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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-QSB



|[x]   | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2003
|----- | -----------------------------------------------------------------------------------------------------------------------------------
|      | OR                                                                                                                                 
|[   ] | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT                                                                    
|      | For the transition period from __________ to ___________                                                                           

Commission file number 333-41516



LUNA GOLD CORP.(Exact name of small business issuer as specified in its charter)



|Wyoming                                                        |  | 98-0226032                          
|-------------------------------------------------------------- |  | ------------------------------------
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

Suite 1600 - 777 Dunsmuir Street 
P.O. BOX 10425 
Vancouver, British Columbia 
Canada V7Y 1K4(Address of principal executive offices)

(604) 687-9931(Issuer's telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X ]     No  [   ]

Shares outstanding as at November 18, 2003:  12,441,946

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PART I - FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

The Company's financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

LUNA GOLD CORP.
INTERIM FINANCIAL STATEMENTS



|                               | Page                                                     
|------------------------------ | ---------------------------------------------------------
|                               |                                                          
|PART I - FINANCIAL INFORMATION |                                                          
|Item 1.                        | Consolidated Balance Sheets                              
|                               | Consolidated Statements of Operations                    
|                               | Consolidated Statements of Stockholders' Deficiency      
|                               | Consolidated Statements of Cash Flows                    
|                               | Notes to Financial Statements                            
|Item 2.                        | Management's Discussion and Analysis or Plan of Operation
|Item 3.                        | Controls and Procedures                                  
|                               |                                                          
|PART II - OTHER INFORMATION    |                                                          
|Item 6.                        | Exhibits and Reports on Form 8-K                         







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LUNA GOLD CORP.(Expressed in United States dollars)

Consolidated Balance Sheets



|                                                                                                                                               |   | September 30, |   | December   
|---------------------------------------------------------------------------------------------------------------------------------------------- | - | ------------- | - | -----------
|                                                                                                                                               |   | 2003          |   | 31,        
|                                                                                                                                               |   | (unaudited)   |   | 2002       
|Assets                                                                                                                                         |   |               |   |            
|                                                                                                                                               |   |               |   |            
|Current assets:                                                                                                                                |   |               |   |            
|Cash and cash equivalents                                                                                                                      | $ | 179,397       | $ | 33,870     
|Amounts receivable                                                                                                                             |   | 5,260         |   | 88         
|Prepaid expenses                                                                                                                               |   | 15,776        |   | --         
|                                                                                                                                               |   |               |   |            
|Total current assets                                                                                                                           |   | 200,433       |   | 33,958     
|                                                                                                                                               |   |               |   |            
|Equipment                                                                                                                                      |   | 3,166         |   | 663        
|                                                                                                                                               |   |               |   |            
|Total assets                                                                                                                                   | $ | 203,599       | $ | 34,621     
|Liabilities and Stockholders' Deficiency                                                                                                       |   |               |   |            
|Current liabilities:                                                                                                                           |   |               |   |            
|Accounts payable and accrued liabilities                                                                                                       | $ | 46,202        | $ | 20,000     
|Payables to related parties (note 5)                                                                                                           |   | 47,638        |   | 34,260     
|Total current liabilities                                                                                                                      |   | 93,840        |   | 54,260     
|                                                                                                                                               |   |               |   |            
|Stockholders' equity (deficiency):                                                                                                             |   |               |   |            
|Common stock, no par value, unlimited authorized shares; issued 12,441,946 at September 30, 2003, and 10,141,946 at December 31, 2002 (note 4) |   | 5,068,305     |   | 4,608,305  
|Additional paid-in capital                                                                                                                     |   | 182,746       |   | 182,746    
|Deficit before inception of new business (note 1)                                                                                              |   | (4,796,118)   |   | (4,789,127)
|Deficit accumulated since inception of new business (note1)                                                                                    |   | (314,800)     |   | --         
|Accumulated other comprehensive income:                                                                                                        |   |               |   |            
|Cumulative translation adjustment                                                                                                              |   | (30,374)      |   | (21,563)   
|                                                                                                                                               |   | 109,759       |   | (19,639)   
|Total liabilities and stockholders' equity (deficiency)                                                                                        | $ | 203,599       | $ | 34,621     

The accompanying notes are an integral part of these financial statements
Approved on behalf of the Board:

|/s/ Marcel de Groot
Marcel de Groot, Director | /s/ David E. De Witt
David E. De Witt, Director
|--------------------------------------------- | -----------------------------------------------





