Affinity Gold Corp. Announces Financing
November 30 2009 - 4:00AM
PR Newswire (US)
MAPLE GROVE, Minn., Nov. 30 /PRNewswire-FirstCall/ -- Affinity Gold
Corp. (OTC:AFYG) (BULLETIN BOARD: AFYG) ("Affinity" or the
"Company") is pleased to announce it has obtained financing of
$500,000 through two separate loan agreements to the Company. The
Company plans to use the proceeds to acquire the appropriate
equipment necessary for setting up operations to extract gold from
its Peruvian property. The Company expects to be extracting gold
and become revenue-producing once production operations are set up.
Over the last 9 months the Company has made great strides in
execution of its objectives with this initial $500,000 financing
and completion of the NI-43-101 Technical Report. In a press
release dated November 5, 2009, the Company released its NI-43-101
Report which included the following 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 TPD The technical report is
available to view in its entirety on the Company's website at
http://www.affinitygold.com/. Antonio Rotundo, President and CEO of
Affinity Gold Corp. commented, "We are excited that we now have the
financing to begin the initial mining of our property. We are very
thrilled now that we can begin to realize what our technical report
has stated. We are very pleased to have been able to do this
financing on a debt basis and not have to cause our shareholders
any dilution." With this initial financing, the Company expects the
Peruvian property to become revenue producing in the very near
future. The Company will also continue to source additional
financing to expedite the mining of the property. And with further
financing, the Company expects to run additional exploration and
sampling programs concurrently with the first 2-3 years of
production. 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. http://www.affinitygold.com/ For further
information please refer to the Company's filings with the SEC on
EDGAR available at http://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. DATASOURCE:
Affinity Gold Corp. CONTACT: Affinity Gold Corp., +1-763-424-4754,
Web Site: http://www.affinitygold.com/
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