PHOENIX, Dec. 15, 2010 (GLOBE NEWSWIRE) -- American Energy Fields, Inc. (OTCBB:AEFI) (the "Company") is pleased to announce that it has entered into an option agreement for the purchase of Prospect Uranium, Inc., a private Nevada corporation and a subsidiary of Tonogold Resources, Inc. (Pink Sheets:TNGL). The agreement gives AEFI a six-month exclusive option to purchase all of the issued and outstanding common shares of Prospect Uranium in exchange for an aggregate of 4 million common shares of AEFI, pending satisfactory completion of due diligence reviews by AEFI and Prospect and other customary conditions to closing. AEFI paid $15,000 for the option. The Board of Directors of Prospect Uranium and shareholders holding a majority of the outstanding shares of Prospect Uranium voting securities have already approved the transaction.
Prospect Uranium explores for and develops uranium mining properties primarily in North Dakota. Prospect Uranium's assets include uranium leases on approximately 1,026 acres of private property in southwestern North Dakota. Historical estimates indicate approximately 8 million pounds of U3O8 in a four square-mile area including and surrounding the uranium leases. Drill logs show uranium mineralized roll fronts in sandstone, with uranium mineralization occurring within 350 feet of the surface. Additional layers of sandstone exist at deeper intervals but have not been cored or logged. Based upon historical data, the Company has identified the potential for development using either open pit or ISR mining methods.
AEFI would also gain the exclusive control of Prospect Uranium's historical exploration database. The database includes over 400 drill logs on and in the immediate vicinity of Prospect Uranium's North Dakota uranium leases. These exploration holes were drilled in the late 1970s. Prospect Uranium's exploration database also includes data from various mining companies on mineral properties in Colorado, Wyoming, Nevada, and New Mexico.
Company President and CEO, Joshua Bleak, stated, "Our goal at American Energy Fields is to find, acquire, and develop natural energy resources in the United States. Prospect Uranium gives us a foothold in North Dakota, one of the most promising and under-explored areas for large uranium deposits in North America. Prospect Uranium's database of historical uranium exploration prospects should give us an inexpensive way to add quality properties to our portfolio. We look forward to updating you on the progress of this project as it moves forward."
About American Energy Fields, Inc.
American Energy Fields, Inc. is a resource company focused on exploring and developing the natural energy resources of the United States. American Energy Fields' corporate strength lies in its management's experience in the natural resource sector. AEFI has one of the most prolific mining databases for energy related projects within the United States. With this database, AEFI 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.
About Tonogold Resources, Inc.
Tonogold Resources, Inc. (Pink Sheets:TNGL) is a minerals exploration company with gold and silver properties in Arizona, Nevada, and Utah.
Safe Harbor Statement
The information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities 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, and the disclosures under the heading "Risk Factors" which appear in our reports and filing with the United States Securities and Exchange Commission which can be accessed at www.sec.gov. 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.