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LUNA GOLD CORP.(Expressed in United States dollars)
(Unaudited - Prepared by Management)

Consolidated Statements of Operations



|                                 | Three month period ended 
September 30, |   | Nine month period
ended September 30, |   | Period from 
January 20/03
(inception of
new business)to
Sept. 30/03
|-------------------------------- | --------------------------------------- | - | ------------------------------------- | - | --------------------------------------------------------------------
|                                 | 2003                                    |   | 2002                                  |   | 2003                                                                
|                                 |                                         |   |                                       |   |                                                                     
|Operating expenses:              |                                         |   |                                       |   |                                                                     
|Depreciation and amortization    | 276                                     |   | 2,219                                 |   | 997                                                                 
|Consulting fees                  | 10,084                                  |   | 5,512                                 |   | 38,376                                                              
|Marketing and promotion          | 3,595                                   |   | --                                    |   | 6,545                                                               
|Exploration Expense              | 63,749                                  |   | --                                    |   | 128,272                                                             
|Filing fees                      | 5,376                                   |   | 2,793                                 |   | 20,059                                                              
|Investor relations               | --                                      |   | --                                    |   | --                                                                  
|Management fees to related       |                                         |   |                                       |   |                                                                     
|parties (note 5)                 | 5,446                                   |   | 9,661                                 |   | 15,784                                                              
|Wages and benefits               | --                                      |   | --                                    |   | --                                                                  
|General and administrative       | 2,302                                   |   | 803                                   |   | 20,797                                                              
|Professional fees                | 22,107                                  |   | 5,345                                 |   | 72,020                                                              
|Rent                             | 6,535                                   |   | 3,848                                 |   | 18,941                                                              
|Loss on Disposal of Equipment    | --                                      |   | --                                    |   | --                                                                  
|Total Expenses                   | (119,470)                               |   | (30,181)                              |   | (321,791)                                                           
|                                 |                                         |   |                                       |   |                                                                     
|Loss from operations             | (119,470)                               |   | (30,181)                              |   | (321,791)                                                           
|Interest income (expense), net   | --                                      |   | 6,447                                 |   | --                                                                  
|Net loss for the period          | (119,470)                               | $ | (23,734)                              | $ | (321,791)                                                           
|                                 |                                         |   |                                       |   |                                                                     
|Loss per common share, basic and |                                         |   |                                       |   |                                                                     
|diluted                          | (0.01)                                  | $ | (0.01)                                | $ | (0.03)                                                              
|                                 |                                         |   |                                       |   |                                                                     
|Weighted average number of       |                                         |   |                                       |   |                                                                     
|common shares outstanding:       |                                         |   |                                       |   |                                                                     
|basic and diluted                | 11,466,946                              |   | 9,487,847                             |   | 10,588,446                                                          



The accompanying notes are an integral part of these financial statements

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LUNA GOLD CORP.(Expressed in United States dollars)
(Unaudited - Prepared by Management)

Consolidated Statements of Stockholders' Equity (Deficiency)



|                                              | Common Shares | Additional
Paid-In | Deficit
accumulated
Prior to
Inception of New
|--------------------------------------------- | ------------- | ------------------ | ---------------------------------------------
|                                              | Shares        | Amount             | Capital                                      
|                                              |               |                    |                                              
|Balance, December 31, 2001                    | 2,462,811     | $                  | 4,004,956                                    
|                                              |               |                    |                                              
|Issuance of common stock on Private Placement |               |                    |                                              
|to employees (July 5, 2002 - $0.08 per share) | 2,666,667     |                    | 209,520                                      
|                                              |               |                    |                                              
|Issuance of common stock on Private Placement |               |                    |                                              
|to non-employees (July 5, 2002 - $0.08 per    |               |                    |                                              
|share)                                        | 1,750,000     |                    | 137,497                                      
|                                              |               |                    |                                              
|Issuance of common stock for debt to non-     |               |                    |                                              
|employees (July 5, 2002 - $0.08 per share)    | 896,129       |                    | 70,409                                       
|                                              |               |                    |                                              
|Issuance of common stock for debt to          |               |                    |                                              
|employees (July 5, 2002 - $0.08 per share)    | 2,366,339     |                    | 185,923                                      
|                                              |               |                    |                                              
|Loss for the period                           | --            |                    | --                                           
|                                              |               |                    |                                              
|Adjustment to cumulative translation account  | --            |                    | --                                           
|                                              |               |                    |                                              
|Balance, December 31, 2002                    | 10,141,946    |                    | 4,608,305                                    
|                                              |               |                    |                                              
|Loss for the period                           | --            |                    | --                                           
|                                              |               |                    |                                              
|Issuance of common stock on Private Placement |               |                    |                                              
|(August 8, 2003)                              | 2,250,000     |                    | 450,000                                      
|                                              |               |                    |                                              
|Issuance of common stock for exploration      |               |                    |                                              
|(August 8, 2003)                              | 50,000        |                    | 10,000                                       
|                                              |               |                    |                                              
|Adjustment to cumulative translation account  | --            |                    | --                                           
|                                              |               |                    |                                              
|Balance, September 30, 2003                   | 12,441,946    | $                  | 5,068,305                                    



