Anfield Energy to Complete a Preliminary Economic Assessment of its Slick Rock Uranium Project
Head Office:
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TSX.V: AEC
OTCQB: ANLDF
FRANKFURT: 0AD
Anfield Energy to Complete a Preliminary Economic Assessment of its Slick Rock
Uranium Project
VANCOUVER, BRITISH COLUMBIA – GLOBE NEWSWIRE – January 31, 2023 — Anfield Energy Inc. (TSX.V:
AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce that BRS
Engineering (“BRS”) has begun a Preliminary Economic Assessment (PEA) for the Company’s Slick Rock
uranium and vanadium project (“ Slick Rock ”). Slick Rock is located in the prolific Uravan region of
Colorado, in close proximity to Anfield’s West Slope uranium and vanadium project. The property holds a
historical inferred resource of 2.5 million tons at 0.228% u ranium and 1.37% vanadium, returning 11.6
million pounds of uranium and 69.6 million pounds of vanadium* and, between 1957 and 1983, Slick Rock
produced 2.2 million pounds of uranium and 13.9 million pounds of vanadium. Finally, in 2014 Uranium
Energy Corporation (“UEC”), the previous owner of Slick Rock, issued a PEA which stated a pre-tax project
Internal Rate of Return (IRR) of 33% and a Net Present Value of US$63.5 million, based on a discount rate
of 7% and a uranium price of US$60 per pound, along with a vanadium price of US$10 per pound**.
The mineral resource estimates and PEA cited above are based on data and reports prepared by the
previous operator of the project. Anfield is treating these reports as historic in nature. Work necessary to
independently verify the classification of the mineral resource estimates and the PEA in accordance with
National Instrument 43-101, verified by a qualified person, and in compliance with CIM standards has not
been completed. This historical estimate and PEA should not be relied upon.
Anfield CEO, Corey Dias, stated, “We are excited at the prospect of both confirming, and improving upon,
the Slick Rock PEA results previously issued, especially given that the results will consider the use of our
wholly-owned conventional mill – Shootaring – for the purpose of producing both uranium and vanadium
from Slick Rock ores. We believe that Anfield remains well-positioned to create further shareholder value
with regard to its undervalued uranium and vanadium assets through the upgrading of its resource assets.
Our two-fold strategy includes a near-term focus on uranium and vanadium production from our primary
assets – Velvet-Wood, West Slope and Slick Rock – while our longer-term projects – such as Frank M,
Findlay Tank and Artillery Peak – are expected to provide the Company with a secondary production
pipeline to be leveraged once our primary mines are depleted.
“Finally, the prospect of Shootaring becoming the next operational conventional uranium and vanadium
mill in the United States is significant both economically as well as with respect to surety of supply for
utilities. The Slick Rock PEA will not only represent a significant milestone for Anfield but will also outline
a path towards commercial development of this property, alongs ide Anfield’s Velvet-Wood and West
Slope projects. Anfield is clearly well-positioned to benefit from an improving uranium market”.
Slick Rock Project
Slick Rock is located in a well-known uranium mining region in Colorado, within the historic Uravan
Mineral Belt and at the intersection of two major mineral trends. Uranium and vanadium were produced
historically at the Burro Mine within the Slick Rock property package between 1957 and 1983, and future
exploration targets continue to focus on the down -dip extensions of the Burro and Sunday -Carnation
mineral trends. The property was the subject of a preliminary economic assessment in 2014.
* The Slick Rock historical resource estimate is disc losed in “Technical Report, Preliminary Economic
Assessment, Slick Rock Project, Uranium/Vanadium Deposit, San Miguel County, Southwest Colorado,
USA” prepared for Uranium Energy Corp. by BRS Inc. and dated April 8, 2014. The Company considers the
resource estimate relevant as it will drive further development by the Company, and reliable, as it was
completed by a competent Qualified Person to the standards of the time. The Slick Rock historical
resource estimate is an inferred resource as defined in N ational Instrument 43-101. The Company is not
aware of any more recent resource estimates. The Company will need to have the Technical Report
updated by a Qualified Person to bring the historic al mineral resource estimate current. The Company
has not done suf ficient work to classify the historic estimate as a current mineral resource and is not
treating the historical estimate as a current mineral resource.
**Technical Report, Preliminary Economic Assessment, Slick Rock Project, Uranium/Vanadium Deposit,
San Miguel County, Southwest Colorado, USA, BRS, Inc., BD Resource Consulting, Inc., SIM Geological,
Inc., 2014.
Results of the PEA represent forward -looking information. This economic assessment is preliminary in
nature and it includes inferred mineral resources that are considered too speculative, geologically, to have
the economic considerations applies to them that would enable them to be categorized as mineral
reserves. There is no certainty that the preliminary economic ass essment will be realized. Mineral
resources are not mineral reserves as they do not have demonstrated economic viability.
The technical content of this news release has been reviewed and approved by Douglas L. Beahm , a
Qualified Person, for the purposes of National Instrument 43-101.
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 its
conventional asset centre, as summarized below:
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,
Colorado, and Arizona, targeting areas where past uranium mining or prospecting occurr ed. Anfield’s
conventional uranium and vanadium assets include the Slick Rock Project, the Velvet-Wood Project, the
Frank M Uranium Project, the West Slope Project, the Long Park Project as well as the Findlay Tank breccia
pipe. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.
On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer
Neither the 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 Energy Inc.
Clive Mostert
Corporate Communications
780-920-5044
www.anfieldenergy.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
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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
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EXPLORATION EFFORTS WILL SUCCEED OR 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.