VANCOUVER, Feb. 21 /CNW/ - Luna Gold Corp. (TSXV-LGC) ("Luna" or the
"Company") is pleased to announce that it has concluded purchase agreements
for one Aerofall 17'x 5' semi-autogenous (SAG) mill, two 9' x 12' Hardinge
ball mills, and one 9' x 12' Hardinge rod mill for the Aurizona Gold Project.
Certain strategic mill spares are being acquired also in the process.
The mills, purchased from shut-down operations in Canada, will be
dismantled, thoroughly cleaned and refurbished in Canada, then shipped to
Brazil. The refurbishment will include converting the rod mill to a ball mill.
Tim Searcy, Luna's CEO comments: "The Company has identified the long
lead time items for the development of Aurizona and has set about to secure
them in the second-hand market. There are some cost savings by going this
route, but more importantly, there are very significant time savings with
respect to current delivery times for similar new mills direct from factory."
The results from grinding simulations on various weathered and fresh rock
ore blends from Piaba indicate that a single 16' x 5' SAG mill equipped with a
600 hp motor, together with a single 11.5' x 19' ball mill equipped with a
1350 hp motor, would process all the expected open pit ore mixtures at Piaba,
at a nominal throughput of 250 t/h, at a grind size of 80% passing
105 microns. In the first 4 to 5 years of the operation - when mining would be
concentrated on the softer, more intensely weathered material - the specific
energy consumption for the mills is estimated to be as low as 4.8 kWh/t.
Luna's Aurizona project is fully permitted for production. The Company
expects its feasibility study to be completed by this April. Subject to
financing, the Company foresees a production facility at Aurizona, capable of
processing 1.5 Mtpa, in operation by the end of Q1 2009.
About Luna Gold Corp
Luna is a mining exploration company focused on the acquisition,
exploration, and development of gold resources and advanced stage gold
exploration projects in north-eastern Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
Tim Searcy, P. Geo. - President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
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.
The technical disclosure in this press release has been reviewed by
James Bahan, Fellow of the Institution of Materials, Minerals and Mining,
Luna's Chief Operating Officer, and the Qualified Person as defined under
National Instrument 43-101 responsible for the Aurizona Project's scientific
and technical work.
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 can be guaranteed and actual future results may vary materially.
Luna Gold does not assume the obligation to update any forward-looking
For further information:
For further information: Investor Relations at (604) 689-7317 or toll
free at 1-866-689-7317