Luna Gold Announces Record Quarterly Gold Production of Over 19,000 Ounces in Third Quarter 2012
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/11/12 -- Luna Gold Corp. (TSX: LGC)(LMA: LGC)(OTCQX: LGCUF) ("Luna" or the "Company") is pleased to announce both its gold production update at the Aurizona Gold Mine for the quarter ended September 30, 2012 and its updated gold production guidance for 2012.
The Aurizona Gold Mine produced a quarterly record of 19,391 ounces during the third quarter. Luna's original full year 2012 gold production guidance of 60,000 ounces has been updated to between 68,000 and 70,000 ounces.
John Blake, Luna's President and CEO, stated, "Luna Gold continued to deliver on its planned quarterly production. In light of our strong year to date production results, the Company has updated its 2012 production guidance target from the Aurizona Gold Mine. This performance has been achieved through solid teamwork throughout the Company and a consistent commitment to operational improvements. Commissioning of a new carbon reactivation kiln, intense leach reactor, and electro-winning cells is expected to occur during the first quarter of 2013. These equipment upgrades should further increase our gold recovery."
Table of Production for Q1, Q2, and Q3 2012
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Q1 2012 Q2 2012 Q3 2012(i) 2012 YTD
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Processed ore (tonnes) 439,820 544,524 639,571 1,623,915
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Average grade processed (g/t) 1.25 1.18 1.10 1.17
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Average recovery rate (%) 84 85 88 86
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Gold produced (ounces) 16,063 17,269 19,391 52,723
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(i) Note - These production statistics are unaudited and may be subject to
change.
Luna Gold will provide a more detailed analysis in its Management's Discussion and Analysis for the third quarter, which will be released prior to November 15, 2012.
About Luna Gold Corp.
Luna is a gold production and exploration company engaged in the operation, discovery, and development of gold projects in Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
John Blake - President and CEO
Website: www.lunagold.com
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
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 include, but are not limited to, statements with respect to future gold production and/or the results of analysis on gold production. 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. 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. These factors include 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, 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.
Contacts:
Luna Gold Corp.
Investor Relations
(604) 568-7993
www.lunagold.com