Luna Gold intercepts 105 m of 1.40 g/t Au at the Aurizona Gold Project, Brazil

    VANCOUVER, Oct. 31 /CNW/ - Luna Gold Corp. (TSXV-LGC) ("Luna" or the
"Company") is pleased to announce the results of the first four holes, listed
in Table 1, from the Company's 3,750 m drill program at Aurizona, including
hole BRAZD-206 which intercepted 105 m of 1.40 g/t Au.

    -   105 metres @ 1.40 g/t Au in hole BRAZD-206

    -   10 metres @ 6.08 g/t Au, including 3.4 metres @ 15.70 g/t Au in
        hole BRAZD-204

    -   110.55 metres @ 1.12 g/t Au, including 3.42 metres @ 10.18 g/t
        Au in hole BRAZD-207

    Luna's CEO, Tim Searcy comments, "I am very pleased with the initial
results. In these first four holes we have discovered a new high grade zone,
parallel to sub-parallel to the main zone, and we have significantly expanded
the depth of known mineralization well beyond what has been included in
previous resource estimates. Furthermore, holes 206 and 207 both ended while
still in mineralization. These results are all the more significant
considering the primary purpose of this drill program is to confirm and expand
the saprolite resource for incorporation into the ongoing feasibility study,
due in Q1 2008."
    Complete assay results have been received for 4 holes totaling
588 metres. Significant mineralized intercepts are tabulated below (assays for
the full length of each hole will be available on the Company's website
shortly, and will be updated as new information is released). The holes were
drilled on 4 north-south sections spaced approximately 135 m, 185 m and 90 m
apart on the eastern portion of the Piaba zone.

    HOLE ID            AZI       DIP   FROM (m)     TO(m)   INT (m)  AU (g/t)
    BRAZD-204          168        50        10        20        10      6.08
      including                          12.75     16.15       3.4     15.70
                                            93       152        59      1.48
      including                            118       126         8      5.45
    BRAZD-205          168        50       133       148        15      1.43
      including                            134       135         1     14.75
    BRAZD-206                     90         0       105       105      1.40
      including                             77      82.5       5.5      9.69
    BRAZD-207                     90       0.0     110.6     110.6      1.12
      including                            8.8      12.3       3.5      4.43
      and                                 93.1      96.5       3.4     10.18

        Table 1. Mineralized intercepts from initial drill holes, Piaba
        deposit. Width in the table represents core width of the

    BRAZD-204 and 205 were inclined at -50 degrees, whereas BRAZD-206 and 207
were drilled vertically into the eastern part of the Piaba zone. BRAZD-204
intersected a shallow high-grade intercept of 10 m @ 6.08 g/t Au defining a
new mineralized zone outboard of the main deposit. This hole also intersected
a wide zone of gold mineralization in previously untested fresh rock from 93 m
core depth. Initial modeling indicates that this fresh rock mineralization is
a down-dip extension of the ore zone (38 m @ 2.91 g/t Au) intersected in
historic drillhole BRAZD-096. Vertical hole BRAZD-206 was sited to test the
geologic model and is mineralized throughout. BRAZD-207 was sited to determine
vertical gold distribution within the deposit and to test for fresh rock
mineralization. This hole intersected over 55 metres of new gold
mineralization beneath the oxide ore body including a high-grade intercept of
3.42 m @ 10.18 g/t Au.
    Titus Haggan, Luna's Exploration Manager at Aurizona, comments, "The
current drilling program has been designed to confirm and expand the saprolite
(oxidized) resource at the Aurizona gold deposit, to provide data to complete
a NI 43-101 compliant reserve and resource estimate, and to test the fresh
rock potential at depth. Drilling is being conducted on existing drill section
lines in step-back holes from historic drill pads and on new infill section
lines within the deposit where required."
    Mr. Haggan continues. "The Piaba deposit is a sub-vertical mineralized
envelope hosted within oxidized granophyres located within a regional
east-west trending shear zone. A deposit strike length of over 2 km has been
defined by previous drilling. Gold mineralization is associated with quartz
veining and strong hydrothermal alteration within the shear corridor."
    Drilling at Aurizona is continuing, a total of 2,100 m of diamond
drilling has been completed to date, with all core holes distributed within a
2.4 km corridor that represents the known strike extent of the Piaba zone. The
core program is scheduled for completion in late November, at which time the
drills will be moved 1.5 km to the west for drilling on the Tatajuba zone.

    Quality Assurance/Quality Control

    Luna operates a rigorous QA/QC protocol on all aspects of sampling and
analytical procedure. Drill core is checked, logged, marked for sampling and
sawn in half. One half of the HTW (71 mm diameter) core is maintained for
future reference and one half of the core is sent for analysis. Samples are
collected in approximately 1 meter intervals or less when a mineralized zone
is encountered. All core and samples are stored in secure locked areas.
Samples are transported from the Aurizona project to the ACME Lab sample
preparation facility in Maraba, Para accompanied by Luna personnel. Samples
are assayed at ACME Labs in Vancouver, Canada using a 30 gram fire assay with
ICP-MS finish. Each sample batch contains 10% of randomly inserted internal
control samples consisting of certified analytical standards, blanks (barren
rock) and duplicates. These QA/QC procedures provide several measures of data
quality and assure the Company that the assay data is representative of the
original sample.
    Titus Haggan Ph.D., EurGeol Certified Professional Geologist No.746,
Luna's Brazil Exploration Manager is the Qualified Person as defined under
National Instrument 43-101 responsible for the scientific and technical work
on the exploration program and has reviewed the technical disclosure in this
press release.

    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 northeastern Brazil.

    On behalf of the Board of Directors


    Tim Searcy, P. Geo. - President and CEO


    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this press release.

    Regulatory Footnotes

    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.

    Forward-Looking Statements:

    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

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