VANCOUVER, June 4 /CNW/ - Luna Gold Corp. (TSXV-LGC, OTCBB-LGCU) ("Luna"
or the "Company") is pleased to announce that the feasibility work at its
Aurizona gold project in Brazil is proceeding on schedule with completion
forecast in early Q1 2008.
Jim Bahan, Luna's COO, comments: "We managed to hit the ground running
due to the amount of technical work that was already available, but in such a
tight market, we have been fortunate to put together a first rate project
team. As a result of the in-depth site re-examination underway, a number of
beneficial project scope changes have been identified and incorporated into
The geologic and open-pit mine plan study was awarded to Gemcom Brazil.
Gemcom is recalculating the resources at Aurizona, based on almost 200 diamond
and reverse circulation holes, and is developing new geologic and pit models
This work, planned for completion this month, will be the basis of an updated
report to the Mines Department. Approximately 3600m of further definition
drilling are planned, starting in the coming quarter, and the resource models
will be updated on the basis of those results.
Luna has hired John Clark as its consulting metallurgist. Mr. Clark has
many years of experience in Latin America and recently retired as the in-house
consultant to Rio Tinto, where he was primarily responsible for the
metallurgical optimization of the Paracatu gold mine, an 18Mtpy operation
grading 0.45g/t gold and currently undergoing a major expansion to produce
around 680k ounces per year. The Piaba deposit, the main mineralized zone at
Aurizona, has striking metallurgical similarities to Paracatu.
Mr. Clark pilot-plant tested Yamana's Chapada copper-gold project leading
to its recent very successful implementation (40 kt/d grading 0.4% Cu and
0.3g/t gold). In addition, he has worked on a number of gold and tin ventures
within the Amazon basin and brings a wealth of practical experience. At
Aurizona, extensive metallurgical testwork had been carried out previously.
That work has been reviewed and validated and current work is aimed at
specific parts of the process flowsheet for detailed design purposes.
The contract for the engineering studies, including plant,
infrastructure, and support services, has been awarded to Info Design, an
engineering design and construction management group with headquarters in
Itabira, Minas Gerais, Brazil. Info Design's recent contracts include CVRD's
24 Mtpy Brucutu mine where it was responsible for the electro-mechanical
construction and the provision of field engineering services to the managing
contractor; and the MPBA gold mine in Amapa, where it provided personnel to
support the in-house management team, as well as the mechanical and civil
engineering design and construction.
An environmental impact study for the Aurizona operations was completed
by previous operators, in 1995, based on a gravity treatment process.
Following meetings with the environmental authorities, it was agreed that the
earlier study could serve as the basis for current permitting applications,
provided supplementary reports are submitted that address the changes to site
conditions, mine plan and process, or permitting legislation, from the time of
the previous study to the present.
Jim Bahan concludes: "Our decision to headquarter our operations out of
Sao Luis, Maranhco has proved advantageous, since it allows our team ready
contact with the State government authorities and utility companies that have
an influence on our work."
About Luna Gold Corp
Luna 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