Concentric Energy Sells Arizona Mine For Clean Energy Use

PHOENIX, May 3 /PRNewswire-FirstCall/ -- American Energy Fields, Inc. (OTC Bulletin Board: AEFI; the "Company") has submitted an offer to Concentric Energy to purchase the Anderson Mine in Yavapai County, Arizona.

American Energy Fields is strategically positioned in the Southwest U.S. to finance and develop emerging clean energy resource operations with a focus on U.S. energy independence. It offers Concentric Energy a great opportunity to be involved as a significant shareholder in the future development of a Company that will make a difference as a U.S. based alternative energy Company.
American Energy Fields has established the platform to develop significant alternative energy resources with its portfolio of potentially low cost uranium properties, qualified management team, and significant mining database. It is committed to American's quest for energy independence.
American Energy Fields believes this is a win/win scenario for both the shareholders of Concentric Energy and American Energy Fields to develop alternative energy solutions and become one of the main contributors for the U.S. to obtain energy independence.
The offered purchase price for the Anderson Mine, as described in the Registration Statement on Form S-1/A filed August 8, 2009, is $500,000 in cash on closing, assumption of all of Concentric's indebtedness as appears on the S1/A balance sheet and through the date of closing, plus 12,000,000 shares of common stock from the Treasury of American Energy Fields, Inc.
If agreed upon, the purchased assets shall include all of the uranium and related assets necessary for the continued operation of Anderson as a going concern (studies, reports, claims, licenses, rights, etc.) substantially in accordance with its historical activities as reflected in the S1/A. The excluded assets and assumed liabilities, if any, will be more fully described in the definitive Asset Purchase Agreement.

About American Energy Fields, Inc.

American Energy Fields (AEFI) is a resource company focused on exploring and developing the natural energy resources of the United States. American Energy Fields' corporate strength lies in its management's experience in the finance and natural resource sectors. AEFI has one of the most prolific mining databases for energy related projects within the United States. With this database, AEF will continue to target and acquire projects with previous production and/or exploration and work towards fully developing those projects to drive revenues and build core reserves.

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.


SOURCE American Energy Fields, Inc.