Anfield Resources | Anfield Resources Inc. Inks Deal To Acquire Shootaring Canyon Uranium Mill And Conventional Uranium Assets
Anfield Resources Inc. (TSX.V: ARY) "Anfield" or “the Company” is thrilled to announce that it has entered into definitive agreements with Uranium One to acquire the Shootaring Canyon uranium mill located in Garfield County, Utah, and a portfolio of conventional uranium assets containing a historical estimate of U3O8 resource of 6.8 million pounds.
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(AUDIO ENHANCED) Anfield Resources Inks Deal to Acquire Shootaring Canyon Uranium Mill and Conventional Uranium Assets

18 Aug 2014

VANCOUVER,  BRITISH  COLUMBIA – August  18,  2014 – Anfield  Resources Inc. (TSX.V: ARY)(OTCQB: ANLDF)  “Anfield” or “the Company” is  thrilled  to  announce  that  it  has  entered  into  definitive  agreements  with  Uranium  One  to acquire  the  Shootaring  Canyon  uranium  mill  (the  “Shootaring Mill”) located  in  Garfield  County,  Utah,  and  a  portfolio  of conventional  uranium  assets  containing  a  historical  estimate  of  U3O8  resource  of  6.8  million  poundsi  (see  Table  1  below). The  properties, located in Garfield County, Utah, Arizona and South Dakota increase Anfield’s uranium asset acreage by more than  250%.    The  deal,  which  is  valued  at  five  million  US  dollars,  will  be  settled  over  a  period  of  up  to  four  years  with  a combination  of  cash  and  shares.  

To hear further details of this acquisition and overall information on Anfield Resources on MarketRadio.ca, click here;

http://thenewswire.ca/client_files/2014-07-07-0.mp3

This  transaction   provides  a  number  of  strategic  advantages  to  Anfield,  including:

    • -Potential  creation  of  one  of  the  very  few  uranium  producers  in  the  U.  S.
        • - Shootaring Canyon Mill is one of only three licensed uranium mills in the United  States, reflecting  its scarcity value.
           
    • -The establishment of Anfield as one of the largest owners of uranium properties in the U.S.
        • -Increases Anfield’s uranium asset acreage by more than 250% to reach approximately 65,500 acres (~26,507 hectares).
        • - Adds a historical estimate of U3O8 resource of 6.8 million pounds.
        • - The  flagship  resource,  the  Velvet-­‐Wood  Deposit,  contains  a  historical  resource  estimate  of  4.63  million pounds  of  measured  and  indicated  U3O8 at  an  average  grade  of  0.285%.ii
        • - Past production at Velvet-Wood recovered 4 million pounds at an average grade of 0.46%  U3O8.iii
           
    • - The location of the acquired assets is positive from a production perspective
        • - The geographical position of both the Shootaring Mill and the acquired uranium properties are within one of the historically most prolific uranium production  areas in the U.  S.
        • - Anfield’s uranium holdings, which include past producing mines, lie within a 125-­mile radius of the Shootaring Mill.
           
    • - The control over the production process from mining to production of yellowcake offers both operational synergies and capital  efficiencies. 
  • - The ability to address the U.S. uranium deficit;
      • - Domestic consumption of 57 million pounds of U3O8 per yeariv versus domestic production of only 4.6  million pounds of U3O8 per year.v 

Anfield’s CEO Corey Dias commented: “We are extraordinarily excited about the acquisition at it is transformational for  the Company. With the acquisition of one of only three licensed and permitted uranium mills in the United States, we have significantly accelerated our timeline with regard to becoming a uranium producer. The mill is currently in good condition as it has been o  continuous care and maintenance since it ceased operations. Finally, with the recent positive news with regard to Japan’s steps toward restarting two of its nuclear reactors, we are confident that uranium will continue to play a significant role in the energy sector both today and into the future.

