SALT LAKE CITY, March 6, 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 it has completed the submission of its Notice of Intention to Commence Large Mining Operations ("NOI"), or Mining Permit Application, to the Utah Division of Oil, Gas & Mining.
"The submittal of our mine plan represents a significant step for American Sands. Having positively completed all the required environmental work, and with a unique, water-free solvent extraction process, we are excited to have our NOI submitted for approval," said William Gibbs, Chairman and CEO. "During this approval process, AMSE will simultaneously work to complete final engineering for the design of operating facilities so that it can commence construction shortly after approval of the NOI."
The NOI is a submittal for a complete operating permit that, when granted, will allow AMSE to commence operation of its proposed 5,000 barrel-per-day bitumen extraction operation. "It is our goal to be producing bitumen by the summer of 2016," stated Robin Gereluk, Chief Operating Officer. "With over 150 million barrels (P-50 resource) currently under lease, we have the potential for decades of production in front of us."
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.