Vancouver, British Columbia--(Newsfile Corp. - March 14, 2018) - Anfield Energy (TSXV: AEC) (OTCQB: ANLDF) (FSE: 0AD), a uranium and vanadium development and near-term production company, is acquiring an additional uranium project in Wyoming. Anfield has entered into a term sheet with Cotter Corporation, an affiliate of General Atomics, to acquire the Charlie ISR Uranium Project located in the Pumpkin Buttes Uranium District in Wyoming. The Charlie Project, which has been in development since 1969 and sits immediately adjacent to two of Uranium One's producing mines, consists of a 720-acre Wyoming State uranium lease.
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Anfield will issue Cotter shares equal to a 10% ownership of Anfield, with Cotter retaining a 20% interest in all yellowcake production.
Anfield will have access to the data from the previous exploration activities at the Charlie Project, allowing for rapid preparation of technical reports on the Project. The Charlie Project has had extensive drilling since 1969. In 1995 Power Resources completed what it defined as a "feasibility study" based on some 1,252 exploration drill holes, which estimated a range of 3.1 to 4.6 million pounds of uranium oxide, which Anfield considers historical in nature until further work is completed.
Corey Dias, CEO, stated: "We are excited to add the Charlie Project to our portfolio of uranium properties. It is a critical component of our strategy to create a robust mine-and-mill production complex in Wyoming. We are now well-positioned for production when market conditions are right. The Charlie Project is one of the most-advanced uranium properties in the United States and Anfield has a resin processing agreement in place with nearby Uranium One to produce up to 500,000 pounds of uranium per year at its existing processing facility. Moreover, in building a significant resource pipelinewe are continuing to update and delineate uranium resources at the 24 Wyoming uranium projects acquired from Uranium One in 2016. These projects complement our conventional assets, including the Shootaring Canyon Mill, allowing us to bring projects on stream optimally according to market conditions and potential contracts."
A U.S. Geological Survey geologist first discovered uranium in Wyoming in 1951 near Pumpkin Buttes. Although the Wyoming uranium mining industry was hard-hit in the 1980s by the drop in the price of uranium, from 1995 until 2015 Wyoming led the nation in production, and currently has the largest known uranium ore reserves of any state in the U.S.
Anfield holds 24 uranium projects in six active project areas in Wyoming, as well as a database of drilling and geologic work done by Uranium One that includes 575 drill holes totaling approximately 395,000 feet of drilling. The company has NI 43-101 resource reports on 2 of the projects in Wyoming.
The company has additional uranium claims and state leases in southeastern Utah and Arizona, targeting areas where past uranium mining or prospecting occurred. This includes the Velvet-Wood Project, the subject of a NI 43-101 PEA in 2016.
The company's conventional assets are all located within a 125-mile radius of the company's Shootaring Canyon Mill, strategically located within one of the historically most prolific uranium production areas in the United States. The Shootaring Canyon Mill is a conventional acid-leach facility licensed to process up to 750 tons of ore per day, and one of three licensed conventional uranium mills in the United States.
For more information, please visit the company's website www.anfieldenergy.com, contact Clive Mostert, Corporate Communications, 780-920-5044 or email email@example.com.
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