The Shootaring Canyon mill, located approximately 48 miles (77 kilometers) south of Hanksville, Utah, is a conventional acid-­‐leach facility that is permitted to process up to 750 tonnes of ore per day, with a capacity to process up to 1,000 tonnes per day. The mill was built in 1980 and during its period of operation it produced and sold 27,825 pounds of U3O8.vi  The mill ceased operations in 1982 due to the depressed price of uranium, and has since been kept on care and maintenance. The surface stockpiles at the facility include a historical estimate of 250,000 pounds of U3O8 at an average grade of 0.13% U308.vii

The portfolio of conventional uranium assets encompasses approximately 48,000 acres (~19,425  hectares) and consists of: 1) 12 patented mining claims; 2) 1,748 unpatented mining claims in Utah and Arizona; and 3) 17 State mining leases in Utah, Arizona and South Dakota.  The portfolio also includes a historical estimate of measured and indicated mineral resource of 6.8 million pounds of U3O8 grading approximately 0.19% U3O8. Finally, surface stockpiles contain uranium ore with a historical mineral resource estimate of approximately 165,000 pounds of U3O8 grading 0.09% U3O8.viii

The most advanced asset in this portfolio is the Velvet-­‐Wood deposit.  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)ix. 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. The remaining historical mineral resources of the combined Velvet and Wood mines have been estimated to comprise 4.6 million pounds of U3O8 at a grade of 0.285% U3O8 (measured and indicated resource) and 638,500 pounds of U3O8 at a grade of 0.173% U3O8 (inferred  resource).x

Other acquired uranium assets include the Frank M deposit, located approximately 12 km north of the mill, with a historical mineral resource estimate of 2.2 million pounds of U3O8 at a grade of 0.101% U3O8.xi Also included are the Wate and Findlay Tank Breccia Pipes in northern Arizona.  Approximately 1.4 million pounds of the historical resource estimates are attributable to Uranium One’s interest in these two breccia pipes (see Table  1). Importantly, the grade of mineralization at these breccia pipe deposits is typically higher than other U.S. deposits (in this case 0.76% U3O8 and 0.23% U3O8 respectively).xii

All historical resources referenced in this report are from technical reports prepared  by  well-­‐known mineral exploration and mining consulting firms using current CIM standards and terminology (see Table 2). The Company intends to work with the same groups to complete the reports such that they comply with all requirements  of  NI  43-­101.

The table below summarizes the historical estimate of U3O8 resources present at these properties:

Aug 14, 2014 Table

The  Company  executed  definitive  agreements  with  Uranium  One  to  acquire  the  assets  upon  the  following  terms:  1) Anfield will  issue  to  Uranium  One  the  equivalent  of  US$1,000,000  in  Anfield  Shares  upon  Closing;  and  2)  Anfield  will  make  cash payments  to  Uranium  One  of  US$4,000,000,  with  US$2,000,000  to  be  paid  upon  the  earlier  of  July  1,  2017  or  the restart  of  Commercial  Production  at  the  mill  (defined  as  the  Shootaring  mill  operating  for  60  consecutive  days  at  60%  of capacity,  or  450tpd),  and  US$2,000,000  to  be  paid  upon  the  earlier  of  July  1,  2019  or  twenty  four  months  following  the restart  of  Commercial  Production    at  the  mill.

The  Company  also  agrees  to  make  cash  deposits  to  replace  the  long-­‐term  government  reclamation  bonds  that  are currently  in  place  over  the  mill  as  a  surety.    A  US$5,000,000  deposit  will  be  made  to  the  current  bond-­‐providing institution  at  Closing,  and  within  twenty  four  months  following  Closing  the  Company  will  make  an  additional  deposit  to cover  the  remaining  amount  of  the  reclamation  bonds.

