SOURCE: FastFunds Financial Corp.

October 11, 2012 07:00 ET

FastFunds Financial Corporation Natural Resource and Alternative Energy Division Announces Plans to Acquire 40% of Gold Mining Properties in Peru

Company Signs Letter of Intent for Project Consisting of 850 Hectares in a Geographic Area Known for Mineralization

WEST PALM BEACH, FL--(Marketwire - Oct 11, 2012) -  FastFunds Financial Corporation ( (OTCQB: FFFC) announced today that it has signed a Letter of Intent to acquire a 40% interest in a gold mining property called the "Camanti Project" located in Quince Mil, District of Camanti, Province of Quispicanchis, Department of Cusco, near the border of Madre de Dios, in Peru. This ownership interest will be in the form of a joint venture with Affinity Gold, Inc., the owner of the mineral lease agreement and operator. The property consists of 850 hectares (approximately 1,700 acres). 

The history of gold findings at Camanti Hill date back to Colonial times and has been registered by different historians as the center for gold mining operations at that time. There has been prior information on geological reconnaissance and sample collection with content values reported by laboratories that show good indications of the presence of gold minerals.

The property has two tailing pumps that are ready to be processed. Limited testing to date has shown a significant amount of gold content. The property has both hard rock and alluvial possibilities.

Other 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

As stated by Affinity's President and CEO Corey Sandberg, "This proposed joint venture project boasts incredible potential for both hard rock and alluvial gold bearing deposits. The Camanti Hills area has an incredibly rich and mysterious history dating back to the Incas having been known as an abundant gold-bearing area. Based on previous reports by third parties regarding the Marcapata region, the Camanti Hills area specifically, and the known presence of old gold-bearing tailings piles on site, the project presents tremendous potential, possibly in excess of 1-2 million ounces of gold."

Completion of this transaction is subject to customary conditions including, among other things, further due diligence, finalization of the appropriate documentation between Affinity Gold, Inc. and the current landowner, the negotiation and execution of definitive agreements, the approval of both company's boards of directors and or members, and any necessary stockholder or regulatory approval.

About FastFunds Financial Corporation
FastFunds Financial Corporation is a holding company that is publicly traded on the Over-the-Counter QB under the symbol "FFFC." The Company currently operates in the financial services industry segment with a single credit card services portfolio. The Company is currently seeking new business opportunities to diversify and complement our current services and products, enhance our technical capabilities or otherwise offer growth opportunities for our stockholders.

About Affinity Gold
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.

Contact Information

  • For Further Information Contact:
    FastFunds Financial
    Henry Fong