MAPLE GROVE, Minn., Feb. 2 /PRNewswire-FirstCall/ -- Affinity Gold Corp. (OTC 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
- Became an SEC fully-reporting and compliant public company in Q1 '09
- 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
- Negotiated the cancellation of 26.5 million control block shares
- Raised in excess of $900K
- Reduced our Authorized shares to 260,000,000 from 2.7Billion
- 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
- Raise $1 Million in Q1; and, up to another $3 Million in Q2
- Put flagship project into production by end of Q2
- 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
- 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.
For further information please refer to the Company's filings with the SEC on EDGAR available at 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.
SOURCE Affinity Gold Corp.
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