Affinity Gold Corp. Updates Shareholders
September 10 2009 - 2:24PM
PR Newswire (US)
MAPLE GROVE, Minn., Sept. 10 /PRNewswire-FirstCall/ -- Affinity
Gold Corp. (OTC:AFYG) (BULLETIN BOARD: AFYG) ("Affinity" or the
"Company") is pleased to update its shareholders on progress made
executing its business plan. In spite of the delay in closing the
Share Exchange Agreement with AMR Project Peru, S.A.C. ("AMR"), the
Company has continued to make progress on multiple fronts to help
build value for its shareholders. With the completion of the Share
Exchange Agreement on August 14th, Affinity Gold Corp. now,
indirectly through its 99.99% owned subsidiary AMR, owns and
controls the concession rights for its flagship project located in
Southeastern Peru. This is a significant milestone for the Company
in terms of its status with the SEC, ability to raise capital and
further legitimize the Company and the incredible opportunity it
has. Recent Accomplishments: 1. Conducted thorough due diligence of
the AMR Project mining concession rights and AMR. 2. Performed
PCAOB-Compliant audit for 2 years of financials of AMR. 3. Reduced
Authorized Capital (Shares) from 2.71 billion to 260 million. 4.
Performed additional sampling and testing at AMR Project site with
independent geologist Robert Laakso 5. Closed the Share Exchange
Agreement 6. Cancellation of 26.5 million control block shares As
the Company moves ahead, it will continue to focus on its three
main priorities: 1. Perform extensive bulk sampling as required to
complete a geological report in accordance with Canadian securities
National Instrument 43-101 2. Implement robust small-scale
operations 3. Attempt to acquire surrounding concession rights Site
Visit Update: Recently, Robert Laakso, an independent geologist and
a Qualified Person (QP) under NI 43-101, recently returned from his
3rd visit to Peru where he conducted additional sampling and
exploration activities on the AMR Project located on the San Gaban
- Ayapata property in Puno, Peru. Mr. Laakso's team dug numerous
test pits and performed multiple samplings on site where initial
findings estimate a larger presence of fine gold rather than coarse
gold. Furthermore, Mr. Laakso's data to date supports the estimated
average depth of the top soils on the property to be a minimum of
10 meters. This continues to be the case since the test pits were
dug to 11 meters of depth without hitting bedrock. For further
information please refer to the Company's filings with the SEC on
EDGAR available at http://www.sec.gov/. 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.
http://www.affinitygold.com/ 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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