VANCOUVER, Feb. 10 /CNW/ - Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company") is pleased to announce the February 07, 2011
SEDAR filing of a National Instrument 43-101 Technical Report, in
support of the recently announced initial resource estimate at the
Cachoeira gold project in Northern Brazil (see Luna press release dated
December 23, 2010). Cachoeira consists of a series of orogenic gold
deposits and is located in the north central portion of the Gurupi Gold
The Technical Report was completed by Scott Wilson Roscoe Postle
Associates Inc. (Scott Wilson RPA) according to the guidelines of the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM").
Cachoeira has an Indicated Mineral Resource of 12.5 million tonnes at
1.11 grams/tonne Au, or 446,000 ounces gold, and an Inferred Resource
of 5.4 million tonnes at 1.27 grams/tonne Au, or 221,300 ounces gold.
All deposits are open along strike and at depth.
The Technical Report has been filed on SEDAR and can also be viewed at
Luna Gold's website at www.lunagold.com or directly here.
John Blake, Luna's President & CEO, comments, "This initial resource
estimate is a significant milestone at Cachoeira, with ample scope to
increase the resource. Cachoeira is now a new stand-alone project, a
solid platform in the development of Cachoeira into mine production.
This resource estimate provides Luna Gold with additional value at low
cost. The next step in our process is the commencement of a scoping
study, based on this NI 43-101 initial resource estimate to further
progress Cachoeira into a mine project."
Whittle pit shells were used to constrain all mineral resources and
significant mineralization extends beyond the pit constraints,
particularly at Arara where 50% of mineralization lies outside the
Whittle pit shell, and Coruja where 68% of mineralization lies outside
the Whittle pit shell. At Tucano, 13% of mineralization is located
outside of the Whittle pit shell. While this mineralization cannot
currently be considered a resource, it demonstrates that strong
potential exists to increase the Cachoeira mineral resources.
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.
On behalf of the Board of Directors
LUNA GOLD CORP.
John Blake- 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.
Exploration at the Cachoeira Project was initiated in 1985 by Companhia
de Mineração e Participações (CMP) and Mineração CCO Ltda (CCO) and
continued through the 1990's with work by Brazilian Goldfields Ltd
(BGZ) and Goldfields Ltd (Goldfields). Companhia Vale do Rio Doce
(Vale) conducted an exploration program at Cachoeira in 2003. Luna
acquired the property in 2007 and commenced exploration soon after. CMP
drill core assays were conducted at the Geosol and Delab/MNA
Laboratories, Belo Horizonte and the LBPM/Nomos Laboratory in Rio de
Janeiro. CCO drill core assays were conducted at Geoser Laboratory,
Belo Horizonte. The BGZ and Goldfields drill core assays were conducted
at Bondar Clegg Laboratories, Vanvouver. The Vale core assays were
conducted at Geosol Laboratories, Belo Horizonte. Luna used ALS Chemex
Laboratories in Belo Horizonte, Brazil and Lima, Peru for drill core
assays. Luna's QA/QC program consists of blanks, Certified Reference
Materials (CRM) and quarter core duplicates.
Patti Nakai-Lajoie, P.Geo., of Scott Wilson RPA is a Qualified Person as
defined under National Instrument 43-101. Ms Nakai-Lajoie was
responsible for the preparation of the above resource estimate on the
Cachoeira Project and is independent of the Company in accordance with
Titus Haggan Ph.D., EurGeol Certified Professional Geologist #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 certain technical disclosure in 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.
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
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.
SOURCE Luna Gold Corp.
For further information:
contact Investor Relations at (604) 689-7317 or toll free at 1-866-689-7317.