The accompanying notes are an integral part of these financial statements

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|                                                                                                | Deficit
Accumulated
Since Inception of
New Business | Cumulative
Translation
Adjustment | Total
Stockholders'
Equity
(Deficiency) | Comprehensive
Income
(loss)
|----------------------------------------------------------------------------------------------- | --------------------------------------------------- | --------------------------------- | --------------------------------------- | ---------------------------
|                                                                                                |                                                     |                                   |                                         |                            
|Balance, December 31, 2001                                                                      |                                                     | --                                | $                                       | 1,072                      
|                                                                                                |                                                     |                                   |                                         |                            
|Issuance of common stock on Private                                                             |                                                     |                                   |                                         |                            
|Placement to employees (July 5, 2002 -                                                          |                                                     |                                   |                                         |                            
|$0.08 per share)                                                                                |                                                     | --                                |                                         | --                         
|                                                                                                |                                                     |                                   |                                         |                            
|Issuance of common stock on Private Placement to non-employees (July 5, 2002 - $0.08 per share) |                                                     | --                                |                                         | --                         
|                                                                                                |                                                     |                                   |                                         |                            
|Issuance of common stock for debt to non-                                                       |                                                     |                                   |                                         |                            
|employees (July 5, 2002 - $0.08 per share)                                                      |                                                     | --                                |                                         | --                         
|                                                                                                |                                                     |                                   |                                         |                            
|Issuance of common stock for debt to                                                            |                                                     |                                   |                                         |                            
|employees (July 5, 2002 - $0.08 per share)                                                      |                                                     | --                                |                                         | --                         
|                                                                                                |                                                     |                                   |                                         |                            
|Loss for the period                                                                             |                                                     | --                                |                                         | --                         
|                                                                                                |                                                     |                                   |                                         |                            
|Adjustment to cumulative translation                                                            |                                                     |                                   |                                         |                            
|account                                                                                         |                                                     | --                                |                                         | (22,635)                   
|                                                                                                |                                                     |                                   |                                         |                            
|Balance, December 31, 2002                                                                      |                                                     | --                                |                                         | (21,563)                   
|                                                                                                |                                                     |                                   |                                         |                            
|Loss for the period                                                                             |                                                     | (314,800)                         |                                         | --                         
|                                                                                                |                                                     |                                   |                                         |                            
|Issuance of common stock on Private                                                             |                                                     |                                   |                                         |                            
|Placement (August 8, 2003)                                                                      |                                                     | --                                |                                         | --                         
|                                                                                                |                                                     |                                   |                                         |                            
|Issuance of common stock for exploration                                                        |                                                     |                                   |                                         |                            
|(August 8, 2003)                                                                                |                                                     | --                                |                                         | --                         
|                                                                                                |                                                     |                                   |                                         |                            
|Adjustment to cumulative translation                                                            |                                                     |                                   |                                         |                            
|account                                                                                         |                                                     | --                                |                                         | (8,811)                    
|                                                                                                |                                                     |                                   |                                         |                            
|Balance, September 30, 2003                                                                     | $                                                   | (314,800)                         | $                                       | (30,374)                   



