Luna Gold Corp.
TSX VENTURE : LGC
BVLAC : LGC

Luna Gold Corp.

November 29, 2011 09:17 ET

Luna Gold Drills 23.00 Metres @ 4.04 g/t Au Including 6.00 Metres @ 12.40 g/t Au at Aurizona and Commences Drilling at Near Mine Exploration Target

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2011) - Luna Gold Corp. (TSX VENTURE:LGC)(BVLAC:LGC) ("Luna Gold" or the "Company") is pleased to announce positive assay results from 30 additional holes from the resource drill program at the Piaba gold deposit, Aurizona. An updated drill plan map and 3D Corebox model showing the drill hole locations in the deposit have been uploaded to the Luna Gold website at www.lunagold.com or to view directly click below.

Significant intercepts:

  • 23.00 meters @ 4.04 g/t Au including 6.00 meters @ 12.40 g/t Au in BRAZD400 (Section 1300E - New East Extension)

  • 71.00 meters @ 1.69 g/t Au in BRAZD390 (Section 1100E - New East Extension)

  • 18.00 meters @ 3.54 g/t Au including 2.50 meters @ 7.30 g/t Au and 1.00 m @ 12.40 g/t Au in BRAZD391 (Section 1900W - New West Extension)

Updated Drill Plan Map

To view the Map, visit the following link: http://www.lunagold.com/i/pdf/Piaba_Drill_Plan_Map_241111.pdf.

Luna Gold's President & CEO, John Blake, comments, "We are on target to finalize the NI 43-101 resource update in early December. These new drill results, inclusive of high grade holes located well outside the boundary of our current resource estimate, are of major significance. They further extend the strike length of the Piaba deposit beyond the limits announced earlier this month (see Luna press release dated November 7, 2011) and continue to demonstrate Aurizona's growth potential. Management is very encouraged by the continued positive trend in drill results and we look forward to further development possibilities."

Today's assay results are for thirty drill holes totaling 6,961 meters drilled on 17 sections covering the now extended 3.3 kilometer strike length of the Piaba deposit. Significant mineralized intercepts from holes drilled across the deposit are tabulated below.

SECTION HOLE ID AZI DIP START
DEPTH
(M)
END
DEPTH
(M)
FROM
(M)
TO
(M)
INT
(M)
AU
(G/T)
UNCAPPED
1300E BRAZD388 168 -70 0.00 193.15 147.00 157.00 10.00 3.48
BRAZD398 168 -52 0.00 128.30 No significant Intercepts
BRAZD400 168 -79 100.00 231.02 173.00 196.00 23.00 4.04
Including 178.00 184.00 6.00 12.40
1200E BRAZD387 168 -50 0.00 100.47 No significant Intercepts
BRAZD389 168 -65 100.00 198.84 150.00 155.00 5.00 1.88
Including 153.00 154.00 1.00 5.41
159.00 181.00 22.00 1.40
Including 175.00 178.00 3.00 4.57
BRAZD394 168 -65 100.00 328.91 222.00 234.00 12.00 1.72
1100E BRAZD390 168 -75 0.00 228.90 132.00 203.00 71.00 1.69
1000E BRAZD373 168 -65 0.00 218.56 6.00 12.00 6.00 1.00
BRAZD380 168 -50 0.00 154.37 No significant Intercepts
0800E BRAZD377 168 -68 0.00 181.41 0.00 6.00 6.00 1.24
96.00 118.00 22.00 1.73
Including 100.00 103.00 3.00 4.85
BRAZD396 168 -50 0.00 143.25 0.00 10.00 10.00 1.87
Including 6.00 8.00 2.00 5.03
62.00 81.00 19.00 5.43
Including 62.00 64.00 2.00 11.90
And 79.00 81.00 2.00 13.88
0700E BRAZD378 168 -50 0.00 145.61 65.00 67.00 2.00 2.33
69.00 78.00 9.00 1.17
Including 76.00 77.00 1.00 5.30
0500E BRAZD336A 168 -50 50.00 146.65 102.00 104.00 2.00 1.32
106.00 108.00 2.00 1.84
0400E BRAZD352A 168 -78 100.00 323.24 236.00 239.00 3.00 1.05
244.00 256.00 12.00 1.04
260.00 288.00 28.00 2.49
Including 260.00 263.00 3.00 5.93
270.00 272.00 2.00 5.74
BRAZD385 168 -58 0.00 238.52 174.00 178.00 4.00 3.69
181.00 183.00 2.00 1.34
186.00 197.00 11.00 1.22
Including 191.00 192.00 1.00 5.46
BRAZD393 168 -72 100.20 374.34 256.00 284.00 28.00 1.63
Including 272.00 273.00 1.00 5.01
0300E BRAZD346 168 -79 119.90 345.32 289.00 298.00 9.00 1.48
Including 294.00 295.00 1.00 5.65
317.00 321.00 4.00 2.07
330.00 336.00 6.00 1.26
Including 333.00 334.00 1.00 4.29
0200E BRAZD347 168 -77 100.00 388.52 260.00 266.00 6.00 4.69
278.00 316.00 38.00 1.53
Including 280.50 281.00 0.50 9.78
And 284.00 285.00 1.00 5.24
And 289.00 290.00 1.00 7.20
321.00 334.00 13.00 1.01
Including 332.00 333.00 1.00 7.62
BRAZD355 168 -69 100.00 301.15 247.00 274.00 27.00 1.61
285.00 288.00 3.00 2.72
0600W BRAZD337 168 -70 100.00 375.10 208.00 220.00 12.00 1.16
242.00 246.00 4.00 3.85
350.00 357.00 7.00 2.67
Including 354.00 355.00 1.00 10.70
BRAZD344 168 -62 50.00 361.56 227.00 229.00 2.00 2.63
237.50 238.00 0.50 15.15
265.00 271.00 6.00 1.30
279.00 304.00 25.00 1.34
Including 281.50 282.00 0.50 6.48
1350W BRAZD348 168 -50 0.00 80.12 38.00 51.00 13.00 1.52
1500W BRAZD349 168 -50 0.00 98.96 24.00 50.00 26.00 1.28
Including 24.00 25.00 1.00 11.65
And 30.50 31.00 0.50 5.49
1600W BRAZD354 168 -76 0.00 218.86 32.00 44.00 12.00 1.02
Including 40.00 42.00 2.00 3.76
1700W BRAZD357 168 -76 0.00 153.24 52.00 62.00 10.00 1.17
1900W BRAZD386 168 -64 0.00 162.62 12.00 18.00 6.00 2.79
BRAZD391 168 -75 100.00 371.00 270.00 284.00 14.00 1.62
293.00 311.00 18.00 3.54
Including 294.00 296.50 2.50 6.84
And 302.50 305.00 2.50 7.30
And 306.00 306.50 0.50 6.49
And 309.00 310.00 1.00 12.40
314.00 317.00 3.00 1.31
344.00 356.00 12.00 1.45
2000W BRAZD384 168 -70 0.00 249.19 100.00 108.00 8.00 1.76
BRAZD392 168 -50 0.00 202.43 76.00 80.00 4.00 1.06
BRAZD397 168 -72 100.00 316.90 255.00 257.50 2.50 1.58
Table 1. Mineralized drill intercepts from the Aurizona resource drill program. Intervals are calculated as composites using a 0.30 gram/tonne Au cut-off and maximum 2 metre internal waste. True widths to be established. Intervals lower than 1.00 g/t Au are not shown.

