Anfield Resources Inc. Receives Conditional Approval from the Utah Division of Radiation Control for Shootaring Mill License Transfer30 Oct 2014
VANCOUVER, BRITISH COLUMBIA – October 30, 2014 – Anfield Resources Inc. (TSX.V: ARY)(OTCQB: ANLDF) (Frankfurt: 0AD) (“Anfield” or “the Company”) is pleased to announce that the Utah Division of Radiation Control (“UDRC”) has granted conditional approval to transfer ownership of the Shootaring Canyon Uranium Mill (“Shootaring Mill”) radioactive materials license from Uranium One Americas, Inc. (“Uranium One”) to Anfield. In connection with the conditional approval, the UDRC has agreed to extend the date for submitting the license renewal application to October 31, 2015 to allow Anfield to prepare a license renewal application. This application will outline the modifications to the Shootaring Mill facility that Anfield believes are necessary in order for the Shootaring Mill to achieve operating status. The application to transfer ownership was jointly filed by Uranium One and Anfield pursuant to definitive agreements, announced on August 18, 2014, under which Anfield has agreed to acquire the Shootaring Mill and a portfolio of conventional uranium assets from Uranium One (“Shootaring Transaction”). The UDRC is the regulatory entity in Utah responsible for licensing the Shootaring Mill.
A conditional approval indicates that the UDRC has consented to the radioactive materials license transfer subject to submitting an acceptable replacement surety to the UDRC and closing of the Shootaring Transaction. After the closing of the Shootaring Transaction, Anfield will request an amendment to the license to change the name of the licensee to Anfield and will be subject to a minimum 30-day public comment period and possible public hearing, after which the license will be amended to list Anfield as the licensee. Anfield will then prepare a license renewal application for the restart of the Shootaring Mill.
In addition to receiving conditional approval for transfer of the Shootaring Mill radioactive materials license, Anfield has received conditional approval from the TSX for the Shootaring Transaction to occur, and has received approval from the Federal Communications Commission (FCC) for the transfer of a radio communications license associated with the Shootaring Mill.
Corey Dias, CEO of the Company stated: “We are very pleased that the UDRC has consented to the transfer of the Shootaring Mill radioactive materials license. This is a critical step along the path to both full ownership of and, ultimately, operation of the Shootaring Mill since, without such a license, neither option would be possible. We are expeditiously working to complete all pre-closing conditions of the Shootaring Transaction. We look forward to closing the transaction and beginning the process of restarting the Shootaring Mill.”
About the Utah Division of Radiation Control
The UDRC is a division within the Utah Department of Environmental Quality, and is the regulatory agency in Utah responsible for licensing the Shootaring Mill. The mission of the UDRC is to protect Utah citizens and the environment from sources of radiation that pose a significant health and/or environmental risk or hazard. Utah is an “agreement state”, meaning that the federal Nuclear Regulatory Commission (NRC) has delegated to the state of Utah control over radioactive materials licensing.
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), 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:
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.
Upon the closing of the Shootaring Transaction, Anfield’s uranium assets will contain a historical measured and indicated U3O8resource estimate of 6.8 million pounds and will lie within a 125-mile radius of the Shootaring Mill. The flagship resource asset will be 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%.
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. The tonnages, grades and sources of the 6.8 million pound historic resources referred to above are 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 prepared by BRS, Inc.
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.
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.
Anfield Resources Inc.
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.