Luna Gold Corp.
TSX VENTURE : LGC

Luna Gold Corp.

May 05, 2011 08:30 ET

Luna Gold Increases Operational and Exploration Strength of Management

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2011) -Luna Gold Corp. (TSX VENTURE:LGC) ("Luna Gold" or the "Company") is pleased to announce the strengthening of its management team as it continues to work to increase production at the Aurizona gold mine, expand the resource base at Aurizona and the Maranhão Greenfields, and to continue development of the Company's Cachoeira project.

Luna Gold welcomes Peter Mah as Vice President Operations and Carlos Paranhos as Director Exploration Brazil.

John Blake, President and CEO said, "Luna Gold is indeed fortunate to have Messrs. Mah and Paranhos join the Luna Gold management team. The combination of the high quality of the strength and experience of Luna Gold's current management team with the experience of Peter Mah and Carlos Paranhos will consolidate the quality of the resources of Luna Gold's management team and position Luna Gold to achieve its next level of development as an emerging gold producer."

Mr. Mah and Mr. Paranhos, working alongside the Company's senior management team, will work to oversee production and future expansion of the Aurizona gold mine and the development of the Company's pipeline projects in Brazil.

Mr. Mah has over 20 years of practical mine operations and development experience spanning project studies, construction and operations management with some of the industry's largest major producers. As Group Executive, Newmont Mining Corporation, he was responsible for the strategic business development of 20 to 40 million ounces of early stage global gold projects. Prior to Newmont, Mr. Mah was the Mine General Manager of the Debeers Victor open pit mine, Ontario's first diamond mine. There he led the development of the operating team during construction and operations. In 2009, the project was recognized globally by Mining Magazine as "Mine of the Year". Mr. Mah's international track record includes attracting and leading world-class teams where, as Mine Manager he oversaw construction and operations for Newcrest's 450,000 ounce per annum Kencana gold mine, Indonesia's first underhand cut and fill mine. Mr. Mah's extensive mining operations experience includes various engineering, project, strategic business planning and production roles with Goldcorp's Red Lake and the Campbell Red Lake and Musselwhite Mines formerly owned and operated by Placer Dome. Mr. Mah has extensive experience in the management of safety, health, environment, community engagement, government relations and social responsibility programs.

Mr. Mah holds a Bachelor's of Applied Science in Mining and Mineral Process Engineering and a Master's of Applied Science majoring in Rock Mechanics from the University of British Columbia, Canada. He is a registered Professional Engineer in the Province of Ontario, Canada and was formerly a member of the Ontario Mining Association Board of Directors. Mr. Mah will be based in Vancouver and report to the President and CEO.

Mr. Paranhos graduated with a B.Sc. in Geology from the University of Para (UFPA) in 1993 and was awarded an M.Sc. in Structural Geology in 1996 from UFPA for his work on the structural framework of the Gurupi Region of northeast Brazil. Mr. Paranhos has spent over 15 years working and managing both greenfields and brownfields gold exploration programs in South America and Africa with AngloGold Ashanti. During his time in Africa, Mr. Paranhos made significant contributions to determining structural controls on several major gold deposits resulting in increased life of mine. Recently Mr. Paranhos acted as Exploration Coordinator for AngloGold Ashanti Brazil in the prolific Iron Quadrangle Region of Minas Gerais State where he was responsible for setting-up and running regional exploration programs targeting an additional 6 million ounces of gold of new inferred resources to the existing AngloGold Ashanti Brazil mineral statement.

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 state Brazil, development is the Cachoeira deposit Para, Brazil and the Company is exploring in a large strategically placed land position in Maranhão, Brazil.

On behalf of the Board of Directors

LUNA GOLD CORP.

John Blake – President and CEO

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, the development of the Company's operations at the Aurizona gold mine, the appointments of Messrs. Mah and Paranhos, the development of the Company's Cachoeira project and the development of the Company's pipeline projects in Brazil. 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 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) 689-7317 or Toll Free: 1-866-689-7317
    (604) 688-0094 (FAX)
    www.lunagold.com