The accompanying notes are an integral part of these financial statements

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LUNA GOLD CORP.(Expressed in United States dollars)
(Unaudited - Prepared by Management)
Consolidated Statements of Cash Flows



|                                                 |   | Three Month period ended
September 30, |   | Nine Month period
ended September 30, | Period from
Jan. 20, 2003
(inception of
new business)
to Sept. 30,
|------------------------------------------------ | - | -------------------------------------- | - | ------------------------------------- | ------------------------------------------------------------------
|                                                 |   | 2003                                   |   | 2002                                  |                                                                   
|Cash flow from operating activities:             |   |                                        |   |                                       |                                                                   
|Net loss                                         | $ | (119,470)                              | $ | (23,734)                              | $                                                                 
|Items not affecting cash:                        |   |                                        |   |                                       |                                                                   
|Depreciation and amortization                    |   | 276                                    |   | 2,219                                 |                                                                   
|Issuance of shares for exploration               |   | 10,000                                 |   | --                                    |                                                                   
|                                                 |   |                                        |   |                                       |                                                                   
|Changes in operating assets and liabilities:     |   |                                        |   |                                       |                                                                   
|Amounts receivable                               |   | (2,131)                                |   | 3,789                                 |                                                                   
|Prepaid expenses                                 |   | (15,776)                               |   | --                                    |                                                                   
|Accounts payable and accrued liabilities         |   | (15,763)                               |   | (8,970)                               |                                                                   
|Net cash used in operating activities            |   | (142,864)                              |   | (26,702)                              |                                                                   
|                                                 |   |                                        |   |                                       |                                                                   
|Cash flow from investing activities:             |   |                                        |   |                                       |                                                                   
|Purchase/disposal of equipment                   |   | (3,332)                                |   |                                       |                                                                   
|Net cash used in investing activities            |   | (3,332)                                |   |                                       |                                                                   
|                                                 |   |                                        |   |                                       |                                                                   
|Cash flow from financing activities:             |   |                                        |   |                                       |                                                                   
|Notes payable to related parties                 |   | --                                     |   | (214,599)                             |                                                                   
|Payable to Related Parties                       |   | 11,932                                 |   | (58,590)                              |                                                                   
|Proceeds from issuance of shares for cash        |   | 450,000                                |   | 347,077                               |                                                                   
|Proceeds from subscriptions received in          |   |                                        |   |                                       |                                                                   
|advance of share offering                        |   | (343,301)                              |   | (98,268)                              |                                                                   
|Net cash provided by financing activities        |   | 118,631                                |   | (24,440)                              |                                                                   
|                                                 |   |                                        |   |                                       |                                                                   
|Increase (decrease) in cash and cash equivalents |   | (27,565)                               |   | (51,142)                              |                                                                   
|Effect of exchange rate changes on foreign       |   |                                        |   |                                       |                                                                   
|currency denominated cash balances               |   | 10,637                                 |   | 2,390                                 |                                                                   
|Cash and cash equivalents, beg. of period        |   | 196,325                                |   | 91,401                                |                                                                   
|Cash and cash equivalents, end of period         | $ | 179,397                                | $ | 42,649                                | $                                                                 
|Supplemental disclosure:                         |   |                                        |   |                                       |                                                                   
|Interest paid (received) net                     |   | --                                     |   | 6,447                                 |                                                                   
|Income taxes                                     |   | --                                     |   | --                                    |                                                                   
|Issuance for common stock for debt               |   | --                                     |   | 256,332                               |                                                                   



The accompanying notes are an integral part of these financial statements

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LUNA GOLD CORP.Consolidated Notes to Financial Statements
(Expressed in United States dollars)
(Unaudited - Prepared by Management)

Nine-month period ended September 30, 2003 and 2002
Period from January 20, 2003 (inception of new business) to September 30, 2003
_______________________________________________________________________________________________

1. Nature of Operations:
2. Significant Accounting Policies:





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1. Significant Accounting Policies (Cont'd):





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1. Significant Accounting Policies (Cont'd):
2. Mining Property Interests





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1. Mining Property Interests (Cont'd):
2. Stockholders' Equity:





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1. Stockholders' Equity (Cont'd):





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1. Related Party Transactions:
2. Financial Instruments and Risk Management:
3. Canadian Generally Accepted Accounting Principles:





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1. Canadian Generally Accepted Accounting Principles (Cont'd):

















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Item 2.   Management's Discussion and Analysis or Plan of Operation.

Forward Looking Statements

This quarterly report contains certain forward-looking statements.  Much of the information included in this quarterly report includes or is based upon estimates, projections or other "forward looking statements".  Such forward-looking statements include any projections or estimates made by us and our management in connection with our business operations.  While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, prediction, projections, assumptions or other future performance suggested herein.

Such estimates, projections or other "forward looking statements" involve various risks and uncertainties as outlined below.  We caution the reader that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other "forward looking statements."

