VANCOUVER, British Columbia, February 13, 2023 (GLOBE NEWSWIRE) — Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “Company”) We are pleased to announce that we have entered into a definitive agreement with ACCO Resources (“ACCO” or “Seller”) to acquire a 100% interest in 115 unpatented mining claims and related data. think. The 2,300-acre Dripping Springs Quartzite Uranium Project (“Dripping Springs”) in Gila County, Arizona.

Anfield CEO Corey Dias commented: Additionally, the area has eight past production mines that shipped material to the Grove, Arizona-based Uranium Purchasing Station in the 1950s, as well as Uran Energy His Corporation’s Workman Creek project.

“We will continue to seek future assets along two strategies of acquiring short-term and long-term uranium and vanadium assets that fit our overall production plan. We are focused on the state’s advanced uranium and vanadium projects (Velvet Wood, West Slope, Slick Rock).Our production strategy includes the potential supply of additional uranium and vanadium resources to our Shootering Canyon plant. “We believe that Dripping Springs will complement our existing portfolio of assets and serve as part of our long-term uranium production strategy, similar to our acquisition of Artillery Peak.”

The company has not yet identified the uranium resources it claims, but studies of the larger Dripping Springs area have confirmed that there are uranium resources nearby. For example, historical uranium resource estimates made by Dravo Engineers (August 1980), as part of a feasibility study for the Dripping Springs quartzite area, used a cut-off grade of 0.05% to reach approximately It returned 4.4 million tons, including 9.8 million pounds. This historic mineral resource also includes Uranium Energy Corp.’s Workman Creek project. The Company believes that the presence of mineralization near any Claims it acquires does not necessarily indicate mineralization that may be present on those claims, nor does the Dripping Springs Quartzite Area. suggesting mineralization that is typically hosted.

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For claims and related data, Seller will receive US$50,000 in cash and 15 million shares of Anfield common stock (“Consideration Shares”). Completion of acquisition of claims and issuance of consideration shares is subject to approval by TSX Venture Exchange. After issuance, the consideration shares are subject to statutory restrictions on resale for a period of four months and one day. The Company is not obligated to pay any finder’s fees or commissions in connection with obtaining a claim.

About the Dripping Springs Quartzite Project

The Dripping Springs Quartzite Project consists of 115 unpatented mining claims covering over 2,300 acres. It is located in a remote area about 90 miles northeast of Phoenix, Arizona.

Between 1950 and 1954, uranium deposits were discovered in the area, leading to extensive exploration activities in the area. The U.S. Geological Survey, conducting research on behalf of the U.S. Atomic Energy Commission, identified more than 100 uranium deposits in the wider Dripping Springs quartzite area by 1957.

Substantial exploration of the area has since taken place. Westinghouse’s subsidiary, Wyoming Minerals Corp., conducted over 400 exploration and development drilling campaigns in the 1970s in the Workman Creek area, now owned by Uranium Energy Corp. Feasibility studies by Dravo Engineers include both open pit and underground mining with conventional acid leaching, solvent extraction, and ammonia precipitation processes. The resulting uranium recovery was in the range of 94%.

Uran Energy Corporation’s Workman Creek project is located near the center of the larger Dripping Springs Quartzite Formation, which covers more than 8,000 square miles in central Arizona. Exploration of the surrounding area has revealed similarly attractive deposits with large potential ore reserves. The most attractive targets were selected based on the wealth of available data. This includes past production mines in significant tonnage that were shipped to cutter buying stations in Grove, Arizona in the late 1950s.

qualified person

Douglas L. Beahm, PE, PG, Principal Engineer of BRS Inc., a qualified person as defined in NI 43-101, has reviewed and approved the technical content of this news release.

About Anfield

Anfield is a uranium and vanadium development and short-term producer committed to becoming a leading energy-related fuels supplier by creating value through sustained and efficient growth of its assets. Anfield is a public company listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield focuses on traditional asset centers, as summarized below.

Arizona/Utah/Colorado – Shootering Canyon Mill

A key asset in Anfield’s portfolio is the Shootering Canyon Mill in Garfield County, Utah. The Shootering Canyon Mill is strategically located in one of the historically richest uranium producing regions in the United States and is one of three licensed uranium mills in the United States.

