Attached files
file | filename |
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8-K - AFFINITY GOLD CORP. | v188569_8k.htm |
EX-99.3 - AFFINITY GOLD CORP. | v188569_ex99-3.htm |
EX-99.5 - AFFINITY GOLD CORP. | v188569_ex99-5.htm |
EX-99.2 - AFFINITY GOLD CORP. | v188569_ex99-2.htm |
EX-99.1 - AFFINITY GOLD CORP. | v188569_ex99-1.htm |
EX-99.4 - AFFINITY GOLD CORP. | v188569_ex99-4.htm |
AFFINITY
GOLD CORP.
7950
Main Street, Suite #217
Maple
Grove, MN 55369
Symbol: AFYG - Pinksheets
June
17, 2010
NEWS
RELEASE
AFFINITY GOLD CORP. PROVIDES
UPDATE REGARDING SUBSIDIARY’S CHANGE IN
MINING PRODUCER
CLASSIFICATION
Maple Grove, Minnesota – June 17,
2010 – Affinity Gold Corp. (AFYG.pk) (“Affinity” or “the Company”)
provides update regarding its Peruvian subsidiary’s change in mining
classification and resulting impact on production plans of its flagship
project.
As
legally required, and a prerequisite to the upcoming renewal of the flagship
project’s concession rights, the Company’s subsidiary, AMR Project Peru, S.A.C.
(“AMR”) has filed with the Central Authorities in Lima, Peru, notification of
its ownership of 99.9% by a US Corporation (Affinity Gold Corp.) which will
subsequently change AMR’s mining producer classification. Due to AMR
being owned by a corporation, it will no longer qualify for the mining producer
classification known as a“Pequeño Productor Minero”
(PPM), also referred to as a “Small-scale Mining Producer,” under what is
referred to as the “Exceptional Regime.” Going forward, AMR will be
subject to the regulatory rules under the “General Regime” according to the
Peruvian General Mining Law.
AMR’s
current classification under the “Exceptional Regime” as a “Pequeño Productor Minero”
(PPM), a Small-Scale Mining Producer, allows for lower concession maintenance
fee structure. In addition, under the “Exceptional Regime”, the review and
approval process for the Environment Impact Assessment (EIA) issuance occurs
with the Regional Authorities. AMR’s new classification under the
“General Regime” mandates that the EIA review and approval process occur with
the Central Authorities in Lima.
The
review of the EIA by the Central Authority, which is a process likely to require
an additional four to six months to complete must occur prior to
commencing production, which the company expects to commence
production approximately nine (9) to twelve (12) months from now.
Antonio
Rotundo, President and CFO, commented, “in spite of this additional setback this
doesn’t change what we know about our asset. We will continue to move
forward in the development of our project.”
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 Resolution
No.4631-2006-INACC/J granted to AMR by the Republic of Peru, National Institute
of Concessions and Mining Cadastre on October 25, 2006 (the “Mining Concession Rights”),
now named as Mining Geological and Metallurgical Institute of Perú
(INGEMMET).
www.affinitygold.com
CONTACT:
Affinity Gold Corp., +1-763-424-4754, info@affinitygold.com
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.