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Anfield Resources – Near-term Uranium Production in Utah, Colorado, South Dakota and Arizona

Anfield Resources Inc.

Overview

Anfield Resources Inc. (TSXV:ARY,OTCQB:ANLDF) is a mineral exploration and development company with both copper and uranium assets in its portfolio. The Company has continued to strategically acquire uranium assets in Utah, Colorado, South Dakota and Arizona, most recently increasing its uranium asset acreage by over 250% through an acquisition from Uranium One (TSX:UUU). Anfield also secured that company’s Shootaring Canyon Mill, one of only three licensed conventional uranium mills in the United States.

In an interview with Peter Epstein, CEO Corey Dias says, “Our model allows for relatively quick cash flow generation without significant upfront cap-ex, extensive permitting times or follow-on sustaining cap-ex. Moreover, our copper assets serve as a hedge against a potential decline in the uranium price.”

Investment Highlights

  • Current US demand and future global demand is strong; uranium market is about to turn
  • Ownership of the Shootaring Canyon uranium mill, one of only three licensed conventional mills in the U.S.
  • One of the largest owners of uranium properties in the U.S. with roughly 65,500 acres of uranium assets
  • A historical Measured and Indicated uranium resource of 6.8 million pounds
  • Strategic location of both previously-acquired assets in close proximity to the Shootaring mill

Strategic Uranium Assets

In the first quarter of 2014, Anfield closed two major uranium asset acquisitions. This resulted in an asset portfolio consisting of multiple mining leases in areas where past uranium mining or prospecting occurred: 337 mining claims and nine state leases on over 11,000 acres in southeastern Utah, and 24 mining claims in Arizona.

In May 2014, Anfield announced the acquisition of 239 unpatented uranium claims on over 4,800 acres in Colorado.  These properties are all found within the Uravan Belt, one of the historically most prolific areas of uranium production.  This acquisition provided the Company with access to mineral rights on over 17,500 acres in Utah and Colorado.

In August, Anfield closed a transaction with Uranium One to become one of the largest owners of uranium properties in the United States, increasing its uranium asset acreage by over 250% and adding a historical estimate of a U308 resource of 6.8 million pounds. Importantly, Anfield also acquired the Shootaring canyon uranium mill from Uranium One, giving the company the potential to become one of very few uranium producers in the U.S..

The potential for vertical integration will allow substantial capital efficiencies, and the mill acquisition is extremely significant for Anfield. Dias called the acquisition “transformational for the Company,” stating, “we have significantly accelerated our timeline with regard to becoming a uranium producer.”

Shootaring Canyon Mill

The Shootaring Canyon Mill is one of only three licensed conventional uranium mills in the United States. It is a conventional a conventional acid-leach facility permitted to process as much as 750 tonnes of ore per day, and processed roughly 27,825 pounds of U308 when it was in operation between 1980 and 1982.

The mill ceased operations in 1982 and has since been kept on care and maintenance. The asset also includes surface stockpiles of ore with a historical mineral resource estimate of roughly 250,000 pounds of U308 grading 0.13%.

Anfield’s Uranium Assets in Utah:

Paradox Area

  • Includes one claim group consisting of 55 individual claims situated in the La Sal District of the Paradox Area in eastern San Juan County, Utah
  • Total past production in this area is estimated at 6,426,000 lbs U3O8 and 28,878,000 lbs V2O5 with an average grade of 0.28% U3O8 and 1.21% V2O5
  • The La Sal District is part of the larger Paradox Area, which also includes major historic uranium producers in adjacent areas of Colorado.

Henry Mountains Area

  • The acquisition includes seven claim groups consisting of 32 individual claims situated in the Henry Mountains Area in eastern Garfield County, Utah, and is complementary to the two State Leases previously secured by Anfield
  • Total past production in this area is estimated at 620,000 lbs U3O8 at an average grade of 0.24% U3O8. More than 20 historically producing mines have operated in the Henry Mountains District, and the district is home to the past-operating Shootaring Canyon Uranium Mill.

White Canyon Area

  • The acquisition includes six additional claim groups consisting of 31 individual claims situated in the White Canyon Area in western San Juan County, Utah
  • The White Canyon Area is estimated to have produced more than 11,000,000 lbs U3O8, with an average grade of 0.24% U3O8
  • Close to Energy Fuels’ Daneros Project, a current/recent uranium producer, as well as the historically-producing Happy Jack mine.

Monticello Area-Cottonwood/Abajo District

  • The acquisition includes five claim groups consisting of 16 individual claims situated in the Cottonwood/Abajo District of the Monticello Area in central San Juan County, Utah
  • Total past production in this area is estimated at 896,000 lbs U3O8 and 5,664,000 lbs V2O5 at an average grade of 0.14% to 0.16% U3O8 and 1.5% V2O5.

Monticello Area-Montezuma Canyon District

  • The acquisition includes thirteen additional claim groups consisting of 43 individual claims situated in the Montezuma Canyon District of the Monticello Area in eastern San Juan County, Utah.
  • Total past production in this area is estimated at 88,000 lbs U3O8 and 775,000 lbs V2O5, with an average U3O8 grade of 0.24% and 0.31% V2O5.
  • There are 84 known uranium deposits in the Montezuma Canyon District.

