to 8.9 million ounces, while the gold equivalent grade would increase from 0.73 g/t to 0.85 g/t.

Table 1: Comparison Between 2018 PEA Mineral Resource and 2019 Mineral Resource:

Table 2: Estimate of Mineral Resource – Cangrejos Deposit (0.30 g/t Au Eq Cut-off)

Table 3: Estimate of Mineral Resource – Gran Bestia Deposit (0.30 g/t Au Eq Cut-off)

Table 4: Cangrejos & Gran Bestia – Sensitivity of Indicated Mineral Resource to Cut-Off Grade

Table 5: Cangrejos & Gran Bestia – Sensitivity of Inferred Mineral Resource to Cut-Off Grade

This mineral resource estimate was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and was based on a total of 58,205 metres of diamond drilling in 146 holes. Of these, 49,588 metres in 114 holes were drilled by Lumina, 5,595 metres in 22 holes were drilled by the Project’s previous operator, Newmont Mining Corporation (“Newmont”), in joint venture with Lumina’s predecessor company, Odin Mining and Exploration Ltd (“Odin”), and 3,022 metres in 10 holes were drilled by Odin after the joint venture was dissolved. Indicated and Inferred mineral resources are estimated using a three-dimensional block model with a nominal block size of 15 x 15 x 15 metres. Drill holes penetrate the Cangrejos deposit and Gran Bestia deposit at a variety of orientations to depths approaching 750 metres below surface. The mineral resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, copper, silver and molybdenum. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The effects of potentially anomalous high-grade sample data, composited to 2 metre intervals, are controlled using both traditional top-cutting as well as limiting the distance of influence during block grade interpolation. Block grades are estimated using ordinary kriging and have been validated using a combination of visual and statistical methods. Resources in the indicated mineral resource category are delineated by drilling spaced at maximum 100 metre intervals. Resources in the inferred mineral resource category are within a maximum distance of 150 metres from a drill hole. The estimate of the indicated and inferred mineral resource is constrained within a limiting pit shell derived using projected technical and economic parameters.

A NI 43-101 technical report detailing the mineral resource estimate for the Cangrejos Project will be completed and filed on SEDAR (www.sedar.com) and Lumina's website (www.luminagold.com) within 45 days.

Mineral Resource Notes and Assumptions

(1) The mineral resource estimate has an effective date of November 7, 2019. (2) Mineral resources do not have demonstrated economic viability. (3) The mineral resources in this estimate were calculated with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions. (4) Gold equivalent values were calculated using the following prices: a gold price of US$1,500 per ounce, a copper price of US$3.00 per pound, a molybdenum price of US$7.00 per pound and a silver price of US$18.00 per ounce. Gold equivalent values can be calculated using the following formula: AuEq = Au g/t + (Ag g/t x 0.012) + (Cu % x 1.37) + (Mo ppm / 10,000 x 3.2). (5) The base case cut-off grade for the estimate of mineral resources is 0.30 g/t AuEq. (6) The indicated and inferred mineral resources are contained within a limiting pit shell and comprise a coherent body. (7) It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration. (8) Lumina is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.

Quality Assurance

All Lumina sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) program that includes the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Lumina’s secure facility located at the Cangrejos Project. Drill core is sawn in half on site and half drill-core samples are securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Quito, Ecuador. Sample pulps are sent to ALS in Lima, Peru for analysis. Gold content is determined by fire assay of a 30 gram charge with total copper content determined by four-acid digestion with ICP finish. ALS is independent from Lumina.

Lumina is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

Qualified Persons

Robert Sim, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the estimate of mineral resources presented in this news release and has reviewed, verified and approved the contents of this news release as they relate to the mineral resource estimate, including the sampling, analytical, and test data underlying the mineral resource estimate. Mr. Sim is independent from Lumina and confirms there were no limitations from the Company in verifying the drilling and sample data with site visit observations and monitoring of the QA/QC program. Leo Hathaway, P.Geo, Senior Vice President and the Qualified Person as defined by NI 43-101 for the Cangrejos Project has reviewed, verified and approved the contents of this news release as they relate to the ongoing exploration and development program at the Cangrejos Project.

