Luna Gold LGCUD

Luna Gold Corp. Announces Second Quarter Gold Production

[shakerman640]

https://web.tmxmoney.com/article.php?newsid=69018719&qm_symbol=LGC

Luna Gold Announces Second Quarter Gold Production of 14,262 Ounces

VANCOUVER, BC--(Marketwired - July 16, 2014) - Luna Gold Corp. (TSX: LGC) (LMA: LGC) (OTCQX: 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.

Production Data
	Second Quarter 20141	First Quarter 2014	Fourth Quarter 2013	Third Quarter 2013	Second Quarter 2013
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

Website: www.lunagold.com

For further information contact

Patrick Balit

Investor Relations Manager

[phone]

[Streicher]

Not good.  No mention of the mine general manager leaving to another brazilian company some months back. Only factor that will moderately affect stockm price is gold price. All the gloss about the regional exploration potential has quietly faded. No entrepreneural talent left in this company i.m.o.

[brunokm]

Does anyone have the last research report from Haywood Securities?  They cut the target price drastically.

[lakung]

LGC has been the subject of a number of other recent research reports. Analysts at Canaccord Genuity cut their price target on shares of Luna Gold from C$2.00 to C$1.60 in a research note on Thursday, July 10th. They now have a “buy” rating on the stock. Analysts at ING Group reiterated a “buy” rating on shares of Luna Gold in a research note on Friday, May 16th. They now have a C$2.00 price