LCC

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


Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce
that it has closed both its previously announced brokered and non-brokered
private placements of common shares totaling gross proceeds of C$30,000,000. The
Company issued a total of 3,000,000 common shares at a price of C$10.00 per
common share. The brokered private placement was completed pursuant to an
agreement with Raymond James Ltd. and a syndicate of underwriters, including
Scotia Capital Inc., Canaccord Genuity Corp. and Laurentian Bank Securities Inc.
(collectively, the "Underwriters"). The Underwriters received a commission of 5%
of the gross sales of the 1,500,000 common shares that were the subject of the
brokered private placement.


A 5% finder's fee was payable on a portion of the non-brokered private
placement, but no finder's fee was payable in respect of the 1,002,500 common
shares purchased by Lumina Capital Limited Partnership as part of the
non-brokered placement. 


The net proceeds from the placements will be used to fund the ongoing
exploration program at the Company's Taca Taca project, and for general
corporate purposes.


The Taca Taca copper/gold/molybdenum project, comprising approximately 2,500
hectares, is located in the Puna region of north western Argentina in Salta
province, approximately 230 kilometres west of the provincial capital of Salta
and 90 kilometres east of the world's largest copper mine, Escondida. 


On November 15, 2011, the Company announced that it had received an independent
updated, interim NI 43-101 compliant mineral resource estimate for the project
that at a 0.4% copper equivalent cutoff contained indicated sulphide resources
of 516 million tonnes grading 0.58% copper, 0.12g/t gold and 0.018% molybdenum
(0.76% copper equivalent(1)) containing 6.6 billion pounds of copper, 2.1
million ounces of gold and 204.6 million pounds of molybdenum and inferred
sulphide resources of 880 million tonnes grading 0.43% copper, 0.09g/t gold and
0.015% molybdenum (0.57% copper equivalent(1)), containing 8.3 billion pounds of
copper, 2.3 million ounces of gold and 292.9 million pounds of molybdenum. In
addition, an oxide gold resource has been defined within the leached cap that at
a 0.2g/t gold cutoff contains inferred resources of 190 million tonnes grading
0.25g/t gold containing 1.5 million ounces of gold. 


(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 metallurgical recoveries as these remain
uncertain. The formula used is as follows: CuEQ = Cu% + (Au g/t x 0.583) + (Mo%
x 6). 


An updated NI 43-101 technical report detailing the mineral resource estimate
will be filed on SEDAR (www.sedar.com) and the Company's website
(www.luminacopper.com) by the end of December 2011. Additional information on
Taca Taca, including the current NI 43-101 technical report "Amended Taca Taca
Technical Report" dated January 22, 2010 by Robert Sim, P.Geo., can be found on
the Company's website and on SEDAR.


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. Lumina Copper does not undertake to
update any forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.

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