Luna Gold's VP Exploration, Titus Haggan, states, "These are solid results leading into the 2011 Aurizona resource update. We have now defined the Piaba deposit over a 3.3 kilometer strike length which remains open along strike and at depth. Drilling at the Boa Esperança near mine target has commenced with two diamond drill rigs and one reverse circulation drill rig."

About Luna Gold Corp.

Luna Gold is actively engaged in the operation, exploration, acquisition and development of gold opportunities in Brazil. The Company currently has a gold mining operation, Aurizona Gold Mine in Maranhão, Brazil, a gold development project, the Cachoeira project in Para, Brazil and the Company is exploring in a large strategically placed greenfields land position in Maranhão, Brazil.

On behalf of the Board of Directors

LUNA GOLD CORP.

John Blake - President and CEO

Regulatory Footnotes

Luna operates a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and sawn in half. One half of the HTW (71 mm diametre) core is maintained for future reference and one half of the core is sent for analysis. Samples are collected at approximately 2 metre intervals, which is reduced to 1 metre interval or less when a mineralized zone is encountered. All core and samples are stored in secure locked areas. Some samples are transported from the Aurizona project to the ACME Labs sample preparation facility in Cuiaba, Mato Grosso and Goiania, Goias accompanied by Luna personnel. Samples are assayed at ACME Labs in Santiago, Chile using a 50 gram fire assay with AAS finish. Other samples are transported from the Aurizona project to the ALS Chemex sample preparation facility in Belo Horizonte, Minas Gerais accompanied by Luna personnel. Samples are assayed at ALS Chemex Labs in Lima, Peru and Perth, Australia using a 50 gram fire assay with AAS finish. Each sample batch contains 10% of randomly inserted internal control samples consisting of certified analytical standards, blanks (barren rock) and duplicates. These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample. Additional technical information about the Aurizona Project is available in our technical report dated September 1, 2010, filed on SEDAR.

Titus Haggan, Ph.D., EurGeol Certified Professional Geologist #746, Luna's Vice President Exploration is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and has supervised the preparation of and reviewed the technical disclosure in this press release. Non- qualified persons currently work on Luna's exploration programs under the guidance of Titus Haggan. Dr. Haggan takes responsibility for work, information and advice generated by non-Qualified persons and has taken the steps required to ensure that the work, information and advice is sound.

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 exploration program for the Company's exploration programs and any planned resource upgrades. 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.

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 release.

Contact Information

  • Luna Gold Corp.
    Investor Relations
    (604) 558 0560
    (604) 558 0561 (FAX)
    www.lunagold.com