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VANCOUVER, BRITISH COLUMBIA / TheNewswire / February 10, 2015--Anfield Resources Inc. (TSX.V: ARY)(OTCQB: ANLDF) (Frankfurt: 0AD) ("Anfield" or "the Company") is pleased to announce that it has engaged BRS, Inc. to complete a preliminary economic assessment ("PEA") for the Velvet-Wood Uranium Project (the "Project"). The Project is the most advanced mining target in the portfolio of conventional uranium assets that the Company has agreed to purchase from Uranium One Americas, Inc. ("Uranium One") under the asset purchase agreement announced on August 18, 2014. Final transfer of the assets to Anfield is subject to closing of the transaction.
The PEA will be based on the NI 43-101 technical report recently prepared by BRS, dated November 14, 2014, which concluded that the Project contains a combined measured and indicated resource of 4.627 million pounds of U3O8 at an average grade of 0.29% U3O8. The scope of the PEA will include an analysis of the economics of both recommencing production from the Velvet deposit and beginning production at the Wood deposit. In addition, the PEA will explore alternatives for processing, such as the potential for conducting on-site heap leaching as a first-stage processing step with final processing taking place at the Shootaring Mill. This processing alternative would have the potential to significantly reduce both the weight and volume of the material to be transported to the Shootaring Mill, hence costs.
The Project is located in the Lisbon Valley Uranium District, historically the largest uranium producing area in Utah. Between 1979 and 1984, Atlas Minerals, using underground methods, mined approximately 400,000 tons of ore from the Velvet deposit at grades of 0.46% U3O8 and 0.64% V2O5. During this period of operation, approximately 4 million pounds of U3O8 and 5 million pounds of V2O5 were recovered.[1] Some underground infrastructure is already in place at the Velvet mine, including a 3,500 ft long, 12' x 9' decline to the mineral resource. During the same time period, Uranerz Energy Corporation held the Wood deposit and conducted an extensive drilling program.
BRS, Inc. has extensive experience with the both the Velvet and Wood deposits, as it has authored four technical reports for the Project, including:
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-Velvet-Wood Uranium Project, Technical Report Mineral Resources, National Instrument 43-101, San Juan County, Utah, USA, November 14, 2014;
-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.
Corey Dias, CEO of Anfield, stated: "We believe that engaging BRS to conduct the PEA on the past-producing Velvet-Wood deposit is timely and advantageous for to the Company for a number of compelling reasons: first, the Project, located in a historically prolific Uranium mining district, is the most advanced asset in the portfolio of properties which the Company is acquiring from Uranium One; second, considerable work has already been done, as BRS prepared a draft feasibility study in 2008 for the Project.; third, the uranium spot price has increased by 30% since its mid-2014 lows; fourth, the Project is expected to be an important source of feed for the Shootaring Canyon mill, once the mill is restarted pending regulatory approval; and last, additional processing alternatives will be explored, such as on-site heap leaching, that have the potential to greatly reduce transportation costs. We are excited to be taking this important next step in the measured progression of our uranium assets towards production."
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 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.
Douglas L. Beahm, P.E., P.G., the principal engineer at BRS, is a Qualified Person as defined in NI 43-101 with 40 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 Anfield's Properties
Anfield is an energy metals exploration, 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 energy metals assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (ARY-V), the OTCQB (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on the acquisition and development of an array of strategic energy metals projects as summarized below:
Uranium
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 consist of 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 production or prospecting occurred. Upon the closing of the Shootaring Transaction, Anfield's uranium assets will include the Velvet-Wood Deposit, containing a measured and indicated resource of 4.6 million pounds U3O8 at an average grade of 0.29% (Velvet-Wood Uranium Project, 43-101 Mineral Resource Report, Garfield County, Utah USA dated 14-November-2014, prepared by BRS, Inc.), as well as additional deposits containing a historical measured and indicated U3O8 resource estimate of 2.2 million pounds, all situated within a 125-mile radius of the Shootaring Mill. The tonnages, grades and sources of the 2.2 million pound historic resources referred to above is the Frank M Uranium Project with an indicated resource of 1,095,000 tonnes 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, prepared by BRS, Inc.).
Note on Historical Estimates: Anfield is not treating the historical estimates referred to above 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.
Copper
The Binghampton Copper Queen (BCQ) project, located 17 miles (27 km) southeast of Prescott, Arizona, and within the Arizona VMS Belt, consists of 5,021 acres (2,032 hectares) of both patented and State land, with two past-producing mines on the property.
The North Star Copper Project, located less than 50 miles (80 km) northwest of Tucson, consisting of 200 mining claims covering approximately 4,000 acres (1,619 hectares), targets relatively shallow oxide copper at the historic North Star site in the heart of copper country in southern Arizona.
The Aura Project, a nascent copper operation in Atacama, Chile, is located 20 miles (32 km) east of Copiapo and consists of eight mining concessions totaling over 2,800 acres (1,133 hectares) in one of the foremost copper producing regions in the world.
[1] Utah Geological & Mineral Survey, OFR 188, July 1990, p.38, 62.
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
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