MAPLE GROVE, Minn., Nov. 5 /PRNewswire-FirstCall/ -- Affinity Gold Corp. (OTC
Bulletin Board: AFYG) ("Affinity" or the "Company") is extremely pleased to
announce it has received a Canadian Securities National Instrument 43-101
("N.I. 43-101") Technical Report for its flagship project San Gaban - Ayapata
alluvial gold property in Puno, Peru.
The Report was prepared by an Independent Geological Engineer and Qualified
Person (QP), Robert W. Laakso, P. Eng., from Shaft & Tunnel Engineering
Services., Ltd. based out of Holland Landing, Ontario, Canada. The Technical
Report is available to view in its entirety on the Company's website at
www.affinitygold.com.
SUMMARY OF 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
Highlights:
-- Combined mineral resource of 2,092,132 ounces of gold
-- 61,720,000 tonnes of total mineable material of which 7,720,000 tonnes
are of Measured Reserve and Indicated Resource mineable material
-- The above 7,720,000 tonnes of mineable material would produce between
60
- 80 ounces per day at a production rate of 2000 tonnes per day
-- Estimated production cost is $135.00 per ounce of gold
Antonio Rotundo, President and CEO of Affinity Gold Corp., commented, "We are
extremely pleased with the results of Mr. Laakso's Technical Report which
demonstrates the validity and world class potential of our project. My father
and I, along with our friends and family, have made significant sacrifices
over the last four years to make this project a reality. With this report, we
believe the Company will be able to raise the necessary funding to put the
property into production in the early spring of 2010."
Mr. Rotundo further commented that this Technical Report will significantly
assist in securing the proper financing, and North American operations
management personnel, enabling the project to move into production after the
rainy season. The Company expects to run additional exploration and sampling
programs concurrently with the first 2-3 years of production during which
metallurgical testing will also be conducted to better determine the necessary
equipment required to produce gold concentrate.
About Robert W. Laakso, P. Eng.:
Bob is currently the Owner and President of a company called Shaft and Tunnel
Engineering Services, operating out of Holland Landing, Ontario. In addition
to his B.Sc. in Geological Engineering which he received from MTU in 1964, Bob
earned a graduate diploma from the Haileybury School of Mines in Haileybury,
Ontario in 1960, and is a member of CIMM and SME; and is a Registered Member
of The Professional Engineers of Ontario since 1965.
After leaving Michigan Tech, Bob worked on a wide variety of projects with
various companies, including Dravo Corporation of Pittsburgh while working in
Canada, Australia and the U.S.; then as Vice President of Harrison Overseas
Construction, headquartered in Toronto supervised projects in Brazil and Peru.
Bob has led a number of other projects, such as the Lehigh Tunnel in
Pennsylvania, but; one of the most impressive is driving two tunnels through a
difficult serpentine rock in Guatemala in 1982 with a budget of $45 million
and 600 men. The safety record for one of his projects, the deepening of a
mine, was such that the mine was declared the safest mine in Canada, and they
were awarded the Ryan Trophy in 2004.
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.
www.affinitygold.com
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.
Affinity Gold Corp., +1-763-424-4754, info@affinitygold.com
