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.

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http://www.lunagold.com/s/NewsReleases.asp?ReportID=431043