VANCOUVER, Feb. 10 /PRNewswire/ - 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 Belt.
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.
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 NI 43-101.
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.