Affinity Gold Corp. Releases N.I. 43-101 Technical Report
06 November 2009 - 9:47AM
PR Newswire (US)
MAPLE GROVE, Minn., Nov. 5 /PRNewswire-FirstCall/ -- Affinity Gold
Corp. (OTC:AFYG) (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 http://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. 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/ http://www.sec.gov/
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