Affinity Gold Corp. Signs Definitive Agreement to Develop Near-Term Production Gold & Silver Project in Peru
September 19 2013 - 9:20AM
Access Wire
MAPLE GROVE, MN, September 19, 2013 - (ACCESSWIRE) -
Affinity Gold Corp. (OTC Pink: AFYG) ("Affinity" or "the Company")
is pleased to announce it has entered into the Definitive Option
Agreement with Corizona Mining Partners, LLC ("Corizona") to
develop, and earn a 60% interest in, its 966-hectare low
sulphidation epithermal gold and silver project called "Machacala"
("Machacala").
"We have moved past the LOI stage representing a major turning
point for Affinity and demonstrating clear progress and direction
towards becoming a producer. We have set out to achieve something
uncommon among the juniors - become a revenue-generating company
and we're starting to get some attention. The Machacala project is
planned to be the first of a portfolio of near-term production
precious mineral assets in Peru the Company intends to develop
through its strategic relationship with Corizona," stated President
and CEO, Corey Sandberg. Mr. Sandberg further stated, "Along with
our progress towards becoming a producer, we have begun to make
strides in other areas as well which aim to better position the
company for future success and increased shareholder value. This is
an exciting time for Affinity as all that we have been working on
for the last few years is now starting to come to fruition."
About Project Machacala:
The project is a low-sulphidation epithermal gold-silver-copper
deposit located in the District of Carabamba, province of Julcan,
La Libertad region to the North of Peru, at an elevation of 3,300
masl. The property is located approximately 110 miles southeast of
the city of Trujillo, capital of the region, and 574 Km of Lima,
capital of Peru, in a mining-friendly area. The Machacala project
has had extensive exploration and mining activity completed in the
past - even today, artisanal miners continue to actively leach
tailings from prior mining activities.
-Project was most recently explored by Gold Hawk Resources
and Meridian Gold between 1997 and 2004 with a total of 8,500m in
45 core and RC drill holes completed.
-Mine has multiple low sulphidation epithermal Au-Ag veins on
property of which thirteen (13) have been identified and four (4)
have been only modestly exploited where average grades are
estimated to be 5 g/T Au and 155 g/T Ag.
-In 2004, Gold Hawk Resources, Inc. estimated a total inferred
resource of over 1,560,000 tons with a gold equivalent of 420,000
ounces for the overall project. (Gold Hawk, 2004)
-210,000 metric tons of tailings with grades estimated at 1.34
g/T Au and 56.36g/T Ag (Gold Hawk, 1997)
-Metallurgical studies show 85%+ Au, 50%+ Ag recoveries in 24
hrs. leaching of un-milled tailings. Re-milling (-400 mesh) shows
ability to increase recoveries to 90% Au, 73% Ag in 24 hrs.
leaching (Corizona, 2012)
About Corizona Mining Partners, LLC
Corizona Mining Partners was founded in 2011 as a junior mining
company focused on the acquisition and immediate production of
hard-rock and alluvial mining concessions in the Americas.
Corizona's strategy is built around locating projects that can go
into production and generate revenue quickly.
About Affinity Gold Corp.:
Affinity Gold Corp. is a mineral exploration and development
company engaged in the acquisition and development of near-term
precious mineral production properties within Peru. Affinity Gold
Corp.'s primary focus is on developing assets that have
demonstrated historical production, contain documented and reliable
data and can reasonably begin producing within 12-18 months at a
cost of less than $900 per gold equivalent ounce.
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.
Contact:
AFFINITY GOLD CORP.
Corey J. Sandberg
763-424-4754
csandberg@affinitygold.com
SOURCE: Affinity Gold Corp
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