Luna Gold Corp Announces Quarterly Result, Provides Outlook
Luna Gold Corp. (LGC.V) today announces its results for the three months ended June 30, 2011. Net loss was $7.7 million in Q2 and was $7.5 million for the year to date. Operating cash outflow before working capital was $5.5 million in Q2 and was $6.3 million for the year to date. The company said it had successfully completed the planned Aurizona plant upgrade in April and recommenced ramp up of gold production. Aurizona gold production was approximately 5,600 ounces in Q2 and was approximately 14,800 ounces for the year to date. Gold production since the plant upgrade in April has steadily increased month on month. On its outlook, Luna Gold said Aurizona gold production target for the 2011 year was revised to approximately 40,000 ounces for the 2011 year at a targeted cash cost of between $900 and $915 per ounce. The second half of the 2011 year targeted cash cost is between $620 and $640 per ounce of production. The company said it remains on target to complete 30,000 metres of the ongoing 40,000 meter Aurizona exploration drill program and release an updated NI 43-101 compliant resource in Q4 2011. Its Cachoeira and Aurizona Expansion scoping study will be completed and the results released in Q2 2012.