Lumina Copper Corporation: Announces C$30 Million Financing

VANCOUVER, Nov. 23, 2011 - Lumina Copper Corp. (TSX VENTURE: LCC) (the “Company“) is pleased to announce that it has today entered into an agreement with Raymond James Ltd. pursuant to which Raymond James Ltd. and a syndicate of underwriters, including Scotia Capital Inc., Canaccord Genuity Corp. and Laurentian Bank Securities Inc. (collectively, the “Underwriters“) have agreed to buy on an underwritten private placement basis 1,500,000 common shares from the Company at a price of C$10.00 per common share (the “Brokered Placement“).

The Company also intends to issue, via a non-brokered private placement on the same terms as the Brokered Placement, up to 1,500,000 common shares (the “Non-Brokered Placement“). It is currently contemplated that Lumina Capital Limited Partnership will purchase up to 1,000,000 common shares as part of the Non-Brokered Placement, and that insiders intend to participate for a portion of the Non-Brokered Placement. Finder's fees may be payable on a portion of the Non-Brokered Placement.

Closing of the two placements is expected to occur on or about December 8, 2011 and is subject to regulatory approvals. The closing of the two placements is not conditional on each other, and may occur separately.

The net proceeds from the placements will be used to fund advancement of the Company's Taca Taca project, and for general corporate purposes.

The Brokered Placement is being made in all provinces of Canada and in the United States in accordance with certain exemptions under the U.S. Securities Act of 1933, as amended, and such other jurisdictions as may be agreed between the Company and the Underwriters, and is subject to the approval of regulatory authorities. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.


LUMINA COPPER CORP

David Strang
President & CEO



CAUTION REGARDING FORWARD LOOKING STATEMENTS:

This news release contains “forward-looking statements“ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the expected closing date of the financing, and plans for developing any of its projects including its intention on the use of the funds raised in the announced financing. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “is expected“ or variations of such words and phrases or state that certain actions, events or results “will occur“. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, 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 copper and molybdenum, as well as those factors discussed in the sections relating to risk factors of our business filed in the Company'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 statements 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 statements. Global Copper does not undertake to update any forward-looking statements that are 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.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES



Contact Information

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