VANCOUVER, British Columbia -- March 12, 2018 -- InvestorsHub
NewsWire -- Anfield Energy Inc. (TSX-V:AEC) (OTCQB:ANLDF)
(FRANKFURT:0AD) (“Anfield” or the
“Company”) is pleased to announce that it has
entered into a term sheet with Cotter Corporation (N.S.L.)
(“Cotter”) to acquire the Charlie ISR Uranium
Project (the “Charlie Project”) 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 and sits immediately
adjacent to two of Uranium One’s producing mines. The transaction
will be settled with the issuance of common shares of Anfield to
Cotter equal to a 10% ownership interest in Anfield, with Cotter
retaining a 20% interest in all yellowcake production from the
project. Anfield currently has 22,508,358 shares issued and
outstanding. Anfield will have access to the data from the
previous exploration activities at the Charlie Project, allowing
for rapid preparation of technical reports on the Project.
Anfield’s CEO, Corey Dias, commented: “We are excited to add
the Charlie Project to our portfolio of uranium properties. It is a
critical component of our strategy to create a robust mine-and-mill
production complex in Wyoming. We are now well-positioned for
production when market conditions are right. The Charlie
Project is one of the most-advanced uranium properties in the
United States and Anfield has a resin processing agreement in place
with nearby Uranium One to produce up to 500,000 pounds of uranium
per year at its existing processing facility. Moreover, in
building a significant resource pipeline we are continuing to
update and delineate uranium resources at the 24 Wyoming uranium
projects acquired from Uranium One in 2016. These projects
complement our conventional assets, including the Shootaring Canyon
Mill, allowing us to bring projects on stream optimally according
to market conditions and potential contracts."
The Charlie Project
Inexco Oil began exploration drilling on the Charlie Project in
1969 and over a two year period completed 215 holes, comprising
91,000 ft. of drilling. A joint venture was formed with Uranerz USA
in 1974 and an additional 715 holes were completed, including 57
core holes, totaling 283,906 ft. Cotter acquired the project
from Uranerz and proceeded to evaluate it for both conventional
open pit and in situ mining methods. Cotter excavated a 200 ft.
test pit in 1981 on a small mineralized zone east of the main
trend. Falling uranium prices in the 1980s halted further
development on the project. In January, 1995 Power Resources Inc.
(PRI) completed what it defined as a “feasibility study” for the
project under an agreement with Cotter Corporation for development
as an ISR mine. PRI estimated what it defined as “total
geologic (indicated and inferred) ore reserves” for the project.
The estimate was based on a data from some 1,252 exploration drill
holes using an initial cutoff of 2 feet of 0.02
%eU3O8. PRI utilized both manual GT
contouring and computer-aided geostatistical mineral resource
estimation methods to estimate the contained pounds by blocks (42’
by 42’). PRI then applied economic criteria based on estimated
uranium content, by ISR wellfield pattern, which resulted in range
of 3.1 to 4.6 million pounds of uranium oxide “total geologic ore
reserve” and a corresponding range of average GT of 1.64 to 2.72.
PRI did not state the average thickness or grade. Anfield
considers these estimates to be historical in nature and cautions
that a qualified person has not done sufficient work to classify
the historical estimate as current mineral resources or mineral
reserves and Anfield is not treating the historical estimate as
current mineral resource or mineral reserves. The term “ore
reserve” disclosed as an historical estimate is not consistent with
the requirement of the definition of a mineral reserve per CIM
definitions as the economic viability and technical feasibility of
the project have not been established by preparation and filing of
a preliminary feasibility study or feasibility study.
As part of this study PRI completed, in 1994:
- A coring program to assess disequilibrium, porosity, and to
provide a composite sample for metallurgical testing;
- Mineralogical studies on the core;
- Bench scale leach studies;
- An assessment of the local hydrology and water rights;
- An outline which defined permitting and licensing requirements;
and
- Estimates of both CAPEX and OPEX for the development of the
project as a satellite to PRI’s Highland ISR Uranium Mine.
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 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 production centres, as
summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin
Processing Agreement)
Anfield has also signed a Resin 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. In addition, the Company can both buy and borrow
uranium from Uranium One in order to fulfill some or all of its
sales contracts.
Anfield’s 24 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 two projects
in Wyoming for which NI 43-101 resource reports have been completed
are Red Rim and Clarkson Hill.
Arizona/Utah – 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 assets consist of mining claims
and state leases in southeastern Utah 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, as well as the Findlay Tank breccia pipe.
A NI 43-101 Preliminary Economic Assessment has been completed for
the Velvet-Wood Project. All conventional uranium assets are
situated within a 125-mile radius of the Shootaring Mill.
About Cotter Corporation
Cotter Corporation is a General Atomics (GA) affiliate
headquartered in Denver, Colorado. Originally incorporated in 1956
in New Mexico as a uranium production company, Cotter was purchased
by and became a wholly owned subsidiary of Commonwealth Edison in
1975. GA acquired Cotter in early 2000. Through its various mining
and milling operations, Cotter has produced uranium, vanadium,
molybdenum, silver, lead, zinc, copper, selenium, nickel, cobalt,
tungsten and limestone.
Douglas L. Beahm, P.E., P.G. has approved the scientific and
technical disclosure in the news release. He is a Qualified Person
as defined in NI 43-101.
On behalf of the Board of Directors
ANFIELD 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 Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.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 IMPLIED BY SUCH
STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL 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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