American Sands Energy Corp. Engages Stifel, Provides Update on Permitting
February 10, 2015 (Source: PRNewswire) — American Sands Energy Corp. (OTCBB: AMSE, “AMSE” or the “Company”), an oil sands exploration and development company operating in Utah, is pleased to announce the engagement of Stifel, Nicolaus & Company, Incorporated (“Stifel”) as its exclusive investment banker and financial advisor.
“We are excited to be working with Stifel,” said William C. Gibbs, Company CEO. “AMSE is approaching a pivotal point in our development, as we work through the permitting process and move towards building our facility and beginning production. Stifel, with its expertise in the energy industry, is a significant addition to our team and we believe will be a great help in achieving our goals.”
Also, by way of update, AMSE has been working with the Utah Division of Oil, Gas & Mining (“DOGM”) on its large mine permit application since initially filing for the permit in March of 2014. “We received the most recent comment letter from DOGM in early January,” stated Daniel Carlson, Company CFO. “We are in the process of responding to the comments and expect to be resubmitting our application by the end of this week. Based on the comments, and ongoing conversations with DOGM, the Company believes that we have met all their criteria and hope to finish the permitting process soon.”
Based on the recently completed feasibility studies, AMSE expects to enter production approximately 18 months post permitting. Expected cost of production, per the studies, is expected to be below $40 per barrel of bitumen produced.
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.
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Stifel is a full-service brokerage and investment banking firm, established in 1890 and based in St. Louis, Missouri. The Company provides securities brokerage, investment banking, trading, investment advisory, and related financial services through its wholly owned subsidiaries to individual investors, professional money managers, businesses, and municipalities. For more information, visit www.stifel.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. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of AMSE’s securities, and there shall not be any sale of AMSE’s securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction, or the availability of an exemption therefrom.
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