Anfield Closes Transaction with Cotter to Significantly Expand Its Uranium and Vanadium Portfolio
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TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
ANFIELD CLOSES TRANSACTION WITH COTTER TO SIGNIFICANTLY
EXPAND ITS URANIUM AND VANADIUM PORTFOLIO
VANCOUVER, BRITISH COLUMBIA – MARKETWIRED – MARCH 1, 2019 – Anfield Energy Inc. (TSX-V: AEC,
OTCQB: ANLDF, FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce , further to its
news release s on March 12, 2018, and January 8, 2019, that it has closed its previously-announced
transaction (the “Transaction”) with Cotter Corporation (N.S.L.) (“ Cotter”) to acquire both the Charlie
ISR U ranium Project (the “ Charlie Project”) and nine past-producing uranium/vanadium properties in
Colorado, collectively known as the West Slope Project (“West Slope Project”).
Anfield’s CEO, Corey Dias, commented: “We are excited to close this transformational transaction . We
now look forward to creating both an ISR uranium mine-and-mill complex in Wyoming – underpinned by
our resin processing agreement with Uranium One – and a conventional uranium and vanadium mine-
and-mill complex – underpinned by Anfield’s Shootaring Canyon mill – within Utah and Colorado . As
uranium and vanadium markets continue to trend upwards, buoyed by burgeoning demand and
declining supply, we are now even better-positioned for production at the appropriate time”.
Cotter received 11,051,775 common shares of Anfield as consideration for the Transaction, resulting in
Cotter now holding a 19.9% ownership interest in the Company. Pursuant to TSX Venture Exchange
policies, the deemed value of the Transaction is $1,823,543 (based upon the maximum allowable 25%
discount from the market price of Anfield’s common shares immediately following the news release
announcing the signing of the Transaction on January 8, 2019).
An early warning report has been filed on SEDAR in connection with the issuance of shares to Cotter . A
copy of the report can be obtained under the Company’s profile on SEDAR, or from Cotter by contacting
Kenneth Mushinski at (720) 554-6207.
The Charlie Project
Inexco Oil began exploration drilling on the Charlie Project in 1969 and over a two-year period
completed 215 holes, comprising 91,000 ft. of drilling. A joint venture was formed with Uranerz USA ,
Inc. (“Uranerz”) in 1974 and an additional 715 holes were completed, including 57 core holes, totaling
283,906 ft. Cotter acquired the project from Uranerz and proceeded to evaluate it for both
conventional open pit and in situ mining methods. Cotter excavated a 200 ft. t est pit in 1981 on a small
ore zone east of the main trend. Falling uranium prices in the 1980s halted further development on the
project.
As part of closing of the Transaction , BRS Engineering ha s revised its previous uranium resource
estimate – commissioned by Anfield – for the Charlie Project. The revised resource estimate includes:
• an Indicated Mineral Resource of 1,255,000 tons of mineralized material with an average grade
of 0.123% eU3O8 (equivalent to an Indicated Resource of 3,100,000 pounds of eU3O8); and
• an Inferred Mineral Resource of 411,000 tons of mineralized material with an average grade of
0.12% eU3O8 (equivalent to an Inferred Resource of 988,000 pounds of eU3O8); and
• in addition to the disclosed Mineral Resource, an Exploration Target ranging from 232,000 to
282,000 tons with an average grade ranging from 0.090 to 0.151 %eU3O8 (equivalent to an
Exploration Target ranging from 417,000 to 850,000 pounds of eU3O8).
In connection with the revised resource estimate, the C ompany intends to file an updated technical
report in respect of the Charlie Project. Once filed, a copy of the updated technical report will be
available under the Company’s profile on SEDAR.
The West Slope Project
The West Slope Project, located in Montrose and San Miguel Counties of southwestern Colorado, consist
of nine Department of Energy (DOE) leases, associated with adjacent lode mining claims and leases,
covering 6,913 acres on which past ur anium production has taken place. Between 1977 and 2006,
approximately 1.3Mlbs of uranium and 6.6Mlbs of vanadium were produced from these mines. In 2007,
Behre Dolbear was commissioned by Cotter to produce a Technical Report for the West Slope Project
(Technical Report on Nine Properties Held by Cotter Corporation in Montrose and San Miguel Counties,
Colorado, USA, August 16, 2007) . Using available data and using a cut-off of 0.05% uranium , Behre
Dolbear estimated an in-place Measured Resource of 2.1Mt of uranium at an average grade of 0.25% for
a total of 11Mlbs of uranium and an in -place Measured resource of 1.2Mt of vanadium at an average
grade of 1.2% for a total of 53Mlbs of vanadium.
Anfield considers these estimates to be historical in nature and cautions that a qualified person has not
done sufficient work to classify the historical estimate as current mineral resources or mineral reserves
and Anfield is not treating these historical estimate as a current mineral resource or mineral reserves.
All securities issued in connection with the Transaction are subject to a four -month-and-one-day
statutory hold period prescribed by applicable securities laws. No finders’ fees are payable in connection
with the completion of the Transaction.
About Anfield
Anfield is a uranium and vanadium 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 assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (AEC-V),
the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two
project centres, as summarized below:
Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)
Anfield has also signed a Resin Processing Agreement with Uranium One whereby Anfield would process
up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray processing plant in
Wyoming. In addition, the Company can both buy and borrow uranium from Uranium One in order to
fulfill some or all of its sales contracts.
Anfield’s 24 ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin,
Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming. Anfield’s two projects in Wyoming
for which NI 43-101 resource reports have been completed are Red Rim and Clarkson Hill.
The Charlie Project is located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. The
Charlie Project consists of a 720-acre Wyoming State uranium lease which has been in development
since 1969.
Arizona/Utah/Colorado – Shootaring Canyon Mill
A key asset in Anfield’s portfolio is 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.
Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah
and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional
uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, the West Slope Project
as well as the Findlay Tank breccia pipe. An NI 43-101 Preliminary Economic Assessment (PEA) has been
completed for the Velvet-Wood Project. The PEA is preliminary in nature, and i ncludes inferred mineral
resources that are considered too speculative geologically to have economic considerations applied to
them that would enable them to be categorized as mineral reserves, and there is no certainty that the
preliminary economic assess ment would be realized. All conventional uranium assets are situated
within a 200-mile radius of the Shootaring Mill.
About Cotter Corporation
Cotter, a General Atomics (GA) affiliate, is headquartered in Denver, Colorado. Originally incorporated in
1956 in New Mexico as a uranium production company, through its various mining and milling
operations, Cotter has produced uranium, vanadium, molybdenum, silver, lead, zinc, copper, selenium,
nickel, cobalt, tungsten and limestone.
Douglas L. Beahm, P.E., P.G. has approved the scientific and technical disclosure , relating to the Charlie
Project, in this news release. He is a Qualified Person as defined in NI 43-101.
On behalf of the Board of Directors
ANFIELD ENERGY, INC.
Corey Dias, Chief Executive Officer
Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
www.anfieldenergy.com
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