Anfield Engages Engineering Firm for Anticipated Resource Upgrade at Slick Rock

VANCOUVER, British Columbia, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that it is to engage BRS, Inc., an engineering firm, to complete an updated uranium and vanadium resource for its Slick Rock property. The Company previously received final approvals for its drill permit application to commence a 20-hole, 20,000-foot rotary drill program at its Slick Rock uranium and vanadium project, located in San Miguel County, Colorado. Anfield is in the process of securing a local drilling contractor, after which it will commence its 20-hole drill program at Slick Rock. Once the drill program is complete, Anfield plans to both secure a large mine permit for this property and use the drill results to upgrade its uranium and vanadium resource for Slick Rock as found in its existing PEA.

Corey Dias, Anfield’s CEO commented: “We are very pleased to bring BRS onboard as we advance our Slick Rock project. BRS previously completed a PEA for a combination of our Slick Rock, Velvet-Wood and Shootaring mill projects; therefore, leveraging that experience with the Company’s Slick Rock project – post-drilling - to both confirm existing historical results and provide an updated uranium and vanadium resource is warranted. As we aim to meet the criteria for a large mine permit, followed by a Plan of Operations, we intend to align the development timelines of both the Slick Rock and Velvet-Wood mines. Our aim is to have both ready for production prior to the restart of the Shootaring Canyon mill, with initial feed ready for transport once the mill is ready to receive it.”

Additionally, the Company announces that a Director has provided a one-year loan of $1.65 million, with an effective annual interest rate of 10%, for working capital purposes. The loan is considered a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101, as the loan does not exceed 25% of the Company’s market capitalization.