VANCOUVER, Jan. 25 /CNW/ - Luna Gold Corp. (TSXV-LGC) ("Luna" or the
"Company") announces that Centerra (U.S.) Inc. ("Centerra") has terminated its
earn-in agreement on Luna's Red Rock project, in Lander County, Nevada.
Centerra had spent approximately USD$1,450,000 on geophysical and
geochemical surveys, mapping, and drilling over the last two years. Centerra
returned the project to Luna citing their preference to focus on shallower
Tim Searcy, Luna's President and CEO comments: "The Company is very happy
to regain full control of the project although disappointed to lose Centerra
as a partner."
Centerra's work completed satisfies 100% of Luna's spending commitment to
its underlying claim holder. Luna is only responsible for advanced royalty
payments to the underlying claim holder, which amounts to USD$50,000 this
Mr. Searcy continues: "Centerra's work highlighted the potential of the
project. With only three holes drilled, two intercepted altered Lower Plate
rocks and one intercepted mineralized Lower Plate rocks (see the press release
dated November 7th, 2007). Considering the results of the recent work, the
proximity of the project to the world class Cortez Joint Venture, which hosts
the multi-million ounces deposits Pipeline and Cortez Hills, and the current
gold price environment, Luna is pleased to be gaining control of the project."
Luna's strategy in Nevada is to generate projects, undertake preliminary
surface work in order to identify drill targets, and then joint venture the
projects to majors or intermediates for the drill testing of the targets. Luna
maintains this low-cost, low-risk strategy in Nevada while it aggressively
develops its gold resources in Brazil.
About Luna Gold Corp
Luna Gold is a mining exploration company with a focus on gold
development in Brazil and gold exploration in Nevada.
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.
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