MINNEAPOLIS April 26, 2018
Affinity Gold Corp. (AFYG.pk) (“Affinity” or “the Company”) is pleased to announce that the Rionegro Project, in which the Company has a 33.32% interest, has recently attained permits and started initial test production.
Rionegro Project, Santander, Colombia
The Rionegro project is located in an area represented by a very large Horst/Graben structure in Jurassic Carbonaceous Conglomerates. The Graben serves as the basin of the main Lebrija River in the area carrying gold in the active sediments and in sedimentary deposits of gold in paleoplacers which are amenable to open pit. The project comprises Alicanto’s 7.66 square kilometer concession contract (JG3-16392) located within the area of the two applications filed in 2014 by Alicanto with Colombia’s National Mining Agency (“ANM”) which are yet to be issued, covering an area originally totaling approximately 188 square kilometers and subject to curtailment by the ANM in the ordinary course reflecting prior claims and rights.
- 7.66 square kilometres mining concession, fully-owned and controlled by the joint-venture partners.
- Accessible project located approximately 30 Km Northwest from Bucaramanga, Colombia’s sixth largest city, with very good infrastructure providing ready access to water, power, and labor.
- Very prospective geological structures for both hard rock and alluvial targets.
- Current focus is on expanding production from Rionegro’s sedimentary deposited gold together with a production-oriented exploration program for the rest of the mining concession.
Alicanto’s Executive Chairman, Mr. Raziel Zisman stated that “while, as is often the case in our industry worldwide, the permitting has taken longer than planned we are now focused on implementing our initial strategy to advance gold production from Rionegro’s sedimentary deposits by means of small open pit mining operations following a low-capex model utilizing proven technologies with the goal of ramping up production in an orderly manner, taking into consideration environmental, permitting, community and security matters. We are in a test phase during which we are evaluating alternative production models and technical improvements to enhance recoveries. Alicanto’s technical staff in Colombia is also developing a cost-effective exploration plan taking advantage of advanced technologies, such as ground-penetrating radar and other equipment, to generate information that will allow the company to design and implement, in an orderly manner, a scaled-up production programme.”
Affinity’s President & CEO, Mr. Corey Sandberg stated, “I’m very pleased that perseverance by Alicanto, and the Joint Venture as a whole, has allowed the project to reach this much-anticipated point. We look forward to the implementation of the planned activities and, in due course, for the Joint Venture, led by Alicanto’s experienced and accomplished exploration team, to further advance value discovery for Rionegro’s sedimentary and hard rock components.”
Ricardo Valls, M.Sc., P.Geo. who is the qualified person as defined by National Instrument 43-101, has prepared the technical part of this press release.
About Alicanto Mining Corp.
Alicanto Mining Corp. (“Alicanto”) is a technically-driven, project-generating private exploration company with offices in Toronto, Canada and Bucaramanga, Colombia. Alicanto is focused on Project Generation Through Effective Exploration. Alicanto’s model is based on identifying prospective properties in underexplored areas and creating value by completing sufficient geological work to determine ore resources and then generally seeking to monetize projects by entering into earn-ins or JVs with senior mining companies. Alicanto is led by a multilingual team with over 120 years of successful international field experience and is currently primarily involved in gold and copper projects in Colombia.
For additional information please contact:
ALICANTO MINING CORP.
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 Latin America. Affinity Gold Corp.’s primary focus is on identifying and participating in developing highly prospective precious mineral assets with the aim of generating long-term shareholder value.
AFFINITY GOLD CORP.
Corey J. Sandberg
For further information please refer to the Company’s filings with the SEC on EDGAR available at http://www.sec.gov
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.
AFFINITY GOLD CORP.
13570 Grove Drive #300
Maple Grove, MN 55311
Symbol: AFYG – Pink sheets
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