From the Wires
Luna Gold Corp. Provides 2013 Guidance
By: Marketwired .
Jan. 28, 2013 06:00 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/28/13 -- Luna Gold Corp. (TSX:LGC)(OTCQX:LGCUF)(LMA:LGC) ("Luna" or the "Company") is pleased to announce the following guidance for 2013:
-- Aurizona Gold Mine annual gold production of 95,000 to 105,000 ounces; -- Average annual cash cost associated with this production of $705 to $715 per ounce of gold; -- Completion of Phase I of Aurizona's expansion during the fourth quarter of 2013; -- Increase Aurizona's production run rate to an equivalent of 125,000 ounces per annum during the fourth quarter; -- Continue drilling at the 100% Luna owned Touro target in the Luna Greenfields with the goal of defining a National Instrument ("NI") 43- 101 compliant Resource; -- Anticipated delivery of an updated NI 43-101 Resource Estimate for the Aurizona Gold Mine during the first quarter of 2013; -- Anticipated delivery of an NI 43-101 Reserve Estimate for the Piaba deposit during the first quarter of 2013; -- Anticipated release of a Preliminary Feasibility Study for Phase II of Aurizona's expansion during the fourth quarter of 2013. In 2012, the Company stated that it would publish a Phase II expansion Preliminary Economic Assessment during the second quarter of 2013. The Company believes greater value will be realized by undertaking a Preliminary Feasibility Study; and -- Capital expenditure on sustaining items and other projects of $13 million throughout 2013.
"2013 is poised to be major year in Luna's development," stated John Blake, Luna's President and Chief Executive Officer. "We anticipate not only several significant milestones at our Aurizona property, but also the formal continuation of drilling at Luna Greenfields, which we believe has the potential to produce several gold deposits. Achieving all of these objectives during 2013 is an ambitious endeavour. However, I am confident that the dedication and talent of our operational and exploration teams will allow us to reach these goals, and establish Luna as a mid-tier gold producer."
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
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.
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