American Energy Fields, Inc., a specialty acquisition and exploration company of uranium in the United States, announced that it has finalized a memorandum of understanding, or MOU, in order to acquire a significant portfolio of properties on the Colorado Plains of Southern Utah and Southwestern Colorado from American Nuclear Resources LLC.
The portfolio will include past producing properties located in the Uravan Mineral Belt, which lies within 50 miles of Dennison Mines Corp’s operating White Mesa mill and within 16 miles of Energy Fuels Inc.’s proposed and newly permitted Pinon Ridge Mill. The Uravan Belt has produced over 100 million pounds of U308 to date. Yellowcake Mining has also conducted a drilling program on the Uravan Properties in the year 2008, in addition to its past production. The portfolio also includes properties such as Marysvale District, the Henry Mountains Districts, Cottonwood Wash area, and White Canyon areas.
The total portfolio consists of over 8,000+ acres of unpatented lode mining claims on Bureau of Land Management land and over 1,500 acres in the Utah Minerals Lease. Most of the properties have produced uranium in the past, allowing the infrastructure to be in place to commence near-term production, all based upon the company fulfilling its permitting requirements.
Joshua Bleak, Company President and CEO, said, “We are excited to acquire this portfolio of past-producing uranium properties. The entire Colorado Plateau region has a significant history of uranium production. As past producers, we hope to bring these properties into near-term production, capitalizing on the vicinity to operating and proposed uranium mills.”
The company also recently announced that it located 35 lode-mining claims in the Aquarius Mountains Mining District in Mohave County, Arizona, an area rich in uranium and rare earth metals. The property lies within the Date Creek Basin, a region that reportedly contains an estimate of 1.2 billion tons of U3O8. The company plans to conduct an initial phase of exploration within the next thirty days, which includes geologic mapping, grid radon survey, and surface sampling.
Company President and CEO Joshua Bleak stated, “This uranium and rare earth deposit is a significant acquisition in building a significant uranium property portfolio, especially considering its proximity to our Artillery Peak project. Additionally, the rare earth metals in the deposit have the potential to add significant value to this property. We look forward to implement our exploration program to identify and define a uranium and rare earth resource on this property.”
For more information on American Energy Fields, Inc. and its projects, visit their company website at www.americanenergyfields.com
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