Lumina Gold Corp. announced that it has completed two trade off studies that will help the basis of its updated Preliminary Economic Assessment. The first study evaluated the addition of secondary crushing and high-pressure grinding rolls to replace the semi-autogenous grinding mills that were contemplated in Lumina's June 2018 Preliminary Economic Assessment . The second trade off study evaluated the addition of a Carbon -In-Leach circuit to enhance recoveries and allow for the production of doré on site. Both studies showed potential for enhancements to recoveries and operating cost reductions. Lumina intends to integrate the addition of a CIL circuit and HPGR into its updated PEA, which it expects to release in the second quarter of 2020. Trade-off Study Highlights and Conclusions: HPGR Evaluation: The study demonstrated an approximately 30% savings in comminution circuit operating costs, Based on the trade-off study, the comminution operating costs for the HPGR circuit are estimated to be $3.75 per tonne processed compared to $5.62 per tonne processed for the SAG milling circuit that was used in the 2018 PEA, The operating cost savings are driven by reduced costs for steel and lower power consumption. Metallurgical Recovery Flowsheet: Adding the CIL circuit enhanced total gold recoveries, which offset additional capital and operating costs for the CIL circuit, The circuit allows for the saprolite portion of the mineral resource to be extracted, Production of doré will eliminate the need for a gravity concentrate to be shipped from the mine. High-Pressure Grinding Roll Trade-off Study Details: FLSmidth tested a master composite made from four PQ drill holes to evaluate the viability of HPGR. Testing included JKTech Drop Weight tests, Unconfined Compressive Strength tests, Bond Low Energy Crusher Work Index tests, Bond Abrasion Index tests, Bond Rod Work Index tests, Bond Ball Work Index tests and HPGR testing. The average Bond Ball Work Index for the 2019 master composite was 17.1 kWh per metric tonne. The study showed that on a per tonne basis comminution circuit operating costs could be reduced by approximately 30%. The operating cost savings are driven by reduced costs for steel and lower power consumption. The study also showed that the HPGR circuit could be implemented for slightly less initial capital and equipment costs versus the conventional SAG mill circuit. The new circuit requires a lower connected power load, with an approximate 4 megawatt hour reduction at a 40,000 tonne per day throughput. Metallurgical Recovery Trade-off Study Details Two new flow sheets were evaluated and modelled for net present value optimization. The results from the 2018 PEA flow sheet were compared to the two new alternatives: 2018 PEA flow sheet - Utilizes gravity concentration, bulk rougher flotation, bulk cleaner scavenger flotation, bulk cleaner flotation, copper-molybdenum separation, and molybdenum cleaner flotation. No cyanide leaching was included. Flotation Plus Leaching - Evaluated the same equipment as the 2018 PEA flowsheet and added a 5,000 tonne per day CIL circuit. The circuit would be further doubled in size to contemplate the planned throughput expansion in the 2018 PEA from 40,000 to 80,000 tonnes per day. Whole Ore Leaching - Evaluated only producing a doré product using a Carbon-In-Pulp circuit. The study's conclusion is that flotation plus leaching is the preferred flow sheet given the enhanced recoveries versus the 2018 PEA. Whole ore leaching only produced doré and despite having higher gold recoveries, it does not receive the benefit of recovering copper, a substantial by-product. Quality Assurance: The metallurgical tests were conducted by independent commercial laboratories and the samples used for testing were selected to be representative of the material that is currently planned for processing. The capital and operating cost estimates were prepared by qualified engineers and metallurgists who are familiar with the level of detail required for this stage of study. 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.