Anfield Resources Inc. Acquires Additional Uranium Assets in the U.S.
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
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.
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.
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
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT: Anfield Resources Inc. Clive Mostert Corporate Communications 780-920-5044 cmostert@telus.net www.anfieldresources.com Source: Anfield Resources Inc.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.