Anfield Resources Inc. Acquires Additional Uranium Assets in the
U.S.
- continues its strategy of acquiring assets with near term cash
flow potential
- acquires 32 mining claim groups consisting of 130 new
unpatented uranium mining claims in four areas of Utah with a rich
history of uranium production
- uranium portfolio now consists of 263 unpatented uranium
claims in 58 claim groups and nine mineral leases on Utah State
Trust Land
- all claims lie within a 75-mile radius of the White Mesa
Mill
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 23, 2014) -
Anfield Resources Inc. (TSX-VENTURE:ARY) ("Anfield" or "the
Company") is pleased to announce that it is continuing its
strategic investment in uranium assets with the acquisition of 130
unpatented mining claims in 32 mining claim groups on federal land
in Utah, located pursuant to applicable law, from Yellow Rock
Resources Inc. ("Yellow Rock"). This acquisition includes claim
groups in the Paradox Area, a past-producing uranium mining Area
that was not previously represented in Company's uranium asset
portfolio. It also includes claim groups that bolster the Company's
current holdings within the Henry Mountains, Monticello and White
Canyon Areas.
From a strategic perspective, Anfield now has access to mineral
rights on over 10,000 acres in Utah in districts where the combined
historical uranium production totals approximately 24 million
pounds. In addition, at least one uranium prospect or
past-producing uranium mine has been identified within or proximal
to each of its 58 acquired claim groups. Moreover, these claims all
lie within a 75-mile radius of the White Mesa mill - the only
operating conventional uranium mill in the US - whose proximity
would facilitate the Company's aim of toll-milling its ore in order
to accelerate near-term revenue and cash-flow generation.
"The Yellow Rock acquisition advances our strategy of targeting
mineralized areas with past uranium production or historical
underground workings," stated Corey Dias, CEO of Anfield. "These
acquired claims complement our current Utah uranium portfolio,
allowing us to not only expand our existing mining footprint within
certain uranium districts but also gain a foothold in one
additional district with a history of significant uranium and
vanadium production. We believe that our diversified claim
portfolio will enhance our ability to develop a sustainable source
of uranium ore in aggregate.
"Given: 1) the Japanese government's recent approval of TEPCO's
business plan to restart its nuclear reactors and, consequently,
begin to consume its current uranium stockpile; 2) the number of
nuclear reactors proposed, planned or under construction worldwide,
which would more than double the current number of operating
reactors; and 3) the recent expiration of the 20-year HEU agreement
between the US and Russia, we continue to believe in the likelihood
of a shortfall in uranium raw materials and, subsequently, the
opportunity it provides uranium producers to meet demand."
Below is a summary of the acquired uranium assets:
Paradox Area
The acquisition includes one claim group consisting of 8
individual claims situated in the La Sal District of the Paradox
Area in eastern San Juan County, Utah. Total past production in
this area is estimated at 6,426,000 lbs U3O8 and 28,878,000 lbs
V2O5 with an average grade of 0.28% U3O8 and 1.21% V2O5. The La Sal
District is part of the larger Paradox Area, which also includes
major historic uranium producers in adjacent areas of Colorado.
Henry Mountains
Area
The acquisition includes seven claim groups consisting of 32
individual claims situated in the Henry Mountains Area in eastern
Garfield County, Utah, and is complementary to the two State Leases
previously secured by Anfield. Total past production in this area
is estimated at 620,000 lbs U3O8 at an average grade of 0.24% U3O8.
More than 20 historically producing mines have operated in the
Henry Mountains District, and the district is home to the
past-operating Shootaring Canyon Uranium Mill.
White Canyon
Area
The acquisition includes six additional claim groups consisting
of 31 individual claims situated in the White Canyon Area in
western San Juan County, Utah. This is complementary to the eight
claim groups consisting of 22 claims Anfield previously acquired in
the Area. The White Canyon Area is estimated to have produced more
than 11,000,000 lbs U3O8, with an average grade of 0.24% U3O8. The
Area is also home to Energy Fuels' Daneros Project, a
current/recent Uranium producer, as well as the
historically-producing Happy Jack mine. Of note, there are more
than 100 known uranium deposits in the White Canyon District.
Monticello
Area-Cottonwood/Abajo District
The acquisition includes five claim groups consisting of 16
individual claims situated in the Cottonwood/Abajo District of the
Monticello Area in central San Juan County, Utah. Total past
production in this area is estimated at 896,000 lbs U3O8 and
5,664,000 lbs V2O5 at an average grade of 0.14% to 0.16% U3O8 and
1.5% V2O5.
Monticello
Area-Montezuma Canyon District
The acquisition includes thirteen additional claim groups
consisting of 43 individual claims situated in the Montezuma Canyon
District of the Monticello Area in eastern San Juan County, Utah.
With this acquisition, Anfield now holds twenty-one claim groups
consisting of 72 claims and six State Leases in this Area. Total
past production in this area is estimated at 88,000 lbs U3O8 and
775,000 lbs V2O5, with an average U3O8 grade of 0.24% and 0.31%
V2O5. Of note, there are 84 known uranium deposits in the Montezuma
Canyon District.
Production figures in this news release are as reported in
Gloyn, R.W. et al, Mineral, Energy, and Groundwater Resources of
San Juan County, Utah, Utah Geological Survey (1995) and Utah
Geological and Mineral Survey Open File Report 18, Uranium-Vanadium
Occurrences of Utah (1974).
The Company acquired the uranium assets by entering into an
asset purchase agreement with Yellow Rock in which it agreed to
issue 1,250,000 common shares to Yellow Rock upon TSX approval, and
making the following cash payments to Yellow Rock totalling
US$500,000 according to the following schedule: US$100,000 upon TSX
approval and subsequent financing, US$100,000 on the first
anniversary, US$150,000 on the second anniversary, and US$150,000
on the third anniversary.
About Anfield Resources
Inc.
Anfield is a publicly traded corporation listed on the
TSX-Venture Exchange (EQX-ARY-V) and is engaged in mineral
exploration, development and production in the United States and
Chile. Its focus is on acquiring and developing an array of
strategic mineral projects, including further developing its
nascent copper production operation in Chile and its uranium assets
in Utah and Arizona, and its longer-term focus on the development
of its Arizona-based copper properties. To find out more about
Anfield, visit its website at www.anfieldresources.com.
R. Tim Henneberry, P.Geo., Advisor to Anfield is the
Qualified Person as defined in National Instrument 43-101, who has
reviewed and approved the technical content of this news
release.
On behalf of the Board of Directors
ANFIELD RESOURCES INC.
Corey Dias, Chief Executive Officer
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Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN
OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAWS OF ANY SUCH JURISDICTION.
Anfield Resources Inc.Clive MostertCorporate
Communications780-920-5044cmostert@telus.netwww.anfieldresources.com
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