Luna Gold Corp Defines a 750 Meter Long Mineralized Quartz Vein System and Reports Results of Additional Auger Dril by 24hgold

News Release

Monday, November 29, 2010

Luna Gold Defines a 750 Meter Long Mineralized Quartz Vein System and Reports Results of Additional Auger Drilling and Surface Channel Sampling at Cachoeira

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Vancouver, November 29, 2010 - Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company") is pleased to provide an update on exploration activities at its Cachoeira gold project including results of extensive auger drilling and surface channel sampling programs at the Coruja and Arara targets located to the north of the Tucano deposit within the Cachoeira Shear Zone. A new map has been uploaded to the Luna Gold website at www.lunagold.com or to view map directly click here. Highlights include:

750 meter long mineralized quartz vein system averaging 1.5 meters wide defined at Coruja via surface channel sampling including:

8.07 meters @ 3.17 g/t Au including 1.01 meters @ 17.01 g/t Au in channel OC-51 along vein
5.07 meters @ 4.42 g/t Au and 10.83 meters @ 3.24 g/t Au including 4.04 meters @ 7.68 g/t Au in channel OC-52 along vein
1.96 meters @ 11.64 g/t Au and 4.70 meters @ 5.40 g/t Au in channel OC-92 along vein
Surface oxide mineralization defined via auger drilling program at Coruja including:

7.00 meters @ 4.77 g/t Au including 1.00 meter @ 23.00 g/t Au and 5.00 meters @ 1.68 g/t Au in auger hole TX0353
7.00 meters @ 1.06 g/t Au in auger hole TX0368
3.00 meters @ 2.25 g/t Au in auger hole TX0331
Surface oxide mineralization defined via auger drilling program at Arara including:

4.50 meters @ 1.30 g/t Au in auger hole TX0271
6.60 meters @ 21.83 g/t Au including 1.60 meter @ 88.28 g/t Au in auger hole TX0291
Luna's President & CEO, John Blake, comments, "These ongoing results continue to unlock upside potential and increased confidence in the Cachoeria deposit. These results combined with those previously drilled, are being incorporated into a maiden NI 43-101 mineral resource estimate to be released in December 2010 for the Cachoeira Gold Project.

Luna Gold will continue with exploration at Cachoeira and at Aurizona to pursue further resource development in the Company's highly prospective landholding in this mining friendly region of Brazil."

Coruja Target

The Coruja target is located in the central portion of the Cachoeira Shear Zone (CSZ) and consists of a narrow, steeply dipping shear zone which hosts a mineralized quartz vein system that outcrops intermittently over a 750 meter strike length. The vein set is quite continuous though pinches and swells locally along strike and down dip. Wall rock to the quartz vein is locally albitized and silicified. Average width of the main vein at surface is 1.50 meters though it locally attains widths of up to 4 meters. Mineralization is associated with a high resistivity anomaly within areas of moderate to strong IP response consistent with quartz veining at depth. Wide-spaced drilling at Coruja has cut several zones of high-grade quartz veins including Luna drilling in 2008 which intersected 20.00 meters @ 9.04 g/t Au including 6.00 meters @ 27.72 g/t Au in hole LCD017 from 33 meters core depth though this does not represent true thickness (Luna press release September 08, 2008). Additional drilling is required to better define the plunge of the high-grade quartz veins.

Surface Channel Sampling Program

A channel sampling program was conducted across all suitable surface vein and wall rock outcrops at Coruja. 1,086 meters of sampling (1197 individual samples including QA/QC) was completed. Detailed mapping was conducted along the channels and the data have been integrated into the geologic model. The program identified several zones of both low- and high-grade outcropping mineralization which collectively define a significant gold-bearing quartz vein system. Select mineralized intervals are tabulated below.

CHANNEL ID	SAMPLE ORIENTATION	LITHOLOGY	TOTAL CHANNEL LENGTH (M)	FROM (M)	TO (M)	INT (M)	AU (G/T) UNCAPPED
OC-49	Vein-L	QV	39.28	0.00	9.10	9.10	1.06
OC-51	Vein-L	QV	32.47	7.15	15.22	8.07	3.17
			INCLUDING	10.15	11.16	1.01	17.01
OC-52	Vein-L	QV	25.57	4.16	9.23	5.07	4.42
				18.44	29.27	10.83	3.24
			INCLUDING	18.44	22.48	4.04	7.68
OC-54	Vein-X	QV	4.66	0.00	4.66	4.66	4.00
OC-54_3	Vein-X	QV	4.61	0.00	4.61	4.61	3.60
OC-60	Vein-L	QV	28.66	4.00	10.00	6.00	4.22
OC-61	Vein-X	QV	6.18	4.79	6.18	1.39	23.90
OC-61_1	Vein-L	QV	10.24	8.07	10.74	2.67	13.54
OC-67	Vein-L	QV	51.13	21.99	22.96	0.97	19.00
OC-92	Vein-L	QV	17.04	3.59	5.55	1.96	11.64
				13.55	18.25	4.70	5.40
QV = White/Light Gray Quartz Vein Set Vein-X = Sample Cross-cutting (across) Vein Vein-L = Sample Longitudinal to (along) Vein

Table 1. Average gold grades of surface channel sampling of quartz veins, Coruja target. Mineralized intervals are reported. Assay intervals listed are composites. True widths to be established. A total of 1086 meters of surface outcrops were sampled. Assay values for surface channels not reported here range between below detection limit (<0.05 g/t Au) to 14.20 g/t Au.

