Lumina Copper Corp. Announces $10 Million Loan from Lumina Capital Limited Partnership

VANCOUVER, 05/29/12 - Lumina Copper Corp. (TSX VENTURE: LCC) (the "Company" or "Lumina") hereby announces that it has received a loan of up to Cdn.$10 million from Lumina Capital Limited Partnership ("LCLP"). The loan accrues interest at a rate of 10% per annum and will be used for working capital and general corporate purposes.

The loan is repayable on the earlier of: (i) six months from the date of initial advance; (ii) the date of any change of control of Lumina; or (iii) the occurrence of an event of default under the Credit Agreement between Lumina and LCLP.

The loan cannot be converted into, exchanged for or otherwise modified to create any obligation to Lumina to issue, directly or indirectly, any equity or voting securities of Lumina or any subsidiary of Lumina, including with respect to repayment of either principal or interest accruing in respect of the loan. As the loan is not convertible into equity or voting securities of Lumina, there will be no effect on the percentage of securities of Lumina held by LCLP as a result of the loan.

Lumina continues to explore and develop the Taca Taca project. On May 7, 2012, the Company released an updated mineral resource estimate on the Taca Taca project in which contained sulphide copper in the Indicated and Inferred categories increased significantly. Additional information on the updated mineral resource estimate can be found in the May 7, 2012 news release filed on SEDAR (www.sedar.com) and Lumina's website (www.luminacopper.com). 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 of the May 7 announcement.


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, the possibility that a higher grade supergene zone could form the basis of a starter pit, possible extension of deposit boundaries, timing and completion of the drill program and potential for its expansion. 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 accuracy of mineral estimate, reliability of sampling and analysis, representativeness of mineralization; and 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 drill program, 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 information, 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 information. Accordingly, readers should not place undue reliance on forward-looking information. Lumina does not undertake to update any forward-looking information that is included 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