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Market: TSX-V
Sector: Gold Mining
Epic: TSX-V:LGC
News: Latest news
Web Site: Luna Gold
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Monday March 15, 11:21Diamondcorp: a big cash injection and a lot of work to do

70% of the new money was raised from current shareholders, reflecting a hefty amount of faith in the management to deliver.

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Sunday March 14, 05:46China's growth boosting commodity prices

With chunky economic numbers from China boosting commodity prices we take a brief look at the country's position in different market places - while noting also that hopes for a recovery in global trade appear to be borne out by freight rates.

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Monday March 15, 09:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

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Luna Gold

Luna Gold

Luna Gold is a mining exploration company focused on the acquisition, exploration, and development of gold resources and advanced stage gold exploration projects in northeastern Brazil.
Tuesday, January 06, 2009

Luna Gold renegotiates Aurizona Goldfields share purchase deal

Luna Gold old Corp said Eldorado Gold Corp and Brascan Recursos Naturais SA (Brascan), a wholly owned subsidiary of Brascan Brasil, have agreed to defer for up to one year the payments due on the second anniversary of the closing of its agreement to fully acquire Aurizona Goldfields Corp as announced in December 2006.


The deal requires Luna to make a series of staged payments, some of which are conditional upon the project reaching commercial production, to each of Eldorado and Brascan in exchange for the shares of Aurizona.


The second anniversary payments, contractually due on January 31 2009, consist of US$1.5 million to each of Brascan and Eldorado, and a further US$670,000 due to Brascan in lieu of shares in Luna. These second anniversary payments represent the final pre-production payments.


The terms have been amended to permit the deferment of the payments until January 31 2010; however, any portion of the payments outstanding as of July 31 2009, shall be increased by 10 percent of the amount outstanding.


"This agreement has removed a significant short term financial burden on the company and we thank Eldorado and Brascan for their support," stated Jim Bahan, Luna's chief executive. "Although the market is difficult, the company believes the gold sector will remain buoyant and enters the New Year with great optimism."


In addition, Bahan stated that "Since the Piaba feasibility study was completed, the Brazilian Real has weakened by approximately 25 percent compared to the US dollar, resulting in a lower capital requirement to construct the project and significantly lower operating costs which were estimated in US dollars. Another potential benefit is that the project is within a designated Brazil development zone and eligible for fiscal benefits, including federal and state tax reductions and development loan finance."


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.

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