Affinity Gold Corp. (AFYG.pk) (“Affinity” or “the Company”) announces it has terminated the previously announced Letter of Intent (“LOI”) entered into on October 20, 2011 for an option agreement between the parties whereby the Cyprus-based investing company would be able to earn a 70% interest in mineral concessions rights held by the Company’s wholly-owned subsidiary in Peru as evidenced by Certificate No. 7996-2006-INACC-UADA in exchange for certain cash payments to the Company and exploration expenditures of $1,000,000, as the parties were unable to enter into a formal property option agreement.
Therefore, the board of directors determined it was in the best interest of the Company and its shareholders to terminate the previously signed LOI and did so late February.
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.govFORWARD-LOOKING STATEMENTSStatements in this news release, which are not purely historical, are "forward-looking statements", including any statements regarding beliefs, plans, expectations or intentions regarding the future about Affinity Gold Corp., and its subsidiaries. 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. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the risks and uncertainties such as the ability to obtain additional financing, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel, the risks inherent in exploration and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy.