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VANCOUVER, BRITISH COLUMBIA / TNW-ACCESSWIRE / September 10, 2014 / Anfield Resources Inc. (TSX.V: ARY)(OTCQB: ANLDF) ("Anfield" or "the Company") is pleased to announce that it has engaged BRS, Inc. to complete a mineral resource estimate and NI 43-101 technical report for the Velvet-Wood Uranium property, one of the most prospective mineral properties in the recent asset purchase from Uranium One.
The Velvet-Wood deposit is the most advanced mining target included in the recent asset acquisition from Uranium One. Between 1979 and 1984 approximately 400,000 tons of ore were mined from the Velvet deposit at grades of 0.46% U3O8 and 0.64% V2O5 (recovering approximately 4 million pounds of U3O8 and 5 million pounds of V2O5).[1] Some underground infrastructure is already in place at the Velvet mine including a 3,500 ft long, 12' x 9' decline to the ore body.
In 2008, BRS prepared both a draft feasibility study and a technical report for the Velvet-Wood deposit when it was under the ownership of Uranium One. While those reports were prepared in accordance with NI 43-101, they were not disclosed to the public as those properties were not material to their owners at that time. In those reports, BRS estimated that the combined Velvet and Wood mines comprise 4.6 million pounds of U3O8 at a grade of 0.285% U3O8 (measured and indicated historic resource) and 638,500 pounds of U3O8 at a grade of 0.173% U3O8 (inferred historic resource).[2] In the current engagement, BRS will verify, update, and expand upon its previous Velvet-Wood resource estimate. It is anticipated that the historical estimate for the Velvet and Wood deposits will be updated to a current mineral resource.
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 Sheep Mountain and the JAB-RD open pit in Wyoming, the Cibola Project in New Mexico, the Coles Hill, Virginia open pit and underground mine, and numerous ISR uranium projects in Wyoming and Paraguay.
BRS, Inc. authored five technical reports for four of Anfield's properties included in the most recent acquisition. These are:
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-Velvet-Wood Mine Complex, San Juan County, Utah, USA, Feasibility Study, Final Draft, December 15, 2008;
-Velvet Mine Uranium Project, San Juan County, Utah, USA 43-101 Mineral Reserve and Resource Report, December 10, 2008;
-Wood Uranium Project, San Juan County, Utah, USA 43-101 Mineral Reserve and Resource Report, December 20, 2008;
-Frank M Uranium Project, 43-101 Mineral Resource Report, Garfield County, Utah, USA; and
-Findlay Tank SE Breccia Pipe Uranium Project, Mohave County, Arizona, USA 43-101 Mineral Resource Report, October 2, 2008.
Douglas L. Beahm, P.E., P.G., the principle engineer at BRS, is a Qualified Person as defined in NI 43-101 with 39 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.
Corey Dias, CEO of Anfield, stated: "At this pivotal moment for the Company, it is important that we move forward expeditiously to evaluate the properties that are a part of the Uranium One acquisition. By engaging BRS to perform a resource evaluation at the most advanced mineral property in the acquisition, we are moving forward with an entity that not only possesses significant expertise in the Uranium exploration and development industry, but one that also has an intimate working knowledge of the geology and mineral deposits at the property itself. We expect that the Velvet-Wood deposit will be an important source of feed for the Shootaring Canyon Uranium Mill once the mill is restarted, pending regulatory approval."
About Anfield's Uranium Properties
Anfield is an energy metals exploration, development and near-term production company that is committed to becoming a top-tier energy fuels supplier by creating value through sustainable, efficient growth in its energy metals assets. Anfield is a publicly traded corporation listed on the TSX-Venture Exchange (ARY-V) and the OTCQB (ANLDF). Anfield is focused on the acquisition and development of an array of strategic energy metals projects as summarized below:
Upon the closing of the Shootaring Transaction, the key asset in Anfield's portfolio will be the Shootaring Mill in Garfield County, Utah. The Shootaring 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.
Upon the closing of the Shootaring Transaction, Anfield's uranium assets will include mining claims and state leases in southeastern Utah, Colorado, South Dakota and Arizona totalling nearly 65,500 acres (26,507 hectares), targeting areas where past uranium mining or prospecting occurred. The uranium assets will contain a historic measured and indicated resource of 6.8 million pounds of U3O8 at an average grade of 0.179% U3O8 lying within a 125-mile radius of the Shootaring Mill. The flagship resource asset is the Velvet-Wood Deposit that contains a historical resource estimate of measured and indicated U3O8 at an average grade of 0.285%, and had past production of 4 million pounds of U3O8 at an average grade of 0.46%.
The tonnages, grades and sources of the 6.8 million pound historic resource referred to above is as follows: Velvet 363,000 measured tons at 0.271% U3O8 for 1,966,000 pounds and 71,000 indicated tons at 0.384% U3O8 for 548,000 pounds (Velvet Mine Uranium Project, San Juan County, Utah USA 43-101 Mineral Reserve and Resource Report dated 10-December-2008); Wood 377,000 indicated tons at 0.280% U3O8 for 2,113,000 pounds (Wood Uranium Project, San Juan County, Utah USA 43-101 Mineral Reserve and Resource Report dated 10-December-2008); and Frank M 1,095,000 indicated tons at 0.101% U3O8 for 2,210,000 pounds (Frank M Uranium Project, 43-101 Mineral Resource Report, Garfield County, Utah USA dated 10-June-2008). All reports were written by BRS, Inc.
Anfield is not treating the historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
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
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 Resources Inc.
Clive Mostert
Corporate Communications
780-920-5044
cmostert@telus.net
www.anfieldresources.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 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'S EXPLORATION EFFORTS WILL SUCCEED AND 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. THIS NEWS RELEASE 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.
[FN1] Utah Geological & Mineral Survey, OFR 188, July 1990, p.38, 62.
[FN2] For purposes of this press release, these figures are quoted as historic resource estimates.
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