SALT LAKE CITY, Jan. 21, 2014 (GLOBE NEWSWIRE) -- American Sands Energy Corp. (OTCBB:AMSE) ("AMSE" or the "Company"), an oil sands exploration and development company operating in Utah, announced today that the results from its recent onsite drilling program to define parameters for its mine at its Sunnyside, Utah oils sands site are better than expected.
"In connection with the submittal of our mine plan and the quantification of our mining costs, we are pleased with the results of our drilling program. The results confirm that there is no ground water that will be affected by our mining and processing activities and the absence of methane in the formation. In addition, rock mechanics support several mining methods," said William Gibbs, Chairman and CEO.
Robin Gereluk, COO, added, "The absence of methane and ground water and the favorable rock mechanics support a reduction in our mining cost estimates, the largest component of our overall production cost that previously was projected to be approximately $49 per barrel. As important, these results assure we can develop and operate a project that is safe for the environment and for miners and our employees that will be working at our site."
This is the final site-specific step required for the Company to complete its state mining permit and other regulatory applications for the project, which is expected to be filed in March.
About American Sands Energy Corp.
American Sands Energy Corporation is a development stage Delaware company with primary operations in Utah. The Company has acquired rights to oil sand ore covering approximately 1,800 private acres of prime oil sand deposits in the Sunnyside area of Utah. The Company has an extraction and recovery system using a licensed proprietary solvent that separates oil and other hydrocarbons from sand, dirt and other substances without creating tailing ponds and other environmental hazards. For more information, visit www.americansandsenergy.com.
Forward Looking Statements
This release contains forward-looking statements regarding AMSE's future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of business development efforts, exploration efforts and the timeliness of development activities, the ability to place the project into full production; the ability to secure all necessary mining permits in a timely manner, fluctuations in energy prices, confirmation of estimated resources, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. American Sands Energy Corp. undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.