VANCOUVER, BC--(Marketwired - July 16, 2014) - Luna Gold Corp. (LGC.TO) (LGC.TO) (LGCUF) ("Luna" or the "Company") announces that its gold production at the Aurizona Gold Mine for the three-month period ended June 30, 2014 (the "Second Quarter 2014") was 14,262 ounces of gold at an average grade processed of 1.14 grams per tonne.
Geoff Chater, Luna's President and CEO, stated, "Above average rainfall during the Second Quarter severely impacted the Company's ability to access ore in the pit which required processing of lower grade stockpiled ore. We have implemented a recovery plan which includes contracting additional mining equipment to increase material movement in an effort to deliver against 2014 guidance. At this time, the company production guidance of 85,000 to 95,000 ounces for 2014 is under review. The company will revisit its production guidance based on operational results when it publishes Second Quarter financial results on August 14, 2014.
|Processed ore (tonnes)||406,144||486,839||562,501||540,194||383,492|
|Average grade processed (g/t)||1.14||1.40||1.38||1.32||1.69|
|Average recovery rate||89%||89%||89%||90%||92%|
|Gold produced (ounces)2||14,262||19,414||22,177||20,997||18,853|
|Gold sales (ounces)3||13,882||23,002||16,755||19,812||22,819|
|1Production statistics are unaudited and may be subject to change.|
|2Gold produced represents physical gold output from the processing plant. The variance between gold produced and the theoretical gold recovered is represented as changes in estimated gold work in progress inventory.|
|3Includes gold deliveries to Sandstorm Gold Ltd.|
Luna Gold will provide a more detailed analysis in its Management's Discussion and Analysis and financial results for the Second Quarter 2014, which will be released on August 14, 2014. Details for the conference call reviewing the Company's performance will be announced in July.
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.
Geoff Chater - 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.