American Energy Fields, Inc. Receives Exploration Permit From California State Land Department for Coso Project
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.
