American Energy Fields, Inc. is pleased to announce it has finalized a memorandum of understanding to acquire from American Nuclear Resources LLC a significant portfolio of properties on the Colorado Plateau in southern Utah and southwestern Colorado.
The portfolio includes past producing properties in the Uravan Mineral Belt, located 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 Mineral Belt has produced over 100 million pounds of U3O8 to date. In addition to past production, Yellowcake Mining conducted a drilling program on the Uravan properties in 2008.
The portfolio also includes properties in the past producing Marysvale District, the Henry Mountains District, White Canyon, and the Cottonwood Wash area.
The total portfolio consists of more than 8,000 acres of unpatented lode mining claims on Bureau of Land Management (“BLM”) land and a Utah State Minerals Lease consisting of over 1,500 acres. As some of the properties have produced uranium in the past, the infrastructure is in place to commence near-term production, contingent on fulfilling permitting requirements.
Company President and CEO, Joshua Bleak, stated, “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.”