Affinity Gold Corp. Corporate Update
February 02 2010 - 8:30AM
PR Newswire (US)
MAPLE GROVE, Minn., Feb. 2 /PRNewswire-FirstCall/ -- Affinity Gold
Corp. (OTC:AFYG) (BULLETIN BOARD: AFYG) ("Affinity" or the
"Company") is pleased to provide a corporate update to its
shareholders recapping 2009 accomplishments and announcing its 2010
planned accomplishments. In 2009, the Company made significant and
noteworthy progress executing against its business plan
successfully achieving major milestones in spite of global economic
uncertainty and record rainfall and flooding in the region of
southeastern Peru. The year presented great challenges that tested,
and ultimately demonstrated, the strength and resolve of our
management team. 2009 Accomplishments 1. Became an SEC
fully-reporting and compliant public company in Q1 '09 2. Performed
PCAOB-Compliant audit for 2 years of financials of AMR Project
Peru, S.A.C. ("AMR"), conducted due diligence of AMR's mining
concession rights and closed the Share Exchange Agreement
representing acquisition of AMR and the mining concession rights 3.
Negotiated the cancellation of 26.5 million control block shares 4.
Raised in excess of $900K 5. Reduced our Authorized shares to
260,000,000 from 2.7Billion 6. Published the first release of our
N.I. 43-101 Report SUMMARY OF CURRENT RESERVES AND RESOURCES (N.I.
43-101 Table 22-1) Category M3 Tonnes Grade Oz/T Ounces Au --------
--- ------ ---------- --------- Measured Reserve 360,000 720,000
0.0506 36,432 ---------------- ------- ------- ------ ------
Indicated Resource 3,500,000 7,000,000 0.0337 235,900
------------------ --------- --------- ------ ------- Inferred
Resource 27,000,000 54,000,000 0.0337 1,819,800 -----------------
---------- ---------- ------ --------- In 2010, we continue to be
focused on executing against our plan of putting our flagship
project into production by the end of Q2. Management believes the
economic outlook will continue to improve and gold prices will
continue to appreciate throughout the year which will only
strengthening its ability to successfully raise capital. 2010
Planned Accomplishments 1. Raise $1 Million in Q1; and, up to
another $3 Million in Q2 2. Put flagship project into production by
end of Q2 3. Continue with the second phase of the Company's
planned exploration program to attempt to quantify the fine gold
available on the property as well as increase the Measured,
Indicated and Inferred reserves published in first release of the
Company's N.I. 43-101 Report 4. Secure additional concession rights
to become the single largest contiguous concession rights holder in
the area. Antonio Rotundo, CEO of Affinity Gold, said "Over the
last year, we have made great strides in bringing our Company to
point where we are well positioned to begin production on our
property. It is an exciting time as we are about to begin reaping
the fruits of our labor." About Affinity Gold Corp.: Affinity Gold
Corp. is a mineral exploration and development company engaged in
the acquisition, exploration and development of gold mineralization
properties internationally. Affinity Gold Corp.'s current primary
focus is gold exploration in Peru. Through its 99.99% owned
subsidiary AMR Project Peru, S.A.C., Affinity Gold Corp. is the
owner of the mining concession title named "AMR Project" covering
500 hectares and the mining concession certificate as evidenced by
Certificate No. 7996-2006-INACC-UADA granted to AMR by the Republic
of Peru, National Institute of Concessions and Mining Cadastre on
December 11, 2006 (the "Mining Concession Rights"), which Mining
Concession Rights are located in the Inambari River Basin on the
flat plains region at an altitude greater than 1500' and accessible
by land and air, in the District of Ayapata, Province of Carabaya,
Department of Puno, Peru. http://www.affinitygold.com/ For further
information please refer to the Company's filings with the SEC on
EDGAR available at http://www.sec.gov/. FORWARD-LOOKING STATEMENTS
This news release may include "forward-looking statements"
regarding Affinity Gold Corp., and its subsidiaries, business and
project plans. Such forward-looking statements are within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and section 21E of the United States Securities and Exchange Act of
1934, as amended, and are intended to be covered by the safe harbor
created by such sections. Where Affinity Gold Corp. expresses or
implies an expectation or belief as to future events or results,
such expectation or belief is believed to have a reasonable basis.
However, forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results
to differ materially from future results expressed, projected or
implied by such forward-looking statements. Affinity Gold Corp.
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law. DATASOURCE:
Affinity Gold Corp. CONTACT: Affinity Gold Corp., +1-763-424-4754,
Web Site: http://www.affinitygold.com/
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