The following discussion should be read in conjunction with our historical Financial Statements and contained herein.

Critical Accounting Policies

Our discussion and analysis of its financial condition and results of operations, including the discussion on liquidity and capital resources, are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.  The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.  On an ongoing basis, management re-evaluates its estimates and judgments.

The going concern basis of presentation assumes we will continue in operation throughout the next fiscal year and into the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.  Certain conditions, discussed below, currently exist which raise substantial doubt upon the validity of this assumption.  The financial statements do not include any adjustments that might result from the outcome of the uncertainty.

Our future operations are dependent upon our ability to obtain third party financing in the form of debt and equity and ultimately to generate future profitable operations or income from its investments.  As of September 30, 2003, we have not generated revenues, and have experienced negative cash flow from operations.  We may look to secure additional funds through future debt or equity financings.  Such financings may not be available or may not be available on reasonable terms.





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Overview

Our financial statements contained in this quarterly report have been prepared on a going concern basis, which assumes that we will be able to realize our assets and discharge our obligations in the normal course of business.  We incurred net losses from operations for the nine month period ended September 30, 2003, for the year ended December 31, 2002 and for the period from the inception of our mining business as of January 20, 2003 to September 30, 2003 of $321,791 $126,734 and $314,800, respectively.   We did not earn any revenues during the nine-month period ended September 30, 2003.

During the period we refocused our efforts toward the mining business and optioned the right to acquire the Blue Mountain Project.  The acquisition of the property was approved by TSX Venture Exchange on August 8, 2003.  Our stock resumed trading following the approval.  See Note 3 of the financial statements contained in Item 1 for further details.  During the period we also closed a private placement in the amount of $450,000.  The proceeds of which are being used to perform work on the Blue Mountain Property, as described below, and for working capital purposes.  See Note 4 of the financial statements contained in Item 1 for further details.  We are presently in the exploration stage and there is no assurance that a commercially viable mineral deposit, a reserve, exits in our property until further exploration work is done and a comprehensive evaluation concludes economic and legal feasibility.

Our Financial Statements included in this quarterly report have been prepared without any adjustments that would be necessary if we become unable to continue as a going concern and are therefore required to realize upon our assets and discharge our liabilities in other than the normal course of operations.

Blue Mountain Property Option

We entered into an agreement dated March 20, 2003 with Nassau Ltd. ("Nassau"), a private U.S. company, to acquire its interest in a mineral exploration property located in Nevada.

The agreement with Nassau grants us a purchase option on 31 unpatented mining claims known as the Blue Mountain Project, located in Humbolt County, Nevada.  In accordance with the terms of the agreement with Nassau, we, at our option, have the right to acquire a 100% interest in the Blue Mountain Project by issuing 100,000 shares of common stock and making payments totaling $1,490,000 to Nassau over a six-year period.

Initially, we issued 50,000 shares upon the exchange approving (the "Approval Date") the Blue Mountain Project as a "qualifying property".  One year following the Approval Date (August 8, 2003), we will issue Nassau an additional 50,000 shares.  On years two through five we will make cash payments totaling $190,000, with a final payment of $1,300,000 due on the sixth anniversary of the Approval Date.





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Upon making the final payment to Nassau, we will then own 100% of the Blue Mountain Project, subject only to a retained 2% net smelter royalty ("NSR") on gold recovered from the Blue Mountain Project.  We will have the right to buy down that royalty to a 1% NSR by paying Nassau the sum of $1,500,000 at any time prior to completion of the first year of production.  All payments are in U.S. dollars and the transaction with Nassau is at arm's length.

Location and Access

The Blue Mountain Project consists of thirty-one un-patented mining claims.  The property is located in Humboldt County, Nevada approximately 20 miles west of Winnemucca.  There is dirt road access to the property.  Exploration work may be carried out on a year-round basis.

Property Geology

The property consists of a thick sequence of sedimentary rocks.  Dikes intrude these rocks along zones.  A dike is a sheet-like or tabular-shaped igneous intrusion that cuts across the pre-existing rock.  The dikes are present in drill holes within the altered and mineralized zones.  Small patches of younger rocks are locally preserved on the older rocks.

Our Proposed Exploration Program

We must conduct exploration to determine what amounts of minerals exist on our properties and if such minerals can be economically extracted and profitably processed.

Our exploration program is designed to efficiently explore and evaluate our properties.