Auger Drill Program

An auger drill program totaling 2,064 meters (2,253 individual samples including QA/QC) in 166 holes was conducted at the Coruja target to identify oxide gold mineralization and provide supplementary drill data for resource estimation purposes. Holes were drilled on a regular 100x25 meter section grid to 15 meters depth. In some cases planned depth was not achieved due to difficult ground conditions. Average hole depth for the program is 12.40 meters. The program has identified an oxide mineralized zone over the Coruja target spatially associated with the extensive outcropping mineralized quartz vein system described above. Select mineralized intervals are shown in Table 2.

HOLE ID	HOLE DEPTH (m)	FROM (m)	TO (m)	INT (m)	AU (G/T)
TX0331	13.00	0.00	3.00	3.00	2.25
TX0351	15.00	1.00	5.00	4.00	0.80
TX0353	15.00	0.00	7.00	7.00	4.77
	INCLUDING	5.00	6.00	1.00	23.00
		10.00	15.00	5.00	1.68
TX0368	8.70	1.00	8.00	7.00	1.06
TX0399	15.00	1.00	5.00	4.00	0.80
TX0409	10.00	0.00	6.00	6.00	0.93
TX0415	2.00	0.00	2.00	2.00	2.04
TX0416	6.00	0.00	6.00	6.00	0.51
TX0471	12.70	0.00	12.00	12.00	0.89
TX0480	10.00	0.00	8.00	8.00	0.83

Table 2. Top 10 mineralized auger drill intervals, Coruja target. All holes are vertical. True widths to be established. A total of 166 holes were drilled. Assay values for auger holes not reported here range between below detection limit (<0.05 g/t Au) to 9.22 g/t Au.

Arara Target

Arara is the most northerly target defined to date at Cachoeira and has been drilled by CCO (1988), Vale (2003) and more recently by Luna in 2008. It is located within the northern portion of the CSZ and consists of a zone of lower-grade gold mineralization extending for 500 meters strike length in a north-northeasterly direction. Luna drilling in 2008 intersected zones of both low and high-grade mineralization including 97.00 meters @ 0.43 g/t Au from surface in hole LCD001 and 6.00 meters @ 12.58 g/t Au in hole LCD009 from 164 m core depth (Luna press release June 26, 2008).

Surface Channel Sampling Program

Surface exposure is poor at Arara and a limited channel sampling program was conducted across all suitable surface outcrops. 175 meters of sampling (207 individual samples including QA/QC) was completed in seven separate channels. Detailed mapping was conducted along the channels and data integrated into the geologic model. The program identified several zones of low-grade outcropping mineralization with a best interval of 41.87 meters @ 0.68 g/t Au. Assay values for surface channels not reported here range between below detection limit (<0.05 g/t Au) to 4.89 g/t Au.

Auger Drill Program

An auger drill program totaling 1293 meters (1,419 individual samples including QA/QC) in 101 holes was conducted at the Arara target to determine the extent of oxide gold mineralization and provide supplementary drill data for resource estimation purposes. Holes were drilled on a regular 50x25 meter section grid to 15 meters depth. In some cases planned depth was not achieved due to difficult ground conditions. Average hole depth for the program is 12.80 meters. The program has confirmed a low grade oxide mineralized zone over the Arara target. One very high-grade intercept associated with quartz veining was drilled in hole TX0291, however this interval is not representative of mineralization intersected in the auger drill program. Select mineralized intervals are shown below in Table 3.

HOLE ID	HOLE DEPTH (m)	FROM (m)	TO (m)	INT (m)	AU (G/T)
TX0229	15.00	9.00	15.00	6.00	0.84
TX0235	13.00	10.00	13.00	3.00	1.28
TX0246	6.50	0.00	6.50	6.50	0.97
TX0247	11.40	0.00	10.00	10.00	0.51
TX0253	13.00	0.00	8.00	8.00	0.56
TX0267	15.00	3.00	11.00	8.00	0.57
TX0271	4.50	0.00	4.50	4.50	1.30
TX0272	15.00	0.00	8.00	8.00	0.65
TX0286	13.00	0.00	7.00	7.00	0.73
TX0291	10.60	4.00	10.60	6.60	21.83
	INCLUDING	9.00	10.60	1.60	88.28

Table 3. Top 10 mineralized auger drill intervals, Arara target. All holes are vertical. True widths to be established. A total of 101 holes were drilled. Assay values for auger holes not reported here range between below detection limit (<0.05 g/t Au) to 8.92 g/t Au.

