SEBOYETA, NM – American Future Fuel is a Canadian based company that is looking to begin uranium mining operations in Cibola County, New Mexico. The corporation first announced its intentions for a mine in Cibola almost one year ago, on July 29, 2022. Since, little information about the company or its group has been accessible.
The leadership of AFF is made up of Chief Executive Officer Luke Montaine, who is a long-time investment advisor; Geoff Balderson, Chief Financial Officer, an investment advisor and private company advisor; Director Joel Shacker, a business advisor with a “vision for the future” and Director Stephen Goodman, an investment banker with significant experience in the field of expanding and acquiring mining companies. Company leadership call American Future Fuel Corporation an “Other Industrial Metals and Mining” company.
Months ago, the Cibola Citizen is alerted by Cibola community members that AFF CEO Luke Montaine is under investigation by Alberta Securities Commission for making “misleading statements that would reasonably be expected to have a significant effect on the market price or value” on another company that Montane is partner to, called Rodman Investment Corps. None of these allegations have been proven.
The first phase of AFF’s work is expected to cost $942,000.
What is American Future Fuel Corporation?
Listed as AFFCF on the Nasdaq Stock Exchange, American Future Fuel Corporation is based in Vancouver, British Columbia, Canada. The company is, as of press time, worth $0.25 per share. The company’s website is listed as “www.thefuturefuel.com” but the link has not worked at least since the Cibola Citizen learned of this announcement over the weekend.
The company is young, with financials ranging only dating as far back asAugust 2, 2021.
Uranium Mining in Cibola?
In a short press release from July 29, 2020, American Future Fuel Corporation declared that it owns a 100 percent interest in the “Ceboleta Uranium Project.” This company will work to develop the According to Yahoo Finance, a service which seeks to equip would-be investors with the necessary tools to make informed decisions about stock market trades, American Future Fuel Corporation holds a mineral lease just outside of Seboyeta, N.M. in Cibola County. This mineral lease is approximately 6,700 acres of mineral rights and 5,700 acres of surface rights.
American Future Fuel Corporation has been looking into this project for several months, focusing on the Seboyeta area because, “the Grants Mineral Belt [is] a prolific mineral belt responsible for approximately 37 [percent] of all Uranium produced in the United States of America. Future Fuel’s Ceboletta Uranium Project is an advanced exploration project with an historical resource estimate of approximately 19,000,000 pounds of uranium.”
The company is expecting to see significant amounts of uranium to be mined at the site, saying that they will “Focus on direct confirmation drilling to confirm the historical resource with the strategy to produce a compliant 43-101 resource.” 43-101 is a Canadian law which requires mining companies to disclose scientific and technical information about their mining operations.
In their press release, the company says that it intends to use “infill drilling” to maximize their yield of uranium. This style of mining works to more effectively increasing yield of materials by minimizing the space between mining wells in an area.
“Lengthy conference calls and discussions with En-Core Energy and knowledgeable geologists with years of experience on Cebolleta, give me confidence in our project,” CEO Montaine, said. “Years of data extending back to the 1950s is being compiled into one data room for ease of understanding. Our project has past production, in a well-known uranium jurisdiction, and a historical resource calculation we are eager to make current. It has come to our attention that areas have still yet to be explored, which could imply more pounds in the ground if drilling proves successful.”
The press release ends with a caveat to all of the positive news, explaining that the press release is only a look to the future and not a promise of actual results. The caveat reads: “This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forwardlooking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive regulatory approvals. 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 forwardlooking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.”