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Thursday, July 30, 2009 Luna Gold Hires Chief Financial Officer
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Vancouver, July 30, 2009 -- Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company") is pleased to announce that it has hired Duane Lo as the Company's new Chief Financial Officer ("CFO").
Jim Bahan, Luna's President and CEO comments: "Mr. Lo is a welcome addition to Luna's executive team. His experience working in the finance department of an extremely successful mining company such as First Quantum Minerals Ltd. will be invaluable to our own growth plans."
Mr. Lo, a Chartered Accountant, held the position of Controller at First Quantum Minerals Limited. First Quantum is actively involved in mineral exploration, development and mining in Africa and Europe, and in 2008 had revenues of US$1.7 billion. During his tenure at First Quantum, Mr. Lo assisted in the completion of two major acquisitions and saw three mines commence commercial production. During this time, First Quantum's market capitalization grew from approximately $800 million to approximately $5 billion. Prior to First Quantum, Mr. Lo worked with Deloitte & Touche, where he obtained his CA designation in the Company's Audit & Assurance practise.
Mr. Lo will be replacing interim CFO, Marcel de Groot who will remain as Chairman. The Company will be granting Mr. Lo 750,000 incentive stock options at a price of C$0.365 per share exercisable for a period of five years.
Aurizona Project Update
On January 6, 2009, the Company announced it had agreed, with Brascan and Eldorado, to defer payments on the acquisition of the Aurizona Project. The Company reports it made these final pre-production payments, totalling US$2,170,000, to Brascan and Eldorado this week.
About Luna Gold Corp.
Luna is a mining exploration company focused on the acquisition, exploration, and development of gold resources and advanced stage gold exploration projects in northeastern Brazil.
On behalf of the Board of Directors
LUNA GOLD CORP.
Jim Bahan -- CEO
Website: www.lunagold.com For further information contact Investor Relations at (604) 689-7317 or toll free at 1-866-689-7317.
Neither the 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.
Forward-Looking Statements Statements in this release that are 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, the possibility of project cost overruns or 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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