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Anfield Energy to Acquire Advanced Uranium Project in Wyoming From Cotter Corporation
VANCOUVER, British Columbia, March 12, 2018 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX-V:AEC) (OTCQB:ANLDF) (FRANKFURT:0AD) (“Anfield” or the “Company”) is pl
About this update from Anfield Energy Inc
[{"type":"text","content":" VANCOUVER, British Columbia, March 12, 2018 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX-V:AEC) (OTCQB:ANLDF) (FRANKFURT:0AD) (“Anfield” or the “Company”) is pleased to announce that it has entered into a term sheet with Cotter Corporation (N.S.L.) (“Cotter”) to acquire the Charlie ISR Uranium Project (the “Charlie Project”) located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. The Charlie Project consists of a 720-acre Wyoming State uranium lease which has been in development since 1969 and sits immediately adjacent to two of Uranium One’s producing mines. The transaction will be settled with the issuance of common shares of Anfield to Cotter equal to a 10% ownership interest in Anfield, with Cotter retaining a 20% interest in all yellowcake production from the project. Anfield currently has 22,508,358 shares issued and outstanding. Anfield will have access to the data from the previous exploration activities at the Charlie Project, allowing for rapid preparation of technical reports on the Project. Anfield’s CEO, Corey Dias, commented: “We are excited to add the Charlie Project to our portfolio of uranium properties. It is a critical component of our strategy to create a robust mine-and-mill production complex in Wyoming. We are now well-positioned for production when market conditions are right. The Charlie Project is one of the most-advanced uranium properties in the United States and Anfield has a resin processing agreement in place with nearby Uranium One to produce up to 500,000 pounds of uranium per year at its existing processing facility. Moreover, in building a significant resource pipeline we are continuing to update and delineate uranium resources at the 24 Wyoming uranium projects acquired from Uranium One in 2016. These projects complement our conventional assets, including the Shootaring Canyon Mill, allowing us to bring projects on stream optimally according to market conditions and potential contracts.\" The Charlie Project Inexco Oil began exploration drilling on the Charlie Project in 1969 and over a two year period completed 215 holes, comprising 91,000 ft. of drilling. A joint venture was formed with Uranerz USA in 1974 and an additional 715 holes were completed, including 57 core holes, totaling 283,906 ft. Cotter acquired the project from Uranerz and proceeded...