About Lumina Gold

Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.

Further details are available on the Company’s website at https://luminagold.com/.

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LUMINA GOLD CORP.For further information contact:Signed: “Marshall Koval”Scott Hicksshicks@luminagold.comMarshall Koval, President & CEO, DirectorT: +1 604 646 1890

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: drilling opportunities being evaluated in 2020; that an updated mine plan will be developed at all; that the updated mine plan will optimize which portions of the current mineral resource will be included in the mine plan; the impact of increasing the cut-off grade of the mineral resource; that an NI 43-101 technical report detailing the mineral resource estimate for the Cangrejos Project will be completed and filed on SEDAR and Lumina's website within 45 days. Often, but not always, forward-looking statements or information can be identified by the use of words such as “will” or variations of that word and phrases or statements that certain actions, events or results “will” , “would” or “should” be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Gran Colombia Gold Announces Multiple Additional Higher-Grade Gold Intercepts in Recent Phase 2 Drilling in the Deeps Zone at Its Marmato Project

Including 73.63 Meters at 5.72 g/t Au in Drill Hole MT-IU-041

TORONTO, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today multiple additional higher-grade gold intercepts over broad widths from 21 diamond drill holes (11,600 meters) drilled into the Marmato Deeps Zone (“MDZ”) as part of the ongoing 2019 Phase 1 and Phase 2 infill drilling program (the “2019 drilling campaign”) at its 100%-owned Marmato Project in Caldas, Colombia. The 2019 drilling campaign was split into two phases, of which Phase 1 was targeted to further delineate and extend down-plunge the higher-grade core, with a cut-off grade of 1.7 g/t Au, referred to as the Main Zone (“MZ”), outlined by the 2018 drilling campaign within the MDZ envelope at a cut-off grade of 0.7 g/t Au. It was also aimed to convert the Inferred Resources within the MZ, above the 900 meters level, to Indicated Resources. The results from both the 2018 and 2019 Phase 1 drilling campaigns were included in the updated Mineral Resource Estimate and Preliminary Economic Assessment (“PEA”) for Marmato which was recently announced in the press release of October 15, 2019. Phase 2 infill drilling, above the 600 meters level, is still in progress and is designed to provide sufficient tonnes and grade in the measured and indicated mineral resource categories, within the MZ, to support the prefeasibility study (“PFS”) which is currently being carried out and expected to be finalized by mid-2020.

The 2019 drilling campaign, totaling 17,000 meters, started in March, and is being carried out with three contractor diamond drill rigs, one of which was added to the drilling campaign in early September, operating from four purpose-built underground drill stations. To date, the ongoing drilling campaign comprises 21 drill holes completed totaling approximately 11,600 meters, of which 4,600 meters in 7 drill holes are in Phase 1, and 7,000 meters in 14 drill holes are in Phase 2.Serafino Iacono, Executive Chairman of Gran Colombia, commented, “Our 2019 drilling campaign has generated some exciting results which have increased our confidence in the geological model, extending the MZ to approximately 500 meters along strike, with true widths varying between 35 meters and 150 meters and remaining open at depth and to the east. Drilling has also confirmed the strong vertical continuity of the MZ for more than 700 vertical meters that shows an average grade of 4.3 g/t Au, which is the primary target zone for expansion of underground mining operations in the Deeps Zone in the PFS. Recent Phase 2 drilling continues to demonstrate an improvement of grades in the MZ below the 900 meters level versus the mineral resource block model associated with the PEA. In addition, separate underground drilling and channel sampling programs undertaken since the latter part of 2018 on level 21 at Marmato have tested a block within the higher-grade zone that is being developed and will be placed into full production from the existing mining operation starting next year. All in all, we remain very encouraged by the progress we are making in the evaluation of the underground mining expansion opportunity at our Marmato Project."