Contemporaneous  with  this  agreement,  Anfield,  Uranium  One  and  U.S.  Energy  have  entered  into  an  Amended  Assignment and  Assumption  Agreement  whereby  Anfield  will  assume  the  obligations  of Uranium One relative to Uranium One’s agreements with U.S. Energy  under  revised  terms  negotiated  between  Anfield  and  US  Energy.  These  terms  state  that:  1) Anfield  will,  upon  Closing,  issue  US$2.5  million  in  Anfield  shares  to  US  Energy,  to  be  held  in  escrow  and  released  over  a period  of  36  months  from  Closing;  2)  Anfield  will  make  cash  payments  of  US$5  million  in  two  tranches  of  US$2.5 million,  with  the  first  following  18  months  of  Commercial  Production  and  the  second  following  36  months  of  Commercial Production.

The  acquisition  is  subject  to  regulatory  approval.

Disclaimer:    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.

About  Anfield  Resources  Inc.

Anfield  is  a  publicly  traded  corporation  listed  on  the  TSX-­‐Venture  Exchange  (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  that  are  summarized  below:

Anfield’s uranium  assets  include  mining  claims  and  state  leases  in  southeastern  Utah,  Colorado  and  Arizona  totalling  over 17,500  acres  (7,082  hectares),  targeting  areas  where  past  uranium  mining  or  prospecting  occurred  within  a  potential shipping  radius  to  the  White  Mesa  Mill,  the  only  operating  conventional  uranium  mill  in  the  US.

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  totalling  over  2,800  acres  (1,133  hectares)  in  one  of  the  foremost  copper  producing  regions in the  world.

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.

i  source  -  Table  1  contains  a  list  of  historical  resource  estimates  of  key  properties  in  the  acquisition.    Historical  resource estimates  are  categorized  as  measured,   indicated,  and  inferred.

ii  source  -  Velvet  Mine  Uranium  Project,  San  Juan  County,  Utah  USA    43-101  Mineral  Reserve  and  Resource  Report, BRS,  Inc.,  December  10,  2008;  Wood  Uranium  Project,  San  Juan  County,  Utah  USA    43-­101  Mineral  Reserve  and Resource  Report,  BRS,  Inc.,  December  10,  2008.

iii  source  -  Utah  Geological  &  Mineral  Survey,  OFR  188,  July  1990,  p.38,  62

iv  source  -  http://www.eia.gov/uranium/marketing/?src=nuclearcapital-­‐f2

v  source  -  http://www.eia.gov/uranium/production/annual

vi  source  ʹ  Environmental  Report  for  Shootaring  Canyon  Uranium  Processing  Facility,  Revision  1,  Environmental Restoration  Group,  Inc.,  December  2006.

vii  source  -  Definitive  Cost  Estimate   for  the  Restart  of  Shootaring  Canyon  Mill,  Ticaboo,  Utah,  Lyntek  Incorporated,  July 28,  2008.

viii  source  -  Technical  Report  on  the  Lisbon  Valley  Uranium  Properties   Utah,  Roscoe  Postle  Associates  Inc.,  September 12,  2005.s

ix  source  -  Utah  Geological  &  Mineral  Survey,  OFR  188,  July  1990,  p.38,  62

x  source  -  Velvet  Mine  Uranium  Project,  San  Juan  County,  Utah  USA    43-­‐101  Mineral  Reserve  and  Resource  Report,  BRS,  Inc.,December  10,  2008;  Wood  Uranium  Project,  San  Juan  County,  Utah  USA    43-101  Mineral  Reserve  and  Resource  Report,  BRS,  Inc.,  December  10,  2008.

xi  source  -  Frank  M  Uranium  Project,  43-­‐101  Mineral  Resource  Report,  Garfield  County,  Utah  USA,  BRS  Inc.,  June  10, 2008.

xii  source  - Updated  NI  43-­‐101  Technical   Report  on  Resources  Wate  Uranium  Breccia  Pipe  Northern  Arizona,  USA; SRK Consulting,  Augusta  18,  2010;  Findlay  Tank  SE  Breccia  Pipe  Uranium  Project,  Mohave  County,  Arizona  USA  43-101 Mineral  Resource  Report,  BRS,  Inc.,  October  2,  2008.