Anfield Resources Inc. ("Anfield" or "the Company") is pleased to announce that it has engaged BRS, Inc. ("BRS"), an engineering firm, to prepare a series of NI 43-101 compliant technical reports for a number of Anfield's 24 Wyoming uranium projects (the "Projects"). The Company views resource delineation as the first phase of Anfield's Wyoming uranium asset advancement. The Projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas of Wyoming.
Further to its news release of September 14, 2016, as a part of the Wyoming Project acquisition, Anfield acquired a database containing historic resource estimates that identify significant potential for further development. This includes drilling and geologic work done by Uranium One of 575 drill holes totaling approximately 395,000 feet of drilling. In addition to the Uranium One database, Anfield previously acquired a historic database of geological information pertaining to the acquired Projects and of surrounding properties. The Company, in conjunction with BRS, is carefully analyzing the current and historic data to identify and prioritize the data to generate NI 43-101 technical reports for Anfield's acquired Projects.
Corey Dias, Anfield's CEO, stated, "We are delighted to begin the initial phase of our work on these Projects in order to both identify and delineate uranium resources. Importantly, many of these Projects are in areas of Wyoming in which a number of uranium producers have already established ISR production bases. Moreover, Anfield signed a Resin Processing Agreement with Uranium One in late 2016 whereby Anfield can process up to 500,000 pounds of uranium per year at Uranium One's Irigaray Central Processing Plant
Uranium analysts are now noting that the uranium market is at an inflexion point where prices are bound to rise sharply in 2017. With depressed prices, mine production is being cut while uranium demand is steadily increasing in Asia and elsewhere. And long-term contracts are rolling-off with significant uncovered demand being forecast. These market dynamics converges with Anfield's strategy of acquiring quality assets and proceeding with disciplined, staged development. We are confident that developing these properties will facilitate the execution of our Company strategy and will be a significant step towards becoming a top-tier U.S. uranium company."