Vancouver, February 24, 2012 - Luna Gold Corp. (TSXV-LGC/BVL-LGC) ("Luna Gold" or the "Company") announces that, further to its press release of February 14, 2012, the Company has filed Articles of Amendment with the Director appointed under the Canada Business Corporations Act to give effect to the consolidation of the Company's common shares ("Common Shares") on the basis of five (5) pre-consolidation Common Shares for each one (1) post-consolidation Common Share (the "Consolidation"). The shareholders of the Company authorized the Consolidation at the shareholder's meeting held on February 14, 2012 and the Company's post-consolidation Common Shares will be posted for trading on the TSX Venture Exchange ("TSXV") at the opening on Friday, February 24, 2012 under the current symbol "LGC" and new CUSIP number 550344303.

The 522,602,895 Common Shares issued and outstanding prior to the Consolidation have been consolidated to approximately 104,520,579 Common Shares. In the event the Consolidation would otherwise result in a fractional Common Share, such fraction of a Common Share will be rounded down to the nearest whole number. The Company's currently outstanding non-listed warrants (the "Non-Listed Warrants") and stock options will be adjusted on the same basis. There are currently 6,859,221 Non-Listed Warrants and 40,600,282 listed warrants (the "Listed Warrants") issued and outstanding. Following the Consolidation, each five (5) Non-Listed Warrants will entitle the holder to purchase one post-consolidation Common Share at an aggregate exercise price of CA$5.00 per post-consolidation Common Share and each five (5) Listed Warrants will entitle the holder to purchase one post-consolidation Common Share at an aggregate exercise price of CA$3.50 per post-consolidation Common Share. Both the Non-Listed Warrants and the Listed Warrants are exercisable at any time until September 29, 2013. The Company's Listed Warrants will continue to be traded on the TSXV under the symbol "LGC.WT" In accordance with the terms of the Warrant Indentures governing both the Non-Listed and the Listed Warrants, notice of the Consolidation has been sent to all holders of these warrants.

The Company has mailed letters of transmittal to the registered holders of its Common Shares, requesting that they forward their pre-consolidation Common Share certificates to the Company's transfer agent, Computershare Investor Services Inc., for exchange for new Common Share certificates representing their Common Shares on a post-consolidation basis.

About Luna Gold Corp.
Luna Gold is actively engaged in the operation, exploration, acquisition and development of gold opportunities in Brazil. The Company currently has a gold mining operation, Aurizona Gold Mine in Maranhão, Brazil, a gold development project, the Cachoeira project in Para, Brazil and the Company is exploring in a large strategically placed greenfields land position in Maranhão, Brazil.