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Anfield (V.ARY) acquires package of uranium assets, including Utah mill

Stockhouse Editorial
5 Comments| August 18, 2014


Anfield Resources Inc. (TSX: V.ARY, Stock Forum) said Monday it has struck a deal with Uranium One to acquire a portfolio of uranium properties in the United States, including a licensed mill and an estimated U308 resource of 6.8 million pounds.

“We are extraordinarily excited about this acquisition as it is transformational for the company,’’ said Anfield CEO Corey Dias, adding that the deal is valued at US$5 million and will be settled over a period of four years with a combination of cash and shares.

The Shootaring Canyon mill, located approximately 77 kilometres south of Hanksville, Utah is a conventional acid-leach facility that is permitted to process up to 750 tonnes of ore per day , with a capacity to process up to 1,000 tonnes per day.  It operated for two years and closed in 1982 due to low uranium prices.

“With the acquisition of one only three licensed and permitted uranium mills in the United States, we have significantly accelerated our timeline with regard to becoming a uranium producer,’’ Dias said in a press release.

The portfolio of uranium properties are located in Utah, Arizona, and South Dakota increase Anfield’s uranium asset acreage by more than 250%,’’ the company said in a press release.

The flagship asset, the Velvet-Wood deposit, contains a historical resource estimate of 4.63 million pounds of measured and indicated U308 at an average grade of 0.285%.

Past production at Velvet-Wood recovered 4 million pounds at an average grade of 0.46% U308.

The transaction provides a number of strategic advantages to Anfield, including:
  • Potential creation of one of the very few uranium producers in the U.S.
  • Shootaring Canyon Mill is one of only three licensed uranium mills in the U.S., reflecting its scarcity value.
  • The establishment of Anfield as one of the largest owners of uranium properties in the U.S.
  • Increases Anfield’s uranium asset acreage by over 250% to reach approximately 65,500 acres (26,507 hectares).
  • Adds a historical estimate of U308 resource of 6.8 million pounds.
Anfield shares were unchanged at 38 cents Monday, leaving a market cap of $7.6 million, based on 20 million shares outstanding. The 52-week range is $0.95 and $0.20.

FULL DISCLOSURE: Anfield Resources is a client of Stockhouse Publishing.

Tags: COPPER URANIUM

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Comments

Thanksforplaying
This is a huge aquisition. Congrats ary
1 star
August 18, 2014
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jerrio78
Interesting how they have set themselves up for the next Uranium run?
4.5 stars
August 18, 2014
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newyorkhammer
This is the most exciting transaction that I've seen in the U.S. uranium sector since Energy Fuels acquired their mill. It seems that since Fission has been leading the charge with their astronomical exploration results most of the so called U.S. producing companies have tucked their tails and tried to conserve cash. Its funny to me that a junior company with an $8million market cap and B@lls of steel is the one to take a swing for the fences like this. I'm surprised that the manag...
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August 18, 2014
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kazzman
This should open strong and see prices above a dollar. Congrats to the longs and the company
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August 18, 2014
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antoniette
Anybody ever try trading Oil before? It's great I love it. I'm doing the Gold Trading Academy method, it really works great. Just Google " Gold Trading Academy " you should be able to find it.
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August 20, 2014
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