Anfield To Acquire Magellan; Develop The Coringa Gold Project

VANCOUVER, BC - Anfield Nickel Corp. reported that Anfield and Magellan have entered into a definitive arrangement agreement to acquire Magellan. The resulting entity will be an emerging gold producer with a post-deal market capitalization of approximately $48 million.

Pursuant to the Arrangement Agreement, Anfield has agreed to acquire Magellan by way of a court-approved plan of arrangement. Under the terms of the Arrangement The resulting entity will be owned approximately 69.4% and 30.6% by Anfield and Magellan's existing shareholders, respectively (assuming no Magellan convertible securities are converted prior to the closing of the arrangement).

"This acquisition will create a new gold mining company with a strong technical and financial management team and shareholder base. We look forward to developing and commissioning the Coringa gold project by late 2017 and to acquiring other gold projects that will allow us to build a mid-tier gold mining company" said Marshall Koval, Anfield's Chief Executive Officer.

In addition, Magellan has previously entered into a purchase agreement with Troy Resources Ltd. relating to the purchase of Troy's gold processing plant, associated equipment and mining fleet at its Andorinhas mine located in eastern Para state, Brazil. The arrangement is conditional on that transaction proceeding.