American Sands Energy Corp. Engages FLSmidth to Provide Preliminary Engineering on Its Sunnyside Project
SALT LAKE CITY, June 26, 2014 (GLOBE NEWSWIRE) -- American Sands Energy Corp. (OTCBB:AMSE) ("AMSE" or the "Company"), an oil sands exploration and development company operating in Utah, is pleased to announce that FLSmidth USA, Inc. has been engaged to provide a feasibility study, including a Class IV estimate of capital and operating costs, on AMSE's proposed 5,000 barrel per day ("bbl/d") facility to be located at its site near Sunnyside, Utah. This feasibility study will update the Company's capital and operating cost estimates from the previous feasibility study done by AMEC BDR in 2009.
"We are excited to be working with FLSmidth," stated Robin Gereluk, AMSE's Chief Operating Officer. "FLSmidth has outstanding qualifications and in-house expertise to help us develop our facilities plan in a timely, cost-effective manner."
"Engaging FLSmidth is an important step as AMSE executes on its plans to develop a 5,000 bbl/d operating oil extraction facility," said William C. Gibbs, AMSE's Chairman and CEO. "While American Sands moves through the permitting process, obtaining this update of engineering and cost estimates is critical as we approach our anticipated post-permitting capital raise."
About American Sands Energy Corp.
American Sands Energy Corp. 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.
About FLSmidth USA Inc.
FLSmidth is a leading supplier of equipment and services to the global cement and minerals industries. FLSmidth supplies everything from single machinery to complete cement plants and minerals processing facilities including services before, during and after the construction. For more information, visit www.flsmidth.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.
Contact
Daniel Carlson, CFO (801) 277-7888
