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)
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."
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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
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In 2009, AFYG has competed a $2M financing agrrement that will be a key milestone for the production of revenue (gold) in 2010.
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AFYG's flagship project is located in Peru which is the leading gold area in Latin America and in the top 5 in the world.
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Growth Strategy The company's overall strategy is to target the exploration and acquisition of small and medium sized mining concessions that allow for economically feasible alluvial and open-pit mining development and production with minimal net environmental impact when employing industry best practices. In addition to direct acquisitions, the company plans to compliment its growth through strategic joint ventures and partnerships where appropriate.
The company is targeting small and medium-sized mining concessions for the following reasons:
Projects become revenue-producing within a relatively short period of time
Overall startup costs are less of a burden
Once started, projects can quickly self-fund future development
Environmental impacts can be managed and minimized
Community relations and support tends to be easier to build and maintain The Company has identified and begun negotiating additional concession rights within the area of its flagship project and is pursuing other potential joint ventures and land acquisitions in Peru and Mexico.
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1. Successfully develop our flagship gold project in Peru with commercial operations beginning in Q2 of 2009
2. Become a 25,000 ounce per year gold producer within the next two years
3. Build a significant proven gold reserve base through acquisitions, joint ventures and partnerships.
4. Become a dominant holder of mining rights in Peru for small and medium size projects containing alluvial gold reserves
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AFYG does look good. Little lite reading, check out the evaluation filed by Lasko, (pdf link below), not bad at all!
R. W. Laakso, B. Sc.; P. Eng. Shaft & Tunnel Engineering Services Limited Holland Landing, Ontario, Canada
Robert William Laakso, Engineer Mr. Laakso has 50 years of experience in various sectors of the mining industry. He is fluent in five languages and has been involved in projects throughout Asia, North, Central and South America Since 1981 he has been the president and owner of Shaft & Tunnel Engineering Services LTD. He has provided services for companies such as Placer Dome (Canadian mining giant Barrick Gold made a $10.4 billion offer and acquired Placer Dome in early 2006. ); Canadian Mine Development LTD.; Centromin, Cobriza Peru; Finlay Walker Mining; Dynatec Mining Limited; and many others. He is a member of the following; Association of Professional Engineers of the Province of Ontario Certificate No. 033. Mine Manager 1st Class; Department of Mines, Western Australia Member, Canadian Institute of Mining and Metallurgical Engineers Member, Society of Mining Engineers. Mr. Laakso has also published the following three papers, Lehigh Tunnel, R.E.T.C. Seattle, 1991; Application Constraints to New Technology in Mine Development. CIM AGM/Ottawa April 18, 1984; Table Tunnel Access for B.C. Northeast Coal CIM Smithers, B.C. October 29, 1983.
Once established, the initial operations will be capable of extracting and processing the alluvial top soils and loose rock at a minimum rate of 2000 cubic meters per day.At this rate of processing, recovered quantities of coarse gold could range from 1000g to 4000g per day.Additional capacity will be added once initial operations are set up and running successfully. In the first 6 months of operations the focus will be on the recovery of coarse gold since its the most accessible and least expensive to extract, process and recover. The by-product of the processing, the black sands, will be stored on site for future processing. The Company believes this approach will lower the startup funds required to begin commercial operations and self fund future increases in production capacity.
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With mineral rich land and a stabilizing political climate, mining companies abroad are just starting to look at Peru. Peru is rich in mineral resources. The mining of these resources is an important economic activity that continues to help the country build a very competitive and attractive environment for foreign companies.
What is attracting foreign Investment? Political stability Prudent monetary policy Stable currency Reduced vulnerability of mining to price volatility
For US Companies: US-PTP Agreement Access to Andean markets Lower tariffs Dispute resolution Better business climate Improved security
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