• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

American Energy Production Inc. Announces Wholly Owned Subsidiary Oil America Group Inc. Will Manage Dorado Gold Mine in California

Posted on: Tuesday, 13 October 2009, 07:30 CDT

MINERAL WELLS, TX, Oct. 13 /PRNewswire-FirstCall/ - American Energy Production Inc. (OTC BB:AENP.OB - News) announced today that it's wholly owned subsidiary Oil America Group Inc. ("OAG") will operate the Dorado gold mine operation in Trinity County, California for the four month term of the operating agreement executed in July.

Joe Christopher, President of OAG, will be the general manager of the mining operation and will arrive with 5 heavy equipment operators to commence mining this week. Mr. Christopher stated "We are very excited about this opportunity to be involved in one of the premier Gold mining areas in North America. We are expecting to obtain critical information about the Dorado mine over the next few months in relation to determining our next steps in this business strategy."

Charles Bitters, President of American Energy Production Inc. said "we believe that along with the current economic disarray, certain economic experts are forecasting double digit inflation within a two year period. Bitters further stated that with productive gold mining properties, this would provide a hedge against this kind of economy event. Every country in the world is short of gold reserves and the price of gold could rise significantly in the future above the current price of approximately $1,000 per ounce."

The Dorado mine is located in Trinity County, California where gold has been successfully mined since the 1880's. A tremendous amount of gold has been mined in this county along with other minerals such as silver and platinum. In 1917, approximately 25,000 ounces of gold was produced in Trinity County and at today's prices, would be approximately $25,000,000.

Mr. Christopher will be searching for the "hot spots" or areas where there are black sand deposits. Where you find black sand deposits, you usually find placer gold. Mr. Christopher will utilize a recently acquired magnetometer to locate the black sand deposits and this should allow less dirt movement and more gold production. The Dorado operation is one that does not use any chemicals and is a environmentally friendly operation.

Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" and are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the result, performance, or expectations expressed or implied by such forward-looking statements.

CONTACT: American Energy Production Inc.: Charles Bitters, (940) 445-0698, http://www.americanenergyproduction.com; or Oil America Group Inc.: Joe Christopher, (972) 386-0601, Jchristopher@oilamericagroup.com

SOURCE American Energy Production Inc

Source: PR Newswire

More News in this Category