We do not claim to have any mineral reserves whatsoever at this time on our properties.

We have begun our exploration program and intend to proceed in the following phases:

Phase 1 began with research of the available geologic literature, personal interviews with geologists and other familiar with the property.  We have begun this phase of the exploration process on our properties.  We will continue to do compile available data from the previous 20 years of exploration work, performed by the aforementioned companies in order to assemble a database.  We may also attempt to secure additional land claims in the surrounding areas.

Phase 1 will take about two months, and cost up to $30,000.

Phase 2 involves the processing of existing geophysical data.  We will also run gravity and magnetics testing.  Geologic mapping work will also be performed.  The objective of Phase 2 is to determine targets for drilling.

Phase 2 will take about four months and cost up to $40,000.





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Phase 3 will consist of the drilling of a depth between 2,000 to 4,000 feet.  Phase 3 will only occur if suitable drill targets are identified.  We may attempt to interest another company in the property before, during or after Phase 3.

Phase 3 is expected to take about four months and costs up to $80,000.

Government Regulation

Mining operations and exploration activities are subject to various national, state, and local laws and regulations in the United States, which govern prospecting, development, mining, production, exports, taxes, labour standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances and other matters.  We believe that we are in compliance in all material respects with applicable mining, health, safety and environmental statutes and the regulations passed thereunder in the United States.

Environmental Regulation

Our mining operations and exploration activities are subject to various federal, state and local laws and regulations governing protection of the environment.  These laws are continually changing and, as a general matter, are becoming more restrictive.  Our policy is to conduct business in a way that safeguards public health and the environment.  We believe that our operations are conducted in material compliance with applicable laws and regulations.

Changes to current local, state or federal laws and regulations in the jurisdictions where we operate could require additional capital expenditures and increased operating and/or reclamation costs.  Although we are unable to predict what additional legislation, if any, might be proposed or enacted, additional regulatory requirements could render certain mining operations uneconomic.

Competition

We compete with other mining companies in connection with the acquisition of gold and other precious metals properties.  There is competition for the limited number of gold acquisition opportunities, some of which is with other companies having substantially greater financial resources than we do.  As a result, we may have difficulty acquiring attractive gold mining/exploration properties.

We believe no single company has sufficient market power to affect the price or supply of gold in the world market.

Results of Operations

We have included in this quarterly report financial statements for the nine-month periods ended September 30, 2003 and 2002 and the period from January 20, 2003 (being the date of inception of our new business) to September 30, 2003.





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Nine-month period ended September 30, 2003

We incurred a net loss of $321,791 for the nine-month period ended September 30, 2003, resulting in a loss per share of $0.03.  The loss was attributable to operating expenses of $321,791.

During the period we incurred consulting fees of $38,376 and $997 in depreciation and amortization, $18,941 in rent, 6,545 in marketing and promotion, $20,059 in filing fees, $15,784 in management fees, $20,797 in general and administrative expenses $128,272 in exploration expense and $72,020 in professional fees.  Expenses increased over the prior year period due to the increased activity resulting from our entering the mining business.  We spent $128,272 on exploration activity compared to nil in the previous year's period as we entered the mining business during the year.  Professional fees increased due to increased filing and reporting activities due to our entering the mining business.  Fees also increased due to our legal work involved in preparing a SB-2 registration statement.  Management fees decreased due to a reduction in the monthly charge to approximately $1,675 per month.  Consulting expense increased due as we contracted geologists, including a director of the company, to perform certain exploration activities.  Exploration expense consists of monies spent on the due diligence of several prospective exploration properties including the Blue Mountain property.

Nine-month period ended September 30, 2002

We incurred a net loss of $121,798 for the nine-month period ended September 30, 2002, resulting in a loss per share of $0.03. The loss was attributable to operating expenses of $117,940 and interest expense of $3,858.

During the period we incurred consulting fees of $17,563, $6,621 in depreciation and amortization, $12,884 in rent, $9,360 in filing fees, $47,795 in management fees, $3,541 in general and administrative expenses and $20,176 in professional fees.

Period of inception of the mining business, January 20, 2003 to September 30, 2003

We incurred a net loss of $314,800 for the nine-month period ended September 30, 2003, resulting in a loss per share of $0.03.  The loss was attributable to operating expenses of $314,800.