Assaying of Historic Drill Core

Resampling of Vale drill core from Arara was conducted as part of the Arara data validation process. 174 samples (including QA/QC samples) from nine drill holes were assayed representing continuous core intervals of low- and high-grade gold mineralization totaling 157 meters. Mean sample length is 1 meter. Luna re-sampling followed the original Vale sample intervals and were composited to facilitate comparison with Vale data. Luna resampling results compare well with the Vale assay database and confirm the drill results as shown in Table 4.

Drill Hole			Vale Assay		Luna Re-assay
HOLE ID	FROM	TO	INT	AU (G/T)	INT	AU (G/T)
FD02	61	71	10	0.34	10	0.60
	72	75	3	1.59	3	1.51
FD03	66	109	43	0.93	43	1.04
FD04	46	57	11	1.17	11	0.79
	120	128	8	6.09	8	6.34
INCLUDING	123	126	3	11.59	3	14.04
FD05	151	156	5	0.94	5	0.72
FD08	82	90	8	16.68	8	12.61

Table 4. Original Vale drill core assay intervals and Luna resampling assay data. True widths to be established. Holes re-sampled though not shown here have equally comparable results.

Luna's VP Exploration, Titus Haggan, comments, "The results of Luna's exploration programs at Coruja and Arara have added significantly to our understanding of the geology and gold mineralization at these targets. In particular the systematic sampling of the extensive outcropping quartz vein at Coruja combined with re-analysis of drill data has enabled understanding on structural controls and grade distribution at Coruja. This target has seen only reconnaissance scale drilling to shallow depths and requires significant additional drilling to define the extent of the quartz vein mineralization. Mineralization at Arara consists of a combination of lower-grade near surface oxide mineralization and high-grade mineralization hosted in quartz vein sets."

Cachoeira is an advanced stage gold project in northeast Par� state, Brazil. Orogenic gold mineralization occurs within a 5 km long north trending shear zone. Three targets, Tucano, Coruja and Arara, have been defined to date. The Tucano deposit is located within the Cachoeira town urban limit.

About Luna Gold Corp

Luna is a gold mining and exploration company engaged in the exploration and development of gold deposits and advanced stage gold exploration projects in Brazil. The Company is currently commissioning its Aurizona gold mine in Maranh�o, Brazil.

On behalf of the Board of Directors

LUNA GOLD CORP.

John Blake - President and CEO

Website: www.lunagold.com
For further information contact Investor Relations at (604) 689-7317 or toll free at 1-866-689-7317.

NEITHER 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.

Regulatory Footnotes

Luna operates a rigorous QA/QC protocol on all aspects of geochemical sampling and analytical procedure. Auger drilling is conducted using Company owned motorized Honda auger drills. Auger drill teams are supervised by mining technicians. Auger samples are collected at continual 1 meter intervals using a 10.16 centimeter diameter collector. Sample weight averages 16 kilograms. All data including depth, sample number and geologic information are recorded on special log sheets. Channel sampling is supervised by geologists and mining technicians and recorded on special log sheets. All areas intended for sampling are assessed and marked-up for sampling by geologists. For surface channel sampling all sample faces are cleaned to a depth of 15 centimeters and marked for sampling which is conducted at nominal 1 meter intervals using appropriate sampling tools which are cleaned between each sample. Sample intervals are surveyed using a Total Station. Core resampling intervals are collected using an electric core saw by trained mining technicians and are placed in double sealed plastic sample bags. All auger and channel samples are stored in secure locked areas under Company supervision. Samples are transported from the Cachoeira project to the ALS Chemex sample preparation facility in Belo Horizonte, Minas Gerais and the ACME sample preparation facility in Goiania, Goias accompanied by Luna personnel. Auger and channel samples are assayed for gold via fire assay (50 grams) at ALS Chemex, Lima, Peru and ACME Laboratories, Santiago, Chile. Luna operates a rigorous QA/QC program for auger, channel and core resampling samples which involves the insertion of blanks, CRM and sample duplicates (channel only). These QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample.

Titus Haggan Ph.D., EurGeol Certified Professional Geologist #746, Luna's VP Exploration is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and has supervised the preparation of and reviewed the technical disclosure in this press release. Non qualified persons currently work on Luna's exploration programs under the guidance of Titus Haggan. Dr Haggan takes responsibility for work, information and advice generated by non-Qualified persons and has taken the steps required to ensure that the work, information and advice is sound.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the United States Securities Act of 1933 and applicable state securities laws or an exemption from such registration is available.

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. 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. Luna Gold does not assume the obligation to update any forward-looking statement.

You can also view this News Release on our website at:
http://www.lunagold.com/s/NewsReleases.asp?ReportID=431043

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