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Anfield Resources Inc
Symbol ARY
Shares Issued 23,576,822
Close 2015-03-31 C$ 0.20
Market Cap C$ 4,715,364
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Anfield Resources extends Uranium One deal to June 30

2015-04-01 13:29 ET - News Release

Mr. Corey Dias reports

ANFIELD RESOURCES AND URANIUM ONE AGREE TO EXTEND TRANSACTION CLOSING DATE; ANFIELD EXPECTS TO RECEIVE A 25% REDUCTION ON SHOOTARING RECLAMATION BOND

Anfield Resources Inc. has entered into an agreement with Uranium One Inc. to extend the closing date for the acquisition of the Shootaring Canyon mill and a portfolio of conventional uranium assets from Uranium One for up to an additional 90 days. On Aug. 18, 2014, Anfield announced that it had entered into definitive agreements with Uranium One to complete the transaction. The transaction was originally scheduled to close on or before March 31, 2015. The definitive agreements, as amended by Anfield and Uranium One, now call for the transaction to close on or before June 30, 2015.

In addition, Anfield announces that it is working with a surety bond provider to replace the long-term government reclamation bonds that are currently in place over the Shootaring Canyon mill. Anfield expects that the surety bond will be provided with a collateral reduction of 25 per cent of the total reclamation bond with an annual premium of 3 per cent of the bond value. Within 24 months following closing, the company will make an additional deposit to cover the remaining amount of the reclamation bonds.

Anfield reiterates that it has achieved significant milestones toward closing, including the following:

  • Obtained conditional approval from the Utah division of radiation control for transfer of the Shootaring mill radioactive materials licence and accompanying groundwater discharge permit;
  • Obtained conditional approval from the TSX Venture Exchange for the transaction to proceed;
  • Obtained approval from the committee on foreign investment in the United States for the transaction to proceed;
  • Obtained approval from the Federal Communications Commission for transfer of the radio communications licence;
  • Completed a National Instrument 43-101 resource report for the Velvet-Wood project in anticipation of the transfer;
  • Commenced a preliminary economic assessment report for the Velvet-Wood project in anticipation of the transfer;
  • Received commitment to replace long-term government reclamation bonds at a collateral reduction of 25 per cent.

Anfield also provides notice that it is no longer in negotiations with Ultegra Financial Partners Inc. for the financing which was announced on Jan. 22, 2015. Further opportunities for financing are now being pursued through other sources, including Fisher Enterprises LLC.

Under the terms of the amendment, Anfield is to provide evidence of sufficient financing to close the transaction, and satisfy its commitments under the definitive agreements, by May 31, 2015.

Corey Dias, chief executive officer of Anfield, stated: "We are committed to closing the transaction, as demonstrated by the significant effort we have expended as we have successfully navigated the various regulatory hurdles required to consummate the transaction. We feel that the 90-day extension will allow us to better leverage our position as we seek significant funding sources in the future. Additionally, we are pleased to be working to secure a surety arrangement with a cash collateral reduction, which significantly reduces the amount that Anfield will need to provide to close the transaction."

About Anfield's properties

Uranium

Upon the closing of the transaction, the Shootaring mill in Garfield county, Utah, will be added to Anfield's portfolio of assets. The Shootaring mill is strategically located within one of the historically most-prolific uranium production areas in the U.S., and is one of only three licensed uranium mills in the U.S.

Upon the closing of the transaction, Anfield's uranium assets will consist of mining claims and state leases in southeastern Utah, Colorado, South Dakota and Arizona, totalling nearly 65,500 acres (26,507 hectares), targeting areas where past uranium mining or prospecting occurred. 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 of triuranium octoxide at an average grade of 0.29 per cent (Velvet-Wood uranium project, NI 43-101 mineral resource report, Garfield county, Utah, U.S., dated Nov. 14, 2014, prepared by BRS Inc.), as well as additional deposits containing a historical measured and indicated triuanium octoxide 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 per cent triuranium octoxide for 2.21 million pounds (Frank M uranium project, NI 43-101 mineral resource report, Garfield county, Utah, U.S., dated June 10, 2008, prepared by BRS).

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.

Copper

Anfield also focuses on copper exploration in Arizona and Chile, two of the foremost copper-producing jurisdictions in the world.

We seek Safe Harbor.

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