Lumina Reports Updated Mineral Resource Estimate at Taca Taca Copper-Gold-Molybdenum Project, Argentina-Significant Increase in Re

VANCOUVER, BRITISH COLUMBIA, Nov 21 (MARKET WIRE) --
Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company" or "Lumina") is
pleased to announce that it has received an updated mineral resource
estimate on its 100% owned Taca Taca copper/gold/molybdenum project
located in Salta province, Argentina. The estimate significantly
increases the known sulphide copper, gold and molybdenum resources over
the previous mineral resource estimate released in May 2012.

At a 0.3% copper equivalent cut-off, total contained sulphide copper in
the Indicated resource category is estimated to be 21.1 billion pounds of
copper, while total contained sulphide copper in the Inferred resource
category is estimated to be 7.6 billion pounds of copper.

The base case cut-off grade for the sulphide mineral resource estimate
has been decreased from 0.4% copper equivalent to 0.3% copper equivalent
to align the mineral resource estimate with the net smelter return
cut-off that will be used to define the parameters of the mine plan to be
incorporated in the forthcoming Preliminary Economic Assessment ("PEA").
There has been no change to the cutoff grade, of 0.2g/t gold, for the
oxide gold resource estimate.

The updated mineral resource estimate shows that the sulphide mineral
resource remains open to depth in some areas and along the southern
boundary of the deposit's northeastern limb. The boundaries of the oxide
gold resource appear to be fully defined.

The salient details of the updated National Instrument 43-101 compliant
("NI 43-101") mineral resource estimate are as follows:

Sulphide Resources (0.3% copper equivalent cut-off)

-- 2.17 billion tonnes grading 0.44% copper, 0.08g/t gold and 0.013%
molybdenum (0.57% copper equivalent) in the Indicated category
containing 21.1 billion pounds of copper, 5.6 million ounces of gold and
616 million pounds of molybdenum. The previous NI 43-101 mineral
resource estimate contained 995 million tonnes grading 0.53% copper,
0.11g/t gold and 0.017% molybdenum at the same cut-off grade.
-- 921 million tonnes grading 0.37% copper, 0.05g/t gold and 0.012%
molybdenum (0.47% copper equivalent) in the Inferred category containing
7.6 billion pounds of copper, 1.6 million ounces of gold and 235 million
pounds of molybdenum. The previous NI 43-101 mineral resource estimate
contained 1.48 billion tonnes grading 0.40% copper, 0.07g/t gold and
0.012% molybdenum at the same cut-off grade.

The sulphide mineral resource is comprised of primary and supergene
mineralization. The supergene zone contains higher average grades as
highlighted below:

Supergene Resources (0.3% copper equivalent cut-off)

-- 701 million tonnes grading 0.60% copper, 0.08g/t gold and 0.009%
molybdenum (0.70% copper equivalent) in the Indicated category.
-- 90 million tonnes grading 0.44% copper, 0.06g/t gold and 0.005%
molybdenum (0.50% copper equivalent) in the Inferred category.

In the previous mineral resource estimates, a zone of shallower, high
grade, supergene mineralization was defined in the northern part of the
deposit. The Company is investigating whether this zone may form the
basis of a "starter pit" for the project. The updated NI 43-101 mineral
resource estimate for this zone is defined as follows:

-- 253 million tonnes grading 0.85% copper, 0.13g/t gold and 0.016%
molybdenum (1.02% copper equivalent) in the Indicated category (0.5%
copper equivalent cut-off). The previous NI 43-101 mineral resource
estimate contained 200 million tonnes grading 0.95% copper, 0.14g/t gold
and 0.017% molybdenum (1.11% copper equivalent) in the Indicated
category at the same cut-off grade.

Oxide Gold Resources (0.2g/t gold cut-off)

-- 243 million tonnes grading 0.27g/t gold in the Indicated category
containing 2.1 million ounces of gold. The previous NI 43-101 mineral
resource estimate contained 198 million tonnes grading 0.27g/t gold.
-- 17 million tonnes grading 0.23g/t gold in the Inferred category
containing 0.1 million ounces of gold. The previous NI 43-101 mineral
resource estimate contained 81 million tonnes grading 0.26g/t gold.

