PHOENIX, June 3, 2010 (GLOBE NEWSWIRE) -- American Energy Fields, Inc. (OTCBB:AEFI) (the "Company") is pleased to announce the California State Land Department has issued an exploration permit covering 800 leased acres for its Coso uranium project. The Company will begin a preliminary exploration program to further the uranium trend identified through the work completed by Western Nuclear, Pioneer Resources, Federal Resources, and Union Pacific Mining/ Rocky Mountain Energy.
Company President and CEO, Joshua Bleak, stated, "Receiving this exploration permit is a major milestone for AEFI and our development plans for the Coso project. It is a tremendous endorsement of the quality of our exploration team and the work they are capable of doing. With the bulk of Coso's historic exploration performed on Federal land, we look to expand the resource potential by now beginning a work program on the 800 acres of State leased land. This is another step in the direction of finding, acquiring, and developing natural energy resources in the United States."
The Coso project, including 169 federal claims and 800 State acres, was previously developed by Western Nuclear, Pioneer Resources, Federal Resources, and Union Pacific Mining/ Rocky Mountain Energy. A total of U.S. $20,000,000.00 was spent developing the project, including the development of an engineered pit design. These exploration efforts established a historic 5.5 million lbs. of uranium with an average grade of 0.07% U3O8.
The Coso project lies in the heart of the Californian mining district of Inyo County. According to the U.S. Geological Survey, (USGS), in 2008 California was the 5th largest mining state in the U.S. with 717 active mines and approximately 10,000 employees. From the 1950's to the 1980's California consistently ranked as one of the top States in the U.S. for uranium exploration and mining. With numerous uranium projects throughout the State, California will likely be a key component in meeting future U.S. uranium demand.
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, labour 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.