During the period we incurred consulting fees of $38,376 and $886 in depreciation and amortization, $17,724 in rent, $20,059 in filing fees, $14,770 in management fees, $19,476 in general and administrative expenses $126,272 in exploration expense and $70,692 in professional fees.  Expenses increased over the prior year period due to the increased activity resulting from our entering the mining business.  We spent $126,272 on exploration activity compared to nil in the previous year's period as we entered the mining business during the year.  Professional fees increased due to increased filing and reporting activities due to our entering the mining business.  Fees also increased due to our legal work involved in preparing a SB-2 registration statement.  Management fees decreased due to a reduction in the monthly charge to approximately $1,675 per month.  Consulting expense increased due as we contracted geologists, including a director of the company, to perform certain exploration activities.  Exploration expense consists of monies spent on the due diligence of several prospective exploration properties including the Blue Mountain property.





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Balance Sheets

Total cash and cash equivalents as at September 30, 2003 and December 31, 2002 were, respectively, $179,397 and $33,870.  Working capital as at September 30, 2003 and December 31, 2002 were, respectively, $106,593 and $(20,302).

The increase in working capital between September 30, 2003 and December 31, 2002 was attributable to funds received from the private placement of $450,000 completed during the quarter offset by expenses and the increase effects of foreign currency translation.  No revenue was generated during the period.

Total share capital as at September 30, 2003 and December 31, 2002 was, respectively, $5,068,305 and $4,608,305.

Current Capital Resources and Liquidity

Our capital resources have been limited.  We currently do not, and will not, generate revenue for business operations, and to date have relied on the sale of equity and related party loans for cash required for our operations.  There can be no assurances that any outstanding share purchase warrants will be exercised.

During the nine-month period ended September 30, 2003 we completed a private placement in the amount of $450,000 for working capital purposes.  These funds will be used to carry out the activity described in Item 1 of this report.  Depending on the outcome of this activity the company may decide to seek further financing to expand its exploration work.  There can be no assurances that we can obtain future additional financing on terms reasonably acceptable to us or at all.  The lack of capital may force us to curtail our operating activities and potential investment activities.

We do not currently have any commitments for material capital expenditures over the near or long term, and none are presently contemplated over normal operating requirements.

ITEM 3.   CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have established and are currently maintaining disclosure controls and procedures for our company.  The disclosure controls and procedures have been designed to ensure that material information relating to our Company is made known to them as soon as it is known by others within our Company.  Our Chief Executive Officer and Chief Financial Officer conduct an update and a review and evaluation of the effectiveness of the Company's disclosure controls and procedures and have concluded, based on their evaluation within 90 days of the filing of this Report, that our disclosure controls and procedures are effective for gathering, analyzing and disclosing the information we are required to disclose in our reports filed under the Securities Exchange Act of 1934.





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Changes in Internal Controls

There were no significant changes in our internal controls or, to our knowledge, in other factors that could significantly affect our disclosure controls and procedures subsequent to the date our company carried out this evaluation.

PART II - OTHER INFORMATION

ITEM 2.   CHANGES IN SECURITIES

(c)   During the nine-month period ended September 30, 2003 we completed a private placement in the amount of $450,000 for working capital purposes.  These funds will be used to carry out the activity described in Item 1 of this report.  Depending on the outcome of this activity the company may decide to seek further financing to expand its exploration work.  There can be no assurances that we can obtain future additional financing on terms reasonably acceptable to us or at all.  The lack of capital may force us to curtail our operating activities and potential investment activities.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

|(a) | Exhibits | Item Description                                                                                                                                               
|--- | -------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | 31.1     | Certification of Principal Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended.
|    | 31.2     | Certification of Principal Financial Officer pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended.
|    | 32.1     | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).              
|    | 32.2     | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).              

(b)     Reports on Form 8-K

Two reports on Form 8-K have been filed:

One report was filed on Form 8-K during the three-month period ended September 30, 2003 and one was filed subsequent to the period end:

On September 22, 2003, we announced that we granted incentive stock options to certain eligible participants pursuant to its Stock Option Plan entitling them to purchase a total of 810,000 common shares of our capital stock at a price of $0.25 per share, exercisable on or before September 21, 2008.  Any securities issued on exercise thereof will be subject to a four-month hold period expiring January 22, 2004.

On October 2, 2003, we announced that we had acquired a 100% interest in a new gold property by the recent staking of 22 claims (440 acres) in Nevada.





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SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date this 18th day of November 2003.



| | LUNA GOLD CORP.
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| | By:            
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| | By:            
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