2016-10-27 10:09 ET - News Release
Mr. Corey Dias reports
ANFIELD ISSUES CORPORATE UPDATE
Anfield Resources Inc. has issued a corporate update with regard to its 2016 activities. The following achievements have resulted in Anfield advancing its position to become a top-tier U.S.-based uranium producer in the near future.
In 2016, Anfield has:
Closed a transaction with Uranium One Americas Inc. for the transfer of 24 uranium mining properties in Wyoming;
Agreed to final terms of a resin processing agreement (RPA) with Uranium One whereby Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One's Irigaray central processing plant in Wyoming;
Applied to upgrade its Shootaring Canyon mill radioactive materials licence to operational status from standby status;
Released a positive preliminary economic assessment report with regard to its Velvet-Wood uranium mine;
Acquired a uranium database covering Wyoming, Utah, Colorado and Arizona, which will allow the company to delineate further acquisition or development opportunities;
Signed a letter of intent with a third party technology company to allow Aileron to evaluate the commercial feasibility of constructing a vanadium circuit at the Shootaring Canyon mill;
Raised approximately $3.5-million for acquisitions and general corporate purposes.
Corey Dias, Anfield's chief executive officer, stated: "We have been aggressive in making our way into the largest uranium market. To that end, we are very pleased that we have managed to take a number of significant steps to improve Anfield's position in the uranium space. We believe that our balanced portfolio of uranium assets and development timing provide Anfield with the flexibility to pursue production opportunities with optimal timing in both the short term and longer term, while sustaining minimal overhead and running costs. Moreover, the RPA agreed to with Uranium One provides Anfield with a unique production option that would shorten the company's timeline to production and reduce infrastructure capex.
"We are increasingly optimistic about both the domestic and global uranium markets, and, more particularly, our timing for entering the uranium markets. The above achievements are in execution of our company strategy of systematic progression and value creation on the way to becoming a top-tier U.S. uranium company. That said, Anfield will continue to actively assess strategic opportunities."
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