Luna Gold Announces Extending the Term of Unlisted Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2011) - Luna Gold Corp. (TSX VENTURE:LGC)(BVLAC:LGC) ("Luna Gold" or the "Company") is pleased to announce that the TSX Venture Exchange has conditionally approved the extension of the term of its 6,859,221 series A common share purchase warrants (the "Warrants") issued pursuant to a warrant indenture between the Company and Computershare Trust Company of Canada ("Computershare"), dated December 20, 2010. Subject to final documentation, the Company intends to amend the time of expiry of the Warrants from 5:00 p.m. (Toronto time) on June 20, 2012 to 5:00 p.m. (Vancouver time) on September 29, 2013, matching the expiry date of the recently listed warrants of the Company that trade under the symbol "LGC.WT". All other material terms of the Warrants remain unchanged, including the exercise price of each Warrant at $1.00 per common share and the acceleration provision in the event the common shares of the Company trade at a closing price of $1.25 per share or greater for 10 consecutive trading days.

About Luna Gold Corp.

Luna Gold is a producing gold company with development and exploration projects. Gold production is from the Aurizona Mine in Maranhão, Brazil, and development is focused on the Cachoeira deposit in Para, Brazil. The Company is exploring Maranhão Greenfields, a large strategically placed land position in Maranhão, Brazil.

On behalf of the Board of Directors

LUNA GOLD CORP.

John Blake – President and CEO

Regulatory Footnotes

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the United States Securities Act of 1933 and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Statements

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements include, but are not limited to, statements with respect to the outcome of investigations into robbery attempts at the Company's Aurizona gold mine. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Certain of the statements made herein by Luna Gold Corp. are forward-looking and subject to various risks and uncertainties, both known and unknown, many of which are beyond the ability of Luna Gold Corp. to control or predict. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Forward-looking information is subject to known and unknown risks and uncertainties that may cause Luna Gold Corp.'s actual results, performance or achievements may be materially different from those expressed or implied by such forward-looking information, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, mine development and production costs, the projected life of the Company's mines, future production levels, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.