Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT:
0AD) (“Anfield” or “the Company”) is pleased to
announce that it has commenced a comprehensive review of its
conventional uranium assets, including the Shootaring Canyon Mill,
the Velvet-Wood mine and the West Slope properties, in order to
identify and advance an optimal long-term conventional uranium and
vanadium production plan through the utilization of these assets.
To meet this goal, the Company has, therefore, engaged BRS
Engineering, McNulty & Associates and Wright Environmental
Services. The review will include the following criteria:
- The cost of, and timeline to,
partial and/or full refurbishment of the Shootaring Canyon
Mill;
- A confirmation of the underlying
economics and potential production timeline related to the
Velvet-Wood Mine;
- An economic assessment and
potential production timeline related to Anfield’s West Slope
properties; and
- The permitting and regulatory
milestones tied to each of the identified assets and an optimal
production path through their use.
Corey Dias, Anfield CEO, stated, “The past few
weeks and months have served as a reminder of the fragility of
global supply chains; moreover, recent events in Eastern Europe
have exacerbated the inherent geopolitical risk of supply and
demand in the uranium sector. Given current circumstances, we
believe that operating in a safe and stable jurisdiction such as
the U.S. is a critical advantage and an attractive prospect for
those seeking uranium production from a reliable source. Moreover,
the West Slope project possesses a significant vanadium endowment
which, like uranium, is a key transition metal to the low-carbon
economy. Anfield’s ownership of one of only three licensed,
permitted and constructed conventional uranium mills in the U.S. is
a significant differentiator in the competitive uranium production
landscape”.
About BRS
BRS, Inc. is an engineering and geology
consulting corporation with expertise in mining and mineral
exploration. Of particular note, it specializes in uranium
exploration, mineral resource evaluation, mine design, feasibility,
mine operations, and reclamation. It has completed numerous uranium
projects including technical reports and feasibility studies for
underground, open pit, ISR, and conventional uranium mills.
Representative projects include technical reports and due diligence
for project financing for conventional uranium projects including
the Sheep Mountain Project in Wyoming, the Marquez/Juan Tafoya
Project in New Mexico, the Coles Hill Project in Virginia, and
numerous ISR uranium projects in Wyoming, Texas and Paraguay.
Douglas L. Beahm, P.E., P.G., the principal
engineer at BRS, is a Qualified Person as defined in NI 43-101 with
more than 45 years of professional and managerial experience. Mr.
Beahm has a proven track record in a variety of mining and mine
reclamation projects including surface and underground mining, heap
leach recovery, ISR, and uranium mill tailings projects. Mr.
Beahm’s experience includes coal, precious metals, and industrial
minerals, but his emphasis throughout his career has been on
uranium.
About T.P. McNulty and
Associates
T.P. McNulty and Associates was incorporated in
1988 to provide metallurgical consulting services. Terry McNulty
and his team have worked on projects located in 17 countries, and
clients have included exploration and mining companies, technology
developers, financing entities, universities, and government
agencies with emphasis on developing or evaluating ways of reducing
costs of improving efficiencies of existing mineral/metal
extraction methods. Work has been done on projects involving
copper, lead, zinc, silver, gold, iron ore, uranium, potash,
vanadium and a variety of other non-metallic minerals.
About Wright Environmental
Services
Toby Wright, President of Wright Environmental
Services, is a hydrogeologist and a registered professional
geologist (Wyoming) with a master's degree in geotechnical
engineering and over 30 years experience in uranium mining and
milling regulatory compliance. He was the contract project manager
at the UMTRA Moab Site reclamation project for the US Department of
Energy between 2002 and 2005, and was the Environmental Manager for
Uranium One Americas conventional mining and milling assets from
2007 to 2010, during which he was responsible for permitting and
compliance of the Shootaring Canyon Mill and Uranium One’s
Utah-based conventional uranium assets, which Anfield subsequently
acquired. Mr. Wright was a Director on Anfield’s Board between 2014
and 2019. Since 2010, Mr. Wright has provided technical and
regulatory support for the uranium industry as a private
contractor.
About Anfield
Anfield is a uranium and vanadium development
and near-term production company that is committed to becoming a
top-tier energy-related fuels supplier by creating value through
sustainable, efficient growth in its assets. Anfield is also a
precious metals development company. Anfield is a publicly-traded
corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB
Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield
is focused on two asset centres, as summarized below:
Arizona/Utah/Colorado – Shootaring Canyon
Mill
A key asset in Anfield’s portfolio is the
Shootaring Canyon Mill in Garfield County, Utah. The Shootaring
Canyon Mill is strategically located within one of the historically
most prolific uranium production areas in the United States, and is
one of only three licensed uranium mills in the United States.
Anfield’s conventional uranium and vanadium
assets consist of mining claims and state leases in southeastern
Utah, Colorado and Arizona, targeting areas where past uranium
mining or prospecting occurred. Anfield’s conventional uranium
assets include the Velvet-Wood Project, the Frank M Uranium
Project, the West Slope Project, as well as the Findlay Tank
breccia pipe. An NI 43-101 Preliminary Economic Assessment has been
completed for the Velvet-Wood Project. The PEA is preliminary in
nature, and includes inferred mineral resources that are considered
too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic
assessment would be realized. All conventional uranium assets are
situated within a 200-mile radius of the Shootaring Mill.
Wyoming – Resin Capture and Processing
Agreement
Anfield signed a Resin Capture and Processing
Agreement with Uranium One whereby Anfield would process up to
500,000 pounds per annum of its mined material at Uranium One’s
Irigaray processing plant in Wyoming.
The Charlie Project is located in the Pumpkin
Buttes Uranium District in Johnson County, Wyoming. The Charlie
Project consists of a 720-acre Wyoming State uranium lease which
has been in development since 1969. A Preliminary Economic
Assessment has been completed for the Charlie Project.
Anfield’s 24 remaining ISR mining projects are
located in the Black Hills, Powder River Basin, Great Divide Basin,
Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming.
Anfield’s three projects in Wyoming for which NI 43-101 resource
reports have been completed are Red Rim, Nine Mile Lake and
Clarkson Hill.
On behalf of the Board of DirectorsANFIELD
ENERGY INC.Corey Dias, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contact:Anfield Energy, Inc.Clive MostertCorporate
Communications780-920-5044contact@anfieldenergy.comwww.anfieldenergy.com
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING
STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY
HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY
STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS
REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED
HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN
FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR
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FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR
THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,”
“PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING
STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT
ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION
AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT
ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER
PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS
INCLUDE RISKS ASSOCIATED WITH SEEKING THE CAPITAL NECESSARY TO
COMPLETE THE PROPOSED TRANSACTION, THE REGULATORY
APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL
REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS
EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE
THAT THE COMPANY WILL BE ABLE TO COMPLETE THE PROPOSED TRANSACTION,
THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY
WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING
STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE
COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING
STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD
DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS
AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE
CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR
INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL
OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE
RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM
TIME-TO-TIME.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT
OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.
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