PHOENIX, Sept. 8, 2010 (GLOBE NEWSWIRE) -- American Energy Fields, Inc. (OTCBB:AEFI) (the "Company") is pleased to announce it has entered into a "Letter of Intent" to acquire a portfolio of breccia pipe targets located in the Arizona Strip Breccia Pipe District of northwest Arizona. There have been 29 targets identified to date and the possibility exists of identifying additional targets. The targets have been identified by Dr. Karen Wenrich, former geologist for the International Atomic Energy Agency (IAEA) and former USGS breccia pipe research scientist with more than 25 years of experience and over 100 publications on breccia pipe uranium deposits.
The uranium-bearing breccia pipes of the Arizona Strip are among the richest uranium deposits in the United States. Previous mining within the district has yielded more than 23 million pounds of U3O8 with average grades ranging from 0.5% - 1.0%. Breccia pipes are vertical geologic anomalies of broken sedimentary rock (breccia) and may contain a high-grade, compact form of uranium mineralization. It is of note that breccia pipes were mined through the 1980s and 1990s when uranium prices were as low as $8.00/lbs due to the economic benefits of the high grade uranium found in the pipes.
Company President and CEO Joshua Bleak stated, "This letter of intent is AEFI's next step into strengthening our foothold in Arizona uranium exploration. It is our primary focus to spend the remainder of 2010 acquiring uranium projects of merit. Dr. Wenrich has reviewed each of the breccia pipe targets and is optimistic as to their potential. Dr. Wenrich is an important part of our Arizona growth plan and she will have an integral role in exploring and developing these breccia pipes."
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.