Anfield Resources Receives CFIUS Approval for the Acquisition of the Shootaring Canyon Mill10 Mar 2015
VANCOUVER, BRITISH COLUMBIA — March 10, 2015 — Anfield Resources Inc. (TSX.V: ARY; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that it has received approval from the Committee on Foreign Investment in the United States (“CFIUS”) for the acquisition of the Shootaring Canyon Mill and Uranium One’s other conventional U.S. uranium assets. On August 18, 2014, Anfield announced that it had entered into definitive agreements with Uranium One under which Anfield agreed to acquire the Shootaring Canyon Mill and a portfolio of conventional uranium assets from Uranium One (the “Shootaring Transaction”). Approval from CFIUS is not only required from a regulatory standpoint, but is also one of the conditions upon which closing of the Transaction is contingent.
CFIUS, as authorized by United States law, reviews certain mergers, acquisitions, and takeovers which could result in foreign control of any entity engaged in interstate commerce in the United States.
Corey Dias, CEO of Anfield stated: “Approval from CFIUS is another significant step forward for Anfield, moving us ever closer to closing the Transaction with Uranium One. We are very pleased to have successfully cleared this hurdle, as it brings us closer to assembling our portfolio of complementary U.S. uranium assets with production horizons, and look forward to making final arrangements to close the Transaction”.
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:
Upon the closing of the Shootaring Transaction, the key asset in Anfield’s portfolio will be the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon 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 totaling nearly 65,500 acres (26,507 hectares), targeting areas where past uranium mining or prospecting occurred.
Velvet-Wood and Frank M uranium projects
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 indicated 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.).
Stockpiled uranium ore
In addition to the approximately 48,000 acres (~19,425 hectares) of uranium properties included in the Shootaring Transaction, Anfield will also acquire two surface stockpiles. One of the stockpiles is located at the Shootaring Canyon Mill, with a historical estimate of 250,000 pounds of U3O8 at an average grade of 0.13% U3O8. (Source: Definitive Cost Estimate for the Restart of Shootaring Canyon Mill, Ticaboo, Utah, Lyntek Incorporated, July 28, 2008.) The other surface stockpile is located in the Lisbon Valley, having a historical mineral resource estimate of approximately 165,000 pounds of U3O8 at an average grade of 0.09% U3O8. (Source: Technical Report on the Lisbon Valley Uranium Properties Utah, Roscoe Postle Associates Inc., September 12, 2005.)
Breccia pipe projects
The Wate Project, a breccia pipe deposit located in northern Arizona, is held in the Wate Mining Company, LLC (the “LLC”) joint venture. Upon closing of the Shootaring Transaction, Anfield will hold 50% of the LLC and become a joint owner with Energy Fuels Inc.. The northern Arizona breccia pipes are generally recognized as being among the highest grade uranium deposits in the world outside of northern Canada. The Project is located on Arizona State Trust land, and is therefore not subject to the U.S. government’s withdrawal of certain lands in Arizona from new mineral location. In addition to the Wate Project, the Shootaring Transaction also includes the Findlay Tank Project, another breccia pipe project in northern Arizona.
The Shootaring Transaction also contains a number of royalty arrangements on projects held by publicly-traded companies that, subject to the closing of the Shootaring Transaction, would have the potential to be an additional source of income for Anfield. The royalty projects are not currently in production, and no royalty would be due to Anfield until commencement of production. The royalty arrangements are summarized as follows:
-2% to 4% sliding scale production royalty on Azarga Uranium Corp.’s Dewey Burdock project in Custer and Fall River Counties, South Dakota.
-2% net smelter returns royalty on Western Uranium Corporation’s San Rafael project in Emery County, Utah.
-2% to 4% sliding scale gross value royalty on Energy Fuels Inc.’s Whirlwind project in Grand County, Utah.
-1% royalty on Energy Fuels Inc.’s Energy Queen project in San Juan County, Utah.
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.
Anfield also focuses on copper exploration in Arizona and Chile, two of the foremost copper producing jurisdictions 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.
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