SOURCE: Affinity Gold Corp.

November 07, 2013 10:11 ET

Affinity Gold Corp. Updates Sharesholders Regarding OTC Markets Listing Status

MAPLE GROVE, MN--(Marketwired - Nov 7, 2013) - Affinity Gold Corp. (OTC Pink: AFYG) ("Affinity" or "the Company") is pleased to update its shareholders regarding its progress towards addressing and improving its listing status with the OTC Markets and regulatory status with the Securities & Exchange Commission ("S.E.C."). 

In an effort to address our OTC Markets listing status, on Monday, the Company filed a Form 8K with the S.E.C. which can be viewed on their website at www.sec.gov. In addition, the Company's legal counsel submitted a letter to OTC Markets regarding the Company's current plans for, and progress towards, becoming current in its regulatory filings. The Company's recent 8-K filing marks the point from which it intends to continue filing notices of material events going forward as it progresses towards becoming fully compliant with the S.E.C.

As mentioned previously, the Company has also been in communication since early September with the SEC Division of Corporation Finance's Office of Chief Accountant ("CFOCA") to determine how best to proceed with becoming current in its regulatory filing requirements. Since the Company is a 15(d) company it qualifies for an allowance permitting it to file a comprehensive 10-K covering the reporting periods since becoming delinquent, as opposed to having to file each K and Q during the same period. The Company is expected to have the application submitted for this allowance within the next few days. 

As our application with the CFOCA for the allowance is being processed, we intend to finalize the Company's books and records to be audit-ready by the end of the month. During this time, we also intend to begin compiling the comprehensive 10K and subsequent 10Q's as necessary in addition to coordinating the audit process to begin.

The Company will continue to work with OTC Markets, the S.E.C. and state regulatory bodies to satisfy any and all of the company's regulatory reporting obligations as quickly as the Company, and its professional service providers, are able to act.

"As stated previously, this temporary change in status with OTC Markets is of no reflection of what we have going for us. What's exciting today is that we are positioned with the necessary resources enabling us to act quickly towards accomplishing this objective. This is a major milestone that I am eagerly looking forward to accomplishing," stated President & CEO, Corey J. Sandberg.

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.
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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