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LUNA GOLD INTERSECTS 81.50 METERS @ 1.18 G/T AU INCLUDING 2.04 METERS @ 9.15 G/T AU AND 5.10 METERS @ 3.15 G/T AU IN BOA ESPERANCA TRENCHES, AURIZONA

February 16, 2011

VANCOUVER, Feb. 16 /PRNewswire/ – Luna Gold Corp. (TSXV: LGC) (“Luna Gold” or the “Company“) is pleased to announce positive trenching results from the Boa
Esperanca near mine exploration target, located 1 kilometer southeast
of the Piaba deposit in the Aurizona Main project area. Plan maps
showing the location of the Boa Esperanca target and the individual trench results have been uploaded to the Luna Gold website at www.lunagold.com.  Highlights include:

  • 81.50 meters @ 1.18 g/t Au including 2.01 meters @ 7.61 g/t Au, 2.04
    meters @ 9.15 g/t Au and 5.10 meters @ 3.15 in trench BE-TR-000
  • 65.82 meters @ 1.15 g/t Au including 2.00 meters @ 3.07 g/t Au and 3.90
    meters @ 3.30 g/t Au in trench BE-TR-100E

Luna’s President & CEO, John Blake, comments, “Luna Gold is pleased with
the results at Boa Esperanca which is now a drill ready target with
high potential to increase the Aurizona resource. The results validate
our exploration team’s methodology and strategy to build on the
Company’s resource base. Boa Esperanca is one of ten potential
satellite deposits identified as high priority resource definition
targets, located close to the Aurizona processing plant.”

An increased resource will allow Aurizona to increase production, while
maintaining a long mine life. An updated Aurizona resource statement is
expected to be released in Q4 2011 following completion of the Aurizona
resource definition program. A sixth drill rig has been mobilized to
the project and is in operation, and a seventh rig is expected on site
shortly.

BACKGROUND

In August 2010 Luna Gold commenced an exploration program with three
objectives:

        1)     Increase the resource at Aurizona
        2)      Discovery exploration programs in Luna’s extensive land holding in
Maranhao state (Maranhao Greenfields)
        3)      Deliver an initial NI 43-101 resource estimate on the Cachoeira Gold
Project.

(See press releases August 26, 2010 and September 2, 2010)

The resource definition program at Aurizona includes an initial 20,000
meter diamond drill program of infill and deep drilling, which in
addition to adding resources will increase the geological knowledge of
the structurally controlled mineralization at Aurizona. In 2010,
exploration teams identified 10 gold targets through surface
geochemical surveys and geologic mapping. Boa Esperanca is the first
target to have both auger drilling and trenching programs completed,
and with today’s promising results, Luna Gold is confident that the
remaining 9 sites will demonstrate similar mineralization styles. The
importance of these sites is the potential resources that they can add
to Aurizona, as all are located within short trucking distances from
the Aurizona processing plant.

The diamond drill program has completed approximately 6,000 meters, as
of the end of January, with the results of 7 holes released with very
good gold intersections (see  December 14, 2010 press release). Luna
Gold expects that more results will become available in the coming
weeks. Drilling is currently focused on infilling over a 3 kilometre
strike length at the Piaba deposit to further define measured and
indicated resources. On completion of this program, the rigs will be
moved to the Tatajuba deposit and Boa Esperanca target. Considering the
results to date, Luna Gold expects to complete a resource update on
Aurizona in Q4 2011.

Since August, Luna Gold has increased its highly strategic land holding
to 170,000 ha, covering prospective greenstone terrain in Maranhao
State, in the project called Maranhao Greenfields (formerly Aurizona
Regional). Through this program of land staking, Luna Gold has gained
control of an underexplored gold province with numerous similarities to
West African geology. This major greenfields project is 100% owned by
Luna Gold and is not subject to third party agreements. Luna Gold
currently has a program underway with exploration terms active in four
separate target areas, conducting soil surveying, geologic mapping and
rock sampling.

On December 23, 2010, Luna Gold announced an initial NI 43-101 resource
estimate for the Cachoeira deposit, which is now available on SEDAR and
the company website. Cachoeira is now Luna Gold’s organic growth
pipeline project with a scoping study commencing in March 2011, which
will identify the next steps into delivering Cachoeira as a mine
project. (See press releases December 23, 2011 and February 10, 2011)

BOA ESPERANCA

A trenching program totaling 1,007 meters in 7 individual trenches (1102
individual samples including QAQC) was completed at the Boa Esperanca
target. Trenches were opened on 100 and 200 meter spaced grids
orientated at right angles to the Boa Esperanca mineralized structure
which has been defined by soil sampling, field mapping, auger drilling
and ground magnetic surveying. Trenches ranged from 77 to 187 meters in
length and were excavated using a high capacity hydraulic excavator to
depths of up to 5 meters. Sampling was conducted on continual 1 meter
intervals along trench walls followed by detailed logging by Company
geologists. Mineralized intervals are tabulated below.

                   
SECTION TRENCH ID   AZI   LENGTH (M) FROM (M) TO (M) INT (M) AU (G/T) UNCAPPED
200E BE-TR-200E   157   155.01 67.83 77.83 10.00 0.49
100E

 

 

BE-TR-100E

 

 

157

 

 

186.60

INCLUDING

INCLUDING

60.88

87.91

105.85

126.70

89.91

109.75

65.82

2.00

3.90

1.15

3.07

3.30

000

 

 

 

BE-TR-000

 

 

 

157

 

 

 

164.88

INCLUDING

 

 

61.16

65.24

73.20

87.26

142.66

67.25

75.24

92.36

81.50

2.01

2.04

5.10

1.18

7.61

9.15

3.15

100W

 

 

BE-TR-100W

 

 

157

 

 

114.16

 

 

58.90

91.92

105.97

89.04

103.17

114.16

30.14

11.25

8.19

0.78

0.56

0.40

200W BE-TR-200W   157   76.61 NO SIGNIFICANT INTERCEPTS
400W

 

BE-TR-400W

 

157

 

149.02

INCLUDING

23.00

32.02

41.02

33.01

18.02

0.99

0.99

5.46

600W

 

 

 

BE-TR-600W

 

 

 

157

 

 

 

160.24

 

INCLUDING

INCLUDING

20.13

30.04

63.13

79.15

21.14

99.38

67.14

83.18

1.01

69.35

4.01

4.03

6.78

0.74

1.52

2.58

Table 1. Mineralized trench intercepts, Boa Esperanca target. Trenches
crossed the mineralized structure at right angles and reported
intervals approximate true widths. Intervals are calculated as
composites using a 0.30 g/t Au cut-off and maximum 2 meter internal
waste.

Luna Gold’s VP Exploration, Titus Haggan, states, “These are excellent
results from Boa Esperanca which is hosted within a parallel shear zone
south of the Piaba and Tatajuba gold deposits. Mineralization is
associated with a zone of low magnetic response consistent with the
Piaba structure. Previous operators drilled nine diamond and reverse
circulation (RC) holes at Boa Esperanca in the 1990′s totaling 773
meters. Best historic drill intercepts include 8.00 m @1.57 g/t Au
including 2.00 m @ 3.48 g/t Au in RC hole BRAZP008 and 8.67 m @ 1.13
g/t Au including 1.00 m @ 4.90 g/t Au in diamond hole BRAZD160 (these
results do not represent true thickness).

Luna Gold trenches were opened to define the width of the mineralized
structure at surface. Six trenches intersected mineralization and
collectively define two mineralized zones, called Boa Esperanca East
(BEE) and Boa Esperanca West (BEW) that are coincident with mineralized
Luna auger drill holes (see Luna press release dated September 2,
2010
). Mineralization strike length at BEE is 400 meters.
Mineralization at BEW is lower grade and has been defined for 250
meters strike length and is open to the west. The width of
mineralization intersected in the trenches should not be considered to
represent sub-cropping fresh rock mineralization widths, due to the
dispersal effect of supergene surface enrichment processes. However,
mineralization intersected is associated with an increase in quartz
veining and hydrothermal alteration. Geologic modeling of Boa Esperanca
is being finalized ahead of a diamond drill program which will define
new gold resources close to the Aurizona gold process plant. 

Our exploration crews are currently completing trenches over the
Ferradura and Conceicao near mine exploration targets where new mapping
has identified gold anomalies associated with Banded Iron Formations, a
mineralization style previously undocumented in the district. Results
of the Aurizona exploration programs, which are focused on delivering
significant resource growth in 2011, will be released as they are
received. 

Direct Links

Boa Esperanca Location Map

Boa Esperanca Trench Plan

About Luna Gold Corp

Luna Gold is a producing gold company, with development and exploration
projects. Gold production is from the Aurizona Mine in Maranhao state
Brazil, development is the Cachoeira deposit Para, Brazil and the
company is exploring in a large strategically placed land position in
Maranhao, 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.

Regulatory Footnotes

Luna operates a rigorous QA/QC protocol on all aspects of sampling and
analytical procedure. Trenches are opened at right angles to
mineralized structures using large capacity backhoes. Trench walls are
cleaned and assessed by Company geologists prior to being marked-up for
sampling which is conducted along trench walls at 1 meter intervals
which is reduced as required where mineralization is encountered. All
sampling is recorded on log sheets and each sample is surveyed using a
Total Station. All trench samples are placed in double sealed sample
bags and are stored in secure locked areas under Company supervision.
Samples are transported from the Aurizona project to the ALS Chemex
sample preparation facility in Belo Horizonte, Minas Gerais accompanied
by Luna personnel. Samples are assayed at ALS Chemex Labs in Lima, Peru
using a 50 gram fire assay with AAS finish. Each sample batch contains
approximately 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. Additional technical information about the Piaba
Gold deposit is available in our technical report dated September 1,
2010
, filed on SEDAR.

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 the technical disclosure in this press release. Non qualified
persons currently work on Luna’s exploration programs under the
guidance of Titus Haggan. Dr Haggan takes responsibility for work,
information and advice generated by non-Qualified persons and has taken
the steps required to ensure that the work, information and advice is
sound.

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
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.


Source: newswire



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