PEA To Be Completed On The Slick Rock Uranium Project

VANCOUVER - Anfield Energy Inc. reported that BRS Engineering (BRS) has begun a Preliminary Economic Assessment (PEA) for the Slick Rock uranium and vanadium project. Slick Rock is located in the  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% uranium 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.

CEO, Corey Dias, said, “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, alongside Anfield’s Velvet-Wood and West Slope projects. Anfield is clearly well-positioned to benefit from an improving uranium market”.