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Anfield Energy Demonstrates Economic Viability of Velvet-Wood and Slick Rock Uranium and Vanadium Projects
VANCOUVER, British Columbia, March 30, 2023 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is p
About this update from Anfield Energy Inc
[{"type":"text","content":" VANCOUVER, British Columbia, March 30, 2023 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to report the results of a combined preliminary economic assessment (“PEA”) for both its Utah-based Velvet-Wood Uranium and Vanadium Project (“Velvet-Wood”) and its Colorado-based Slick Rock Uranium and Vanadium Project (“Slick Rock”). The PEA titled, “The Shootaring Canyon Mill and Velvet-Wood and Slick Rock Uranium Projects, Preliminary Economic Assessment” (PEA, 2023), will be published on SEDAR within 45 days. These two projects are located proximal to one another within the prolific Uravan Mineral Belt, and within close distance of the Company’s [permitted] Shootaring Canyon Mill (“Shootaring”) which will act as a centralized mineral processing facility in the PEA. The independent PEA was prepared in accordance with National Instrument 43-101 standards of disclosure for mineral properties. Highlights include: The PEA indicates a pre-tax project internal rate of return (“IRR”) of 40% and a net present value (“NPV”) of US$238 million, based on a discount rate of 8% and a uranium price of US$70 per pound, along with a vanadium price of US$12 per pound. Average annual production of approximately 750,000 pounds of uranium and 2.5 million pounds of vanadium per year is estimated over the 15-year mine life; The combined feed of the Velvet-Wood and Slick Rock mines is designed to meet the existing tonnage capacity at Shootaring of 750 tons per day. Additional tonnage capacity would be available after year 8 of the plan. Estimated mill-related capital expenditures at Shootaring, including 25% contingency amount for each item, of: 1) US$31.4 million for general upgrades; 2) US$13.4 million to install a modern vanadium circuit; and 3) US$20 million to update the tailings management facility. Estimated mine-related capital expenditures, including engineering and design, mine facilities, mine equipment, and the reopening of the Velvet decline and the sinking of two production shafts at Slick Rock with a 25% contingency, of: 1) US$15.3 million for Velvet-Wood; and 2) US$27.2 million for Slick Rock. Anfield CEO, Corey Dias, stated, “We are extremely pleased with the outcome of this PEA as it provides Anfield with evidence of the true potential of both Velvet-Wood and ...