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Anfield Resources Issued State Mineral Leases in Utah; Pursuit of Near-Term Uranium Production to Complement Its Current Copper Production Continues

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Anfield Resources Issued State Mineral Leases in Utah; Pursuit of Near-Term Uranium Production to Complement Its Current Copper Production Continues

 

 

 

 

 

 

Anfield Resources Inc. (TSX VENTURE:ARY) is pleased to report that it has been issued nine mineral leases on Utah State Trust Land. The leases cover a total of approximately 5,500 acres (2,225 hectares) located across three of the several uranium mining districts located in southeastern Utah. In addition, these leases lie within a 100-mile radius of the White Mesa Mill, the only currently active standard uranium mill in the United States. Utah has historically been one of the top Uranium producing states, with the majority of production coming from the uranium mining districts concentrated in the southeastern part of the state.

 

“We are pleased to have been issued these leases as they complement our recently acquired Uranium assets in Utah,” stated Corey Dias, CEO of Anfield. “The Company now controls over 8,100 acres across several uranium mining districts. Within that acreage are a significant number of past-producing mines. This transaction advances our strategic objective of opportunistically acquiring undervalued assets to pursue near-term production and revenue generation via toll milling, a production strategy successfully followed at our Chilean copper asset. We continue to believe in the likelihood of a shortfall in uranium raw materials due to the combination of two factors: the number of nuclear reactors proposed, planned or under construction worldwide – which would more than double the current number of operating reactors – and the recent expiration of the 20-year HEU agreement between the US and Russia.”

 

Below is a summary of the issued leases:

 

Henry Mountains District

 

Two of the leases cover past producing uranium workings in the Henry Mountains Mining District, Garfield County, Utah. The district as a whole produced an estimated 414,950 lbs U3O8 at an average grade of 0.24%.

 

Montezuma Canyon

 

Six of the leases are located in the Montezuma Canyon Area of the Monticello Mining District, three of which are prospective, and three of which include past-producing uranium workings. These leases are complementary to Anfield’s previously-acquired eight claim groups consisting of 29 claims in this area. Total past production in this area is estimated at 88,000 lbs U3O8 and 775,000 lbs V2O5, with an average U3O8 grade of 0.24% and 0.31% V2O5.

 

Desert Area

 

One lease is located in the Desert Area of the Green River Mining District, Emery County, Utah. This lease is situated a few miles from Energy Fuels’ San Rafael Uranium Project. Information regarding pounds of production of U3O8 for the District has not been forthcoming; however an estimated 600,000 tons of material has been mined from the District.

 

Production figures in this report are as reported in Uranium-Vanadium Occurrences of Utah, Utah Geological and Mineral Survey Report for the U.S. Bureau of Mines, Open-File Report 18 (1974). The presence of economic uranium mineralization in the Utah Districts is not necessarily indicative on economic uranium mineralization on the Anfield properties.

 

About Anfield Resources Inc.

 

Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (ARY-V) and is engaged in mineral exploration, development and production in the United States and Chile. Its focus is on acquiring and developing an array of strategic mineral projects, including further developing its nascent copper production operation in Chile and its uranium assets in Utah and Arizona, and its longer-term focus on the development of its Arizona-based copper properties.

Posted December 10, 2013

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