PHOENIX, April 27, 2010 (GLOBE NEWSWIRE) -- American Energy Fields, Inc. (OTCBB:AEFI) (the "Company") is pleased to announce it has acquired the Artillery Peak uranium project. The Company's historic records indicate 1.7 million pounds of uranium was previously identified through exploration. The property consists of 1,777 acres of Federal land and is located 112 miles Northeast of Phoenix, Arizona.
There has been significant exploration work completed on the property, including over 400 holes drilled by Jacquays Mining, Homestake Mining, Hecla Mining, Getty Oil, Public Service Company of Oklahoma, and Santa Fe Mining between the 1950s-1970s. A 1979 report by Central and South West Fuels Inc. found that the northern portion of the property contains a historical resource of 1.7 million pounds U3O8 with an average grade of 0.113%. In 2007/2008 new exploration was conducted which included 34 additional drill holes to verify historic drilling and further delineate mineralization. In 1979, the Department of Energy conducted an evaluation of the Date Creek Basin and the Artillery Mountains where they estimated that the area could contain as much as 1,260,000,000 pounds of U3O8.
The Company will begin a preliminary exploration program to verify the historic data reported by Central and South West Fuels Inc.
Company President and CEO, Joshua Bleak, stated, "The Artillery Peak project is our first acquisition in uranium rich Arizona where we expect to build a strong uranium property portfolio. With our historic data stating the Artillery Peak project contains 1.7 million pounds of uranium, we are excited about verifying and developing this potential. We also believe we can expand this potential through continued exploration efforts."
About American Energy Fields, Inc.
American Energy Fields (AEFI) is a resource company focused on exploring and developing the natural energy resources of the United States. American Energy Fields's corporate strength lies in its management's experience in the finance and natural resource sectors. AEFI has one of the most prolific mining databases for energy related projects within the United States. With this database, AEF will target and acquire projects with previous production and/or exploration and work towards fully developing those projects to drive revenues and build core reserves.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.