Lumina Gold Announces Cangrejos Drill Results; Including 1.13 g/t Au and 0.17% Cu Over 346 Metres

Drill Result Highlights:

Hole C18-90 – 1.13 g/t gold and 0.17% copper over 346 metres
Including: 2.50 g/t gold and 0.40% copper over 32 metres
Hole C18-91 – 0.86 g/t gold and 0.09% copper over 126 metres
Hole C18-92 – 0.42 g/t gold and 0.12% copper over 130 metres

VANCOUVER, Oct. 23, 2018 - Lumina Gold Corp. (TSXV: LUM) (OTC: LMGDF) (the “Company” or “Lumina”) is pleased to announce additional drill results from the Cangrejos infill, step-out and depth extension program. These three holes (C18-90 to C18-92) represent the most recent results from the 2018 drill program, which has totaled approximately 8,800 metres over 22 holes. The Company is continuing to drill at the property and has just completed hole number C18-94.

Hole C18-90 was a vertical-hole that stepped out approximately 50 metres from the edge of the 2017 deep discovery zone. The drill hole cut one of the longest zones of continuous mineralization ever drilled at Cangrejos, 346 metres averaging 1.13 g/t gold and 0.17% copper. The closest hole in that zone is the previously released C17-58 that cut 126 metres grading 3.64 g/t gold and 0.54% copper from 292 metres within a broader interval of 305 metres averaging 1.90 g/t gold and 0.30% copper from 286 metres.

Hole C18-91 successfully tested the northeasterly continuity of the mineralization within the central-northeast quadrant of the resource and cut multiple intercepts from 46 metres to 364 metres, as detailed in the table below.

Hole C18-92 was added to the drill program after hole C18-78 intercepted 90 metres averaging 1.27 g/t gold and 0.11% from surface. The drill hole was inclined to the southeast in order to extend the known mineralization in this direction. C18-92 cut two intervals between 106 metres and 270 metres, as detailed in the table below. Holes C18-93 and C18-94 were subsequently drilled as further northeasterly step-out holes to C18-92, which advanced the drilling into an unexplored area of the deposit. The results from these two holes are pending.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ea6ce614-166e-47aa-b749-ceae8247e753

Summary Drill Results

Note: Intervals in the reported holes are calculated using a cut-off of 0.2 g/t Au with maximum internal dilution of ten continuous metres. The highest gold value used in the reported weighted averages is 6.77 g/t Au. Above cut-off intervals of less than 15m are not reported. In addition to the above results there were multiple intercepts of lower-grade material in the drill holes.

Quality Assurance

All Lumina sample assay results have been independently monitored through a quality control / quality assurance ("QA/QC") program including 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 Lab's sample preparation facility in Quito, Ecuador. Sample pulps are sent to 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 Labs 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

Leo Hathaway, P.Geo, Senior Vice President of Lumina and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects for the Cangrejos project has reviewed, verified and approved the contents of this news release.

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/.

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.