Thompson District

  • The acquisition includes two claim groups consisting of 26 individual claims situated in the Thompson District in Grand County, Utah
  • Total production in the district is unknown, but it is reported that 45 historic mines operated in the district at an average grade of 0.4% U3O8

Green River District

  • The acquisition includes one claim group consisting of six individual claims situated in the Green River District in Emery County, Utah, and is complementary to one State Lease previously secured by Anfield.
  • Total past production in this area is estimated at 600,000 tons of mined material at an average grade of 0.24% U3O8. 28 historically producing mines have operated in the Green River District.
  • The claim group is also located within two miles of the property boundary of Energy Fuels Inc.’s San Rafael Project, which in 2011 reported an indicated mineral resource of 3,404,600 lbs U3O8 at an average grade of 0.225% U308, and 4,595,600 lbs V2O5 at an average grade of 0.30% V2O5, and an inferred mineral resource of 1,859,600 lbs U3O8 at an average grade of 0.205% U3O8, and 2,510,600 lbs V2O5 at an average grade of 0.28% V2O5.

San Rafael District

  • The acquisition includes two claim groups consisting of 7 individual claims situated in the San Rafael District in Emery County, Utah
  • Total past production in this area is estimated at 300,000 tons of mined material at an average grade of 0.22% U3O8. 32 historically producing mines have operated in the San Rafael District

Anfield acquired claim groups which include three historically producing mines within the Firefly Mine Complex. These are known as the Firefly, Gray Dawn, and Little Peter mines. Records of production from the Atomic Energy Commission have been located for a period from 1948 to 1958, and are summarized below.

  • The Firefly mine is reported to have produced 22,311 tons of material with an average grade of 0.34% U3O8 and 2.18 V2O5.
  • The Gray Dawn mine is reported to have produced 7,882 tons of material with an average grade of 0.36% U3O8 and 1.62% V2O5.
  • The Little Peter is reported to have produced 974 tons of ore with an average grade of 0.25% U3O8 and 1.21% V2O5.
  • The Vanadium Queen mine, located outside of but directly adjacent to Anfield’s claim holdings, is reported to have produced 22,195 tons of material with an average grade of 0.33% U3O8 and 2.63% V2O5.
  • Production totals predating 1948 and postdating 1958 have not been located.

Furthermore, Anfield acquired a portfolio of uranium assets including roughly 48,000 acres including 12 patented mine claims, 1,748 unpatented mining claims and 17 state mining leases in Utah, Arizona, and South Dakota. This included a historical estimate of measured and indicated mineral resource of 6.8 million pounds of U3O8 grading approximately 0.19% and surface stockpiles containing uranium ore with a historic mineral resource estimate of roughly 165,000 pounds grading 0.09% U3O8.

Some deposits contained within the acquisition are highlighted below:

Velvet-Wood Deposit

  • Most advanced asset in portfolio acquired
  • Past producing mine, from which 400,000 tons of ore were mined between 1979 and 1984 at grades of 0.46% U3O8 and 0.64% V2O5.
  • Some underground infrastructure remains in place at the Velvet mine.
  • Combined remaining historical mineral resources for Velvet and Wood mines have been estimated at 4.6 million pounds of U3O8 grading 0.285% in the measured and indicated category and at 638,500 pounds of U3O8 grading 0.173% in the inferred category.

Frank M Deposit

  • Located 12 kilometers north of the Shootaring mill
  • Historical resource estimate of 2.2 million pounds of U3O8 at a grade of 0.101%

Anfield’s Uranium Assets in Arizona:

Date Creek Basin

The Date Creek Basin project is made up of 24 unpatented mining claims in Mohave County, Arizona, approximately 110 miles southeast of Kingman, Arizona. In the 1960s-1970s, a combined total of 443 exploration drill holes, on the property and the immediate vicinity, were explored by companies like Hecla Mining, Getty Oil, Homestake Mining, and Public Service Company of Oklahoma. The most recent exploration was conducted in 2007, resulting in 35 exploration drill holes. Production from the DCB was reported between 1955 and 1959 at 33,593 lbs U3O8 with an average grade of 0.16%.

Wate and Findlay Tank Breccia Pipes

Acquired in August 2014, the Wate and Findaly Tank Breccia pipes in northern Arizona account for roughly 1.4 million pounds of the historical resource estimates secured within that acquisition. The two breccia pipes feature a higher grade of uranium mineralization than other typical U.S. deposits, with grades of 0.76% U3O8 and 0.23% U3O8 for Wate and Findlay Tank respectively.

Summary

Currently one of the largest uranium property owners in the U.S., Anfield’s uranium portfolio includes mining claims and state leases in southeastern Utah, South Dakota and Arizona totalling over 65,500 acres, in areas where past uranium mining or prospecting has occurred.  The company also recently acquired the Shootaring Canyon uranium mill, and is on track to become one of the very few producers of uranium in the United States.

Anfield intends to continue growing its portfolio using its strategy of acquiring uranium assets in historically producing areas, or proximal to past-producing mines, which the Company hopes will make for “relatively quick cash flow generation without significant upfront cap-ex, extensive permitting times or follow-on sustaining cap-ex.”

Management

Corey Dias – CEO & Director

Mr. Dias brings to the role of CEO a wealth of capital markets experience, accumulated over his ten years on both the buy-side and the sell-side of the market. Mr. Dias began his capital markets career in institutional equity research at CIBC in 2003 and gained further sell-side experience with other boutique investment firms in Toronto. In addition, Mr. Dias was a Vice President at Fortress Investment Group – a major U.S.-based hedge fund – where he was involved in the management of a $400 million investment portfolio. Finally, Mr. Dias was a management consultant at The Monitor Group – a U.S.-based strategy consulting firm – in Stockholm, where he gained invaluable experience in identifying and resolving issues faced by executive management at multinational corporations in various industries.

Mr. Dias holds a Master of Business Administration from the Richard Ivey School of Business at the University of Western Ontario.