Intersections with high gold grades generated from the seven drill holes of Phase 1 drilling reported herein, and included in the July 31, 2019 Mineral Resource Estimate update announced on October 15, 2019, include:

• Drill hole MT-IU-025 which intersected 30.20 m at 4.55 g/t Au and 5.6 g/t Ag from 246.40 m to 276.60 m, and 41.95 m at 3.20 g/t Au and 2.2 g/t Ag from 543.65 to 585.60;

• Drill hole MT-IU-026 which intersected 15.40 m at 2.96 g/t Au and 2.8 g/t Ag from 327.60 m to 343.00 m;

• Drill hole MT-IU-027 which intersected 28.17 m at 3.10 g/t Au and 2.6 g/t Ag from 220.83 m to 249.00 m;

• Drill hole MT-IU-028 which intersected 66.35 m at 2.39 g/t Au and 2.3 g/t Ag from 364.25 m to 430.60 m, and 26.00 m at 2.74 g/t Au and 2.3 g/t Ag from 556.45 m to 582.45 m;

• Drill hole MT-IU-031 which intersected 127.75 m at 2.96 g/t Au and 3.7 g/t Ag from 278.25 m to 406.00 m.

Intersections with high gold grades generated from the fourteen drill holes of Phase 2 drilling reported herein, which are not yet reflected in the Mineral Resource Estimate, include:

• Drill hole MT-IU-033 which intersected 45.00 m at 3.37 g/t Au and 2.8 g/t Ag from 402.55 m to 447.55 m;

• Drill hole MT-IU-036 which intersected 64.70 m at 4.66 g/t Au and 6.4 g/t Ag from 365.25 m to 429.95 m;

• Drill hole MT-IU-038 which intersected 69.35 m at 3.16 g/t Au and 4.0 g/t Ag from 334.70 m to 404.05 m;

• Drill hole MT-IU-041 which intersected 174.96 m at 3.86 g/t Au and 6.0 g/t Ag from 226.94 m to 401.90 m including 73.63 m at 5.72 g/t Au and 8.8 g/t Ag from 226.94 m to 300.57 m;

• Drill hole MT-IU-045 which intersected 71.70 m at 3.50 g/t Au and 5.3 g/t Ag from 230.30 m to 302.0 m and 84.75 m at 3.21 g/t Au and 8.7 g/t Ag from 420.10 m to 504.85 m.

Gold mineralization in the MDZ is structurally controlled and is hosted in narrow quartz veinlets of T and R´ type, which are related to a sinistral transpressional shearing system associated with WNW-ESE compression. The MDZ style of mineralization is characterized by very narrow veinlets of quartz-pyrrhotite-bismuth tellurides-free gold with minor amounts of pyrite and chalcopyrite rimmed by a narrow halo of sodic-calcic alteration. The high-grade intercepts within the MZ are related to a higher veinlet density, with veinlets usually showing free gold, as highlighted by consultant geologist Dr. Richard H. Sillitoe on his most recent visit to the project in July 2019.

Key Highlights and Intercepts from Phase 1 drilling

• The long low-grade intercepts of MDZ style of mineralization, with downhole intersections up to 423.85 meters long (hole MT-IU-031), have an average grade greater than 1.0 g/t Au, and all fit well into the initial Leapfrog grade shell at a cut-off grade of 0.7 g/t Au, which confirms the current model;

• All of the drill holes of Phase 1 reported herein end within the low grade shell with the result that the MDZ is open on the east side. This is due to the location of underground drill stations above and close to the steeply plunging low grade shell. The holes achieved their objective of fully cutting the high grade MZ;

• Several of the long low-grade intercepts (MT-IU-025, MT-IU-027, MT-IU-029, MT-IU-031) would fit in the top positions of the Top Ten Gold Drill Results – August 2019 chart issued by Mining.com on October 23rd, 2019 based on grade-width (calculated as the width of the drill intersection in meters multiplied by the Au grade in g/t);

• Phase 1 drilling, combined with previous drilling, has confirmed the strike length of the MDZ model at a cut-off grade of 0.7 g/t Au to approximately 650 meters, with true widths ranging from 40 meters up to 235 meters. The model is branching off to the west and is still open to the east and at depth;

