Nov. 5, 2009 (Public Wire) — MAPLE GROVE, Minn. — 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
- 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.
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.