American Energy Fields, Inc. Acquires Coso & Blythe Uranium Projects
American Energy Fields, Inc. (OTC Bulletin Board: AEFI; the "Company") is pleased to announce that it has acquired the 4,180 acre Coso uranium project and the 1,320 acre Blythe uranium project in the mining districts of Inyo and Riverside Counties, California, respectively.
The Coso project, including 169 Federal mining claims and 800 state-owned acres, was previously developed by Western Nuclear, Pioneer Resources, Federal Resources, and Union Pacific Mining/Rocky Mountain Energy. An estimated U.S. $20,000,000.00 was spent on exploration and development of the project, including an engineered pit design, where exploration records indicate 5.5 million lbs. of uranium was identified with an average grade of 0.07 U3O8. American Energy Fields, Inc. is currently developing an exploration plan to confirm the historic data with the goal of moving the project towards production.
The Blythe project consists of 66 Federal mining claims in Riverside County, California covering 3 historic mines, the Safranek, the McCoy Wash, and the Little Ore Hill operated by Humbug Mining and Bokum Corporation. According to Bokum's records during the years of 1963 to 1964, the Safranek Mine produced and shipped 1,400 tons of uranium ore averaging 0.80% U308 to the VCA mill in Salt Lake City, Utah for processing. These records also indicate the Safranek site currently contains 100 tons at 0.40% U3O8 and 4,000 tons at 0.30% U3O8 of stockpiled ore, while the McCoy Wash has 3,000 tons of stockpiled ore with a grade of 0.20% U3O8. Bokum Corporation drilled the property in the early 1970s and the results indicated approximately 153,000 lbs of U3O8 while outlining a further potential for an additional 2,000,000 lbs of U3O8. American Energy Fields, Inc. aims to identify, expand, and develop the ore body with the goal of putting the past producing mines back into production.
Company President and CEO, Joshua Bleak, stated, "This acquisition is a major development in the Company's ongoing exploration and development program. To be able to add two projects with such historic significance to our portfolio initiates vertical growth to our Company and shareholder value. Our goal at American Energy Fields is to find, acquire, and develop natural energy resources in the United States. We aim to take advantage of the work done by so many reputable mining companies like Rocky Mountain Energy and Federal Resources to find ore bodies that have been previously identified and developed, thus mitigating our exploration risk and expenses. Our database of mining projects in the Southwest U.S. is unrivaled and allows us to find projects of this significance at a minimal cost to the Company. It is rare to find projects of the Coso or Blythe's significance where resources were developed and mined and engineered pit designs were developed by world class engineers. We look forward to updating you on the progress of these projects as it becomes available."