• Phase 1 drilling has further outlined the MZ that occurs within the central portion of the MDZ envelope, which has been outlined by using a grade shell at a cut-off grade of 1.7 g/t Au. The MZ extends along strike with an excellent continuity for approximately 500 meters, and true widths that vary between 35 meters and 150 meters. All the intercepts in the MZ have grades greater than 2.0 g/t Au. This zone is still open to the east and at depth;

• Phase 1 drilling has also confirmed the strong vertical continuity of the MZ for more than 700 vertical meters, from Level 21 (1,020 meters amsl) down to 300 meters amsl, with an inferred further extension down to 200 meters amsl;

• Phase 1 drilling has achieved the conversion of approximately 470,000 ounces of gold from Inferred Resources to Indicated Resources at a cut-off grade of 1.3 g/t Au.

The following table is a list of significant intersections from the drill holes of Phase 1 included in the recent PEA, which had hole MT-IU-031 as the cut-off hole, since the Company’s press release dated April 25th, 2019:

All are underground drill holes. They were drilled at -45 to -75 degrees from the horizontal, and the intersection lengths do not represent true widths. Sample lengths are on average 1.50 metres long but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.5 g/t gold, and no more than 5.0 m of continuous internal dilution for intervals up to 50 m, no more than 10 m of continuous internal dilution for intervals of 50-200 m, and no more than 20 m of continuous internal dilution for intervals greater than 201 m. Gold grades were capped at 13.0 g/t gold which affects 16 samples out of a total of 1653 samples. Intervals greater than or equal to 1.0 g/t Au are reported. Grade-width is calculated as the width of the drill intersection in meters multiplied by the Au grade in g/t.

Key Highlights and Intercepts from Phase 2 drilling

• The drill intercepts (MT-IU-036, MT-IU-041, MT-IU-045) from Phase 2 drilling continue to demonstrate an improvement of grades in the MZ below the 900 meters level versus the mineral resource block model associated with the PEA;

• Phase 2 drilling has increased the average grade of the MZ from 3.8 g/t Au to 4.3 g/t Au (calculated using the arithmetic average of the drill intersections);

• The results from Phase 2 infill drilling continue to impress both in terms of grades and widths and will undoubtedly lead to an important resource growth coupled with a greater flexibility for mining;

• Most of the drill holes of Phase 2 reported herein end within the low grade shell with the result that the MDZ is open on the east side. This is due to the location of underground drill stations above and close to the steeply plunging low grade shell. The holes achieved their objective of fully cutting the high grade MZ;

• Most of the higher-grade intercepts (MT-IU-036, MT-IU-041, MT-IU-045) would fit in the Top Ten Gold Drill Results – August 2019 chart issued by Mining.com on October 23rd, 2019.

The following table is a list of significant intersections from the drill holes of Phase 2 drilling that, combined with all the previous ones, will support the PFS level resources and reserves statement:

All are underground drill holes. They were drilled at -38 to -74 degrees from the horizontal, and the intersection lengths do not represent true widths. Sample lengths are on average 1.50 metres long but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.5 g/t gold, and no more than 5.0 m of continuous internal dilution for intervals up to 50 m, no more than 10 m of continuous internal dilution for intervals of 50-200 m, and no more than 20 m of continuous internal dilution for intervals greater than 201 m. Gold grades were capped at 13.0 g/t gold which affects 28 samples of a total of 2316 samples. Intervals greater than or equal to 1.0 g/t are reported. NSI means no significant intervals. Grade-width is calculated as the width of the drill intersection in meters multiplied by the Au grade in g/t.

Please refer also to the attached illustrative section in Attachment 1 showing the location of the drill holes and the higher-grade MZ zone at a cut-off grade of 1.7 g/t Au.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Marmato Project core samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin, Colombia. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples over 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its Segovia and Marmato Operations. Gran Colombia is continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia Operations and, through a spin out transaction with Bluenose Gold Corp. announced on October 7, 2019, Gran Colombia is progressing toward a major expansion and modernization of its underground mining operations at the Marmato Project.

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 27, 2019 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.  

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/db8c85c2-5e55-44a5-bf17-d0771264fa4d