The Company has now completed its planned drilling program on the Taca
Taca deposit and is undertaking the various engineering studies required
to complete a PEA on the project. The PEA is expected to be completed by
March 2013.

The updated NI 43-101 mineral resource estimates at various copper
equivalent and oxide gold cut-off grades are presented in the tables
below. Maps showing the boundaries of the mineral resource estimates are
attached to this news release.

Indicated Sulphide Mineral Resource Estimate

---------------------------------------------------------------------------
CuEq
(1)
Cut-off Size Grade Contained Metal
------------------------------------------------------------------
Tonnes CuEq
(Million) (1) Cu Au Mo Cu Au Mo
(%) (%) (g/t) (%) (B lb) (M oz) (M lb)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
0.2 2,817 0.49 0.38 0.07 0.011 23.84 6.32 707.9
---------------------------------------------------------------------------
0.3(2) 2,165 0.57 0.44 0.08 0.013 21.15 5.56 615.8
---------------------------------------------------------------------------
0.4 1,545 0.65 0.51 0.09 0.015 17.51 4.61 493.8
---------------------------------------------------------------------------
0.5 997 0.77 0.61 0.11 0.016 13.34 3.54 360.5
---------------------------------------------------------------------------
0.6 660 0.88 0.70 0.13 0.018 10.23 2.68 259.0
---------------------------------------------------------------------------
0.7 454 0.99 0.80 0.14 0.019 7.99 2.02 187.0
---------------------------------------------------------------------------

Inferred Sulphide Mineral Resource Estimate

---------------------------------------------------------------------------
CuEq
(1)
Cut-off Size Grade Contained Metal
------------------------------------------------------------------
Tonnes CuEq
(Million) (1) Cu Au Mo Cu Au Mo
(%) (%) (g/t) (%) (B lb) (M oz) (M lb)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
0.2 1,396 0.40 0.31 0.05 0.010 9.44 2.08 310.7
---------------------------------------------------------------------------
0.3(2) 921 0.47 0.37 0.05 0.012 7.55 1.57 235.4
---------------------------------------------------------------------------
0.4 571 0.55 0.44 0.06 0.013 5.50 1.10 162.4
---------------------------------------------------------------------------
0.5 302 0.64 0.52 0.07 0.014 3.43 0.65 95.8
---------------------------------------------------------------------------
0.6 162 0.73 0.59 0.07 0.015 2.11 0.36 54.9
---------------------------------------------------------------------------
0.7 76 0.81 0.68 0.07 0.016 1.14 0.17 26.4
---------------------------------------------------------------------------

1. Copper equivalent calculated using US$2.00/lb Cu, US$800/oz Au and
US$12.00/lb Mo and is not adjusted for mining and metallurgical
recoveries as these remain uncertain. The formula used is as follows:
CuEQ = Cu% + (Au g/t x 0.583) + (Mo% x 6).
2. Sulphide resource base case cut-off grade of 0.3%CuEq is highlighted in
the tables.

Indicated Oxide Gold Mineral Resource Estimate

------------------------------------------------
Au Tonnes Au Au
Cut-off (Million) (g/t) (M oz)
------------------------------------------------
0.1 799 0.18 4.66
------------------------------------------------
0.15 483 0.22 3.40
------------------------------------------------
0.2 243 0.27 2.07
------------------------------------------------
0.25 126 0.31 1.23
------------------------------------------------

Inferred Oxide Gold Mineral Resource Estimate

------------------------------------------------
Au Tonnes Au Au
Cut-off (Million) (g/t) (M oz)
------------------------------------------------
0.1 213 0.14 0.97
------------------------------------------------
0.15 66 0.18 0.39
------------------------------------------------
0.2 17 0.23 0.13
------------------------------------------------
0.25 3 0.30 0.03
------------------------------------------------

1. The oxide gold resource base case cut-off grade of 0.2g/t gold is
highlighted in the table.

The updated NI 43-101 mineral resource estimate was based on a total of
147,449 meters of drilling in 310 holes, including previous drilling
completed by BHP Billiton (28 holes, 9,893 meters), Corriente (18 holes,
1,454 meters), Rio Tinto (15 holes, 7,608 meters) and 249 holes totalling
128,494 meters drilled by the Company.

