Affinity Gold Corp. Signs Letter of Intent to Acquire 85% of “Camanti” Gold Project Peru
03 Octubre 2012 - 8:00AM
Business Wire
Affinity Gold Corp. (AFYG.pk) (“Affinity” or “the Company”) is
pleased to announce that on September 28th it entered into a Letter
of Intent (“LOI”) to acquire an 85% interest in an alluvial and
hard rock gold project located on the hills of Camanti 7 kilometers
(4.34 miles) from the town of Quince Mil in the district of
Camanti, Province of Quispicanchis, Department of Cusco, Peru.
According to the terms of the Letter of Intent, Affinity will
earn a 50% equity interest in the project upon the execution of the
Formal Agreement and the following payment obligations being
met:
- Past due penalties against the
concession for 2009
- Issuance of 5,000,000 shares of common
stock of the Company
An additional 35% equity ownership will be earned through
additional payments and exploration and development expenditures as
follows:
- $15,000 by December 15th, 2012
- $25,000 within twelve (12) months of
signing the formal agreement
- $375,000 in capital expenditures over
the next twenty-four (24) months towards exploration &
development activities.
Project Highlights:
- Both Alluvial and hard rock potential,
multiple veins already identified and two identified tailings piles
representing potential for near-term production
- Property is ideally located in relation
to infrastructure as the property straddles the Inter-Oceanic
Highway and the Araza River and is only a short distance from the
Quince Mil Hydroelectric power plant.
- Located on Araza River, a tributary of
Inambari River and known to be gold-bearing, and also provides
potential for near-term production
- Definitive Impact Assessment already
obtained
“The Camanti project is an extremely interesting project in an
area having a rich and fascinating history for gold production. I
believe the project has tremendous potential and could possibly
hold in excess of 1-2 million ounces of gold in alluvial and hard
rock deposits,” stated President & CEO Corey J. Sandberg.
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.
www.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.
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