Luna Gold Corp. (TSXV-LGC) (Luna or the Company) today announces its results for the three and nine months ended September 30, 2011. The complete financial statements and management discussions and analysis are available for review at www.lunagold.com and should be read in conjunction with this news release.
Luna Gold Corp. (the Company) is a publicly listed company on the TSX Venture Exchange trading under the symbol LGC. The Company is actively engaged in the operation, exploration, acquisition and development of gold properties in Brazil. The Company currently has one gold mining operation, one development project and one large greenfield exploration project located in northeast Brazil.
The Aurizona gold mining operation (Aurizona) consists of an open pit mine and gold process plant. Aurizona consists of the Piaba and Tatajuba deposits and over 10 near mine exploration targets which are being actively explored by the Company. It covers approximately 15,500 hectares of land and includes a mining license and three exploration permits.
The Maranhao Greenfields exploration property (Maranhao Greenfields) is located next to Aurizona and consists of an extensive landholding of exploration licenses totalling 190,000 hectares. This land holding is highly prospective due to its location in the southern extension of the Guyana Shield and displays strong geologic and structural similarities to major West African gold deposits. The area contains over 100 artisanal gold workings that are being explored by the Company.
The Cachoeira gold project (Cachoeira) is a development gold project with a National Instrument 43-101 compliant resource estimate in three gold deposits consisting of quartz vein systems, hydrothermally altered host rocks and stockworks within a north-south trending shear zone.
The Company's near term focus is to:
Significantly increase the size of the Aurizona mineral resource and reserve; release an updated NI 43-101 resource and reserve estimate for the Piaba gold deposit and drill certain near mine exploration targets;
Increase Aurizona gold production above current feasibility study levels through plant optimization and plant expansion;
Complete a scoping study on the expansion options for the Aurizona mine;
Complete a structural analysis at Aurizona and assess possible deep drill targets;
Continue the exploration programs at Maranhao Greenfields to define drill targets for the 2012 exploration season; and
Complete a scoping study on the Cachoeira resource and advance the project to a feasibility study.
For further information on the Company, reference should be made to its public filings (including its most recently filed annual information form (AIF)) which are available on SEDAR at www.sedar.com. Information is also available on the Company's website at www.lunagold.com. Information on risks associated with investing in the Company's securities and technical and scientific information under National Instrument 43-101 concerning the Company's material property, including information about mineral resources and reserves, are contained in the Company's most recently filed AIF.This Management's Discussion and Analysis (MD&A) should be read in conjunction with the unaudited interim consolidated financial statements for the three months ended March 31, 2011, six months ended June 30, 2011and nine months ended September 30, 2011 and related notes thereto which have been prepared in accordance with International Financial Reporting Standards.