The mineral resource estimate has been generated from drill hole sample
assay results and the interpretation of a geologic model which relates to
the spatial distribution of copper, molybdenum and gold in the deposit.
Grade estimates are made using ordinary kriging with nominal block size
measuring 25 meters long, 25 meters wide and 15 meters in height.
Resources have been classified by their proximity to sample locations and
are reported according to CIM standards on Mineral Resources and
Reserves.

An updated NI 43-101 technical report detailing the mineral resource
estimate will be completed and filed on SEDAR (www.sedar.com) and
Lumina's website (www.luminacopper.com) within 45 days.

The Taca Taca copper/gold/molybdenum project is located in the Puna
region of north western Argentina in Salta province, approximately 230
kilometres west of the provincial capital of Salta and 120 kilometers
east of the world's largest copper mine, Escondida.

Robert Sim, P.Geo., a Qualified Person as defined by NI 43-101, is
responsible for the mineral resource estimate included in this news
release and has reviewed and approved the contents of this news release
as they relate to the mineral resource estimate.

Since Lumina began drilling at the Taca Taca project in August 2010, the
sample assay results have been independently monitored through a quality
control / quality assurance ("QA/QC") program including the insertion of
blind standards, blanks and the reanalysis of duplicate samples at a
second umpire laboratory. The results of the QA/QC program indicate that
the sample database is of sufficient accuracy and precision to be used
for the generation of mineral resource estimates.

Andrew Carstensen, CPG, Vice President, Exploration and the Qualified
Person as defined by NI 43-101 for the Taca Taca project has reviewed and
approved the contents of this news release as they relate to the ongoing
exploration and development program at the Taca Taca project.

To view the maps accompanying this press release, click on the following
link: http://media3.marketwire.com/docs/l1120map.pdf

LUMINA COPPER CORP.

David Strang, President & CEO

CAUTION REGARDING FORWARD-LOOKING INFORMATION: This news release contains
"forward-looking information" within the meaning of the applicable
Canadian securities legislation. Generally, this forward-looking
information can be identified by the use of forward-looking terminology
such as "plans", "expects" or "does not expect", "is expected",
"estimates", "anticipates" or "does not anticipate", or "is awaiting" or
"believes", or variations of such words and phrases or state that certain
actions, events or results "may", "can", "could", "would", "might" or
"will be taken", "occur" or "be achieved". This forward-looking
information refers to, among other things: the updated mineral resource
estimate, determination of cut-off grade, determination of the net
smelter return cut-off grade, the possibility that a higher grade
supergene zone could form the basis of a starter pit, possible extension
of deposit boundaries and timing and completion of the PEA.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of Lumina to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to: assumptions regarding the
accuracy of mineral estimates, reliability of sampling and analysis and
representativeness of mineralization, risks related to the exploration
and potential development of the Company's projects, risks related to
governmental expropriation, royalty or taxes, risks related to the
uncertainty of timing of events including the timing scheduled for
completion of the PEA, risks related to international operations, the
actual results of current exploration activities, conclusions of economic
evaluations, changes in project parameters as plans continue to be
refined, future prices of commodities, as well as those factors discussed
in the sections relating to risk factors of our business filed in
Lumina's required securities filings on SEDAR. Although the Company has
attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking statements,
there may be other factors that cause results to be materially different
from those anticipated, described, estimated, assessed or intended. There
can be no assurance that any forward-looking information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking information. Lumina does not
undertake to update any forward-looking information that is incorporated
by reference herein, except in accordance with applicable securities
laws.

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.

Contacts:
Lumina Copper Corp.
David Strang
President & CEO
604 646 1880
604 687 7041 (FAX)
dstrang@luminacopper.com
www.luminacopper.com

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