Anfield’s traditional uranium assets consist of mining rights and state leases in southeastern Utah, Colorado and Arizona, covering areas where uranium has been mined or explored in the past. Anfield’s legacy uranium assets include the Velvet Wood Project, the Frank M Uranium Project, the West Slope Project and the Findlay Tank Breccia Pipe. The NI 43-101 PEA is now complete for the Velvet-Wood Project. The PEA is provisional in nature and contains inferred Mineral Resources that are considered too geologically speculative and do not apply the economic considerations that allow them to be classified as Mineral Reserves. Realize. All conventional uranium assets are located within a 200 mile radius of the Shootering Mill.

Technical disclosure

Table 1. Anfield’s existing conventional uranium vanadium project portfolio resources.

*Our qualified personnel have not done sufficient work to classify these historical estimates as Current Mineral Resources and Anfield does not treat such historical resources as Current Mineral Resources. not.

Velvet-Wood: PEA for Velvet-Wood was created by Douglas L. Beahm, PE, PG Principal Engineer, BRS Inc., Terence P. (Terry) McNulty, PE, D. Sc., TP McNulty and Associates Inc. it was done. (May 31, 2016). Mineral Resources are not Mineral Reserves and have not demonstrated economic viability according to CIM criteria. GT cutoff is 0.25% to 0.50% depending on region.

West Slope: NI 43-101 resource estimates for JD-6, JD-7, JD-8, and JD-9 properties. BRS Inc. completed (effective March 2022). Historical resource estimates for SR-11, SR-13A, SM-18 N, SM-18 S, LP-21, and CM-25 properties. Completed by Behre Dolbear of Cotter Corporation (August 2007). Displayed and estimated resources using a GT cutoff of 0.1 ft% eU₃〇₈; historical resources using a cutoff of 0.05% U₃〇₈.

Slick Rock: Historical resource estimates made by BRS Engineering, Inc. Effective April 2014. The GT cutoff range is 0.25% to 0.50%.

Frank M: Frank M’s historic technical report for Uranium One Americas was written by Douglas L. Beahm, Principal Engineer, BRS Inc. and Andrew C. Anderson, PE, Principal Engineer, BRS Inc. Created by ., dated June 10, 2008. Frank M’s historical resource used his GT cutoff of 0.25%.

Findlay Tank: Findlay Tank Historical Technical Report for Uranium One Americas, dated October 2, 2008, by Douglas L. Beahm, PG Principal Engineer, BRS Inc. 0.05% EU₃〇₈.

Artillery Peak: Artillery Peak Exploration Project, Mohave County, Arizona, 43-101 Technical Report, by Dr. Karen Wenrich, October 12, 2010. The GT cutoff is 0.01% to 0.05% depending on the region.

On behalf of the Board of Directors
Anfield Energy Co., Ltd.
Cory Diaz, Chief Executive Officer

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

contact:
Anfield Energy Co., Ltd.
Clive Mostert
Corporate communication
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

safe harbor declaration

This news release contains “forward-looking statements”. Statements in this news release, which are not purely historical, are forward-looking statements and include statements regarding beliefs, plans, expectations or intentions regarding the future.

Except for the historical information contained herein, the matters contained in this news release contain forward-looking statements, including future results, expressed or implied by these statements; There are certain risks and uncertainties that could cause actual results to differ materially from performance or results. Statements that are not historical facts, including statements preceded by, followed by, or containing the words “estimate,” “expect,” “believe,” “plan,” “expect,” or similar statements are forward-looking statements. This is a description about The Company’s risks and uncertainties include risks associated with mineral exploration and financing and risks presented in the Company’s most recent annual and quarterly reports and other public information from time to time. risks including, but not limited to: company. Other risks include risks related to future capital requirements and the Company’s ability and level of support for exploration and development activities. There can be no assurance that our exploration efforts will be successful or that we will ultimately achieve commercial success. These forward-looking statements are made as of the date of this news release and we undertake no obligation to update any forward-looking statements or We undertake no obligation to update the reasons why the results may differ. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there is no assurance that these beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all information contained herein and also refer to the risk factors disclosed in the Company’s periodic reports filed from time to time.

This news release has been prepared by the company’s management who take full responsibility for its content.