VANCOUVER, Aug. 26 /CNW/ - Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company") provides an update on the 2010 exploration programs and announces the start of a 20,000 metre drill program at the Aurizona Main project. Highlights include:
- Approval of a large exploration program and budget for the Aurizona
Main and Regional projects
- Mobilization of three diamond drills to the Aurizona Main project
- Significant progress on the NI 43-101 exploration programs at the
Luna's VP Exploration, Titus Haggan, comments, "Our goal with these programs is to deliver a significant increase in the Company's resource base at the Piaba and Tatajuba gold deposits. In addition, the programs will test the near mine exploration targets with the objective of defining oxide resources close to the Aurizona gold process plant. At Cachoeira the exploration programs are nearing completion and we are targeting to finalize a maiden NI 43-101 resource and technical report in Q4 2010."
Aurizona Exploration Program and Budget
Luna has approved a budget of approximately US$5 million for the second half of 2010 incorporating brownfields exploration programs at the Aurizona Main project, in addition to generative and advanced exploration programs at the Aurizona Regional project.
Aurizona Main Exploration
Luna also announces the commencement of a 20,000 metre diamond drill program at the Aurizona Main project. Exploration will focus on the systematic drilling of the Piaba and Tatajuba deposits in addition to detailed programs designed to delineate additional gold resources at the near mine exploration targets. Three drill rigs have been mobilized with one more due to arrive at the start of October. Drilling is currently focused on infilling over a 3 kilometre strike length at the Piaba deposit to further define measured and indicated resources.
Aurizona Regional Exploration
Exploration at Aurizona Regional is focused on the discovery and generation of new gold deposits in the Company's extensive regional landholding, which consists of over 60,000 hectares of exploration licenses surrounding the Aurizona Main area.
Exploration programs at Cachoeira commenced in March and are nearing completion. Major auger drill programs were completed for the Tucano and Arara targets and auger drilling is currently focused at the Coruja target. Extensive surface and underground sampling programs have also been completed. The Company has retained Scott Wilson Roscoe Postle Associates Inc. to work on the completion of the NI 43-101 technical report and resource estimate now due in Q4 2010 due to expanded work programs.
About Luna Gold Corp
Luna is a gold mining and exploration company engaged in the exploration and development of gold deposits and advanced stage gold exploration projects in Brazil. The Company is currently commissioning its Aurizona gold mine in Maranhao, Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
Jim Bahan - President and CEO
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.
Titus Haggan Ph.D., EurGeol Certified Professional Geologist No.746, Luna's VP 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.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Luna Gold Corp.'s periodic filings with Canadian Securities Regulators. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement, including without limitation the expectations and goals of management as to the defining of further mineral resource estimates and timing thereof, can be guaranteed and actual future results may vary materially. Luna Gold does not assume the obligation to update any forward-looking statement unless otherwise required by law.
SOURCE LUNA GOLD CORP.
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