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Anfield Resources Reveals Vanadium Exploration Target at its Velvet-Wood Mine

Anfield Resources Inc. announces a conceptual vanadium exploration target at its Velvet-Wood Mine, located in Utah. BRS Engineering, Inc. has completed an Exploration Target report, entitled "Velvet-Wood Vanadium Exploration Target, National Instrument 43-101, Utah, U.S.A.", with effective date of December 11, 2017 (the "Velvet-Wood Vanadium Report") which provides a vanadium exploration target of between 6.3Mlbs and 9.7Mlbs at a grade of between 0.4% V2O5 and 0.61% V2O5.

BRS is a consulting and engineering firm with nearly 40 years of experience assessing both uranium and vanadium projects. The potential quantities and grades, as stated below, are conceptual in nature and have been approximated. There has been insufficient exploration to define a mineral resource for vanadium. Furthermore, it is uncertain if additional exploration will result in the exploration target being delineated as a mineral resource.

Corey Dias, Anfield's CEO stated, "We are pleased to announce a vanadium exploration target at our Velvet-Wood mine, which builds on the historical production of 5 million pounds of vanadium at this site -- as stated in our 2016 Preliminary Economic Assessment for the Velvet-Wood project. We believe that the recent upsurge of interest in vanadium provides Anfield with a unique opportunity to create a vanadium co-product production plan" which will both complement and enhance the attractiveness of uranium extraction at the Velvet-wood mine.

A summary of the Vanadium Exploration Target included in the Velvet-Wood Vanadium Report is presented in Table 1.

Table 1. Exploration Target Summary
Exploration Target Grade % V2O5 Pounds (x1,000)
Velvet/Wood 0.40 - 0.61 6,300 - 9,700

This report includes disclosure permitted under Section 2.3(3) of NI 43-101 as Exploration Target. No mineral resources or mineral reserves have been estimated for Vanadium. No economic assessment has been completed for Vanadium. Reasonable prospects for eventual economic extraction are dependent upon development of the project for uranium and recovery of vanadium as a by-product.

To the best of our knowledge there are no other legal or environmental matters that could materially affect the potential development of this resource.

Velvet-Wood Mine

Based upon historical production, the Velvet-Wood Mine has the potential to be a significant source of vanadium. Between 1979 and 1984, Atlas Minerals mined approximately 400,000 tons of ore from the Velvet Deposit at grades of 0.46% U3O8 and 0.64% V2O5, recovering approximately 4 million pounds of U3O8 and 5 million pounds of V2O5.

The current mineral resources of the combined Velvet and Wood mines have been estimated to comprise 4.6 million pounds of U3O8 at a grade of 0.29% U3O8 (measured and indicated resource) and 552,000 pounds of U3O8 at a grade of 0.32% U3O8 (inferred resource). (Source: Velvet-Wood Mine Uranium Project, Preliminary Economic Assessment, National Instrument 43-101, Utah USA, Author: BRS Inc.; Date: 05/31/2016).

NI 43-101 Disclosure

The Vanadium Exploration Target Report completed for Velvet-Wood has been authored by Douglas L. Beahm, P.E., P.G. Principal Engineer, of BRS Inc. The author has reviewed and approved the technical content of this news release.


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