Anfield Resources Inc Disclosure Clarification
Vancouver, B.C. / ACCESSWIRE / May 22, 2015
Disclosure Clarification
As a result of a review by the British Columbia Securities Commission (BCSC), we are issuing the following news release to clarify our technical disclosure.
Clarifying Disclosure
Non-compliant Disclosure of a Mineral Resource Estimate
In its news releases the Company reports current mineral resources for its Velvet-Wood mineral property. This disclosure failed to disclose the measured and indicated classes separately as required by NI 43-101 and omits the tonnage. The Company would like to clarify its statement by adding the following table:
Area/Classification
Tons
Average Grade %eU3O8
Pounds eU3O8
Velvet Measured Mineral Resource
362,600
0.27
1,966,000
Velvet Indicated Mineral Resource
71,200
0.38
548,000
Wood Indicated Mineral Resource
377,000
0.28
2,113,000
TOTAL MEASURED AND INDICATED MINERAL RESOURCE
810,800
0.29
4,627,000
TOTAL INFERRED MINERAL RESOURCE
87,000
0.32
552,000
Non-compliant Disclosure of Historical Estimates
In its news releases the Company reports historical mineral resource estimates for the Frank M mineral property and tailings estimates. This disclosure does not include information and cautionary language required by NI 43-101.
The Company would like to clarify its statement for the Frank M mineral property as follows:
Indicated Mineral Resource (Historical Estimate):
Tons
Average Grade
%U3O8
Pounds U3O8
1,095,000
0.101
2,210,000
(Source: Frank M Uranium Project, 43-101 Mineral Resource Report, Garfield County, Utah USA; Author: BRS, Inc.; Date: June 10, 2008).
This Indicated Mineral Resource, while an historical estimate, was completed to the Indicated Mineral Resource Standard of CIM. Anfield is not treating the historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
This historical resource estimate was developed based on analysis of radiometric data from 838 historic holes and chemical assay from 17 historic core holes. The historical estimate also utilizes nine additional core holes that were drilled in 2007 to provide data verification and equilibrium evaluation. The grade thickness contour method was used to develop the resource estimates, evaluating grade thicknesses ranging from 0.10 to 1.00. The results disclosed in the table above are based on a grade thickness of 0.25.
The historical estimate referenced herein is from a report prepared by a well-known mineral exploration and mining consulting firm using current Indicated Mineral Resource CIM standard and terminology. Thus, the Company considers the historical estimate to be reliable.
Anfield intends to work with the same group to complete sufficient verification drilling at Frank M to bring the historical estimate to a Current Indicated Mineral Resource.
In its news releases the Company reports historical mineral resource estimates for the surface stockpiles. This disclosure does not include information and cautionary language required by NI 43-101. The Company hereby restates the historical estimates as follows:
Shootaring Canyon Mill Stockpile
Historical Estimate: Approximately 250,000 pounds of U3O8 at an average grade of 0.13% U3O8. Note: Resource classification is unknown. (Source: Definitive Cost Estimate for the Restart of Shootaring Canyon Mill, Ticaboo, Utah; Author: Lyntek Incorporated; Date: July 28, 2008.)
Anfield is not treating the historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
Anfield cannot guarantee the reliability of the historical estimate, as the parameters, assumptions and methods used to estimate the historical resource are not known.
Anfield intends to conduct a sampling program and survey, in accordance with CIM standards and terminology, to determine the grade and tonnage of material present in the stockpile, and to upgrade the historical estimate to a current resource.
Lisbon Valley Stockpile
Historical Estimate: Approximately 165,000 pounds of U3O8 at an average grade of 0.9% U3O8. Note: Resource classification is unknown. (Source: Technical Report on the Lisbon Valley Uranium Properties Utah; Author: Roscoe Postle Associates Inc.; Date: September 12, 2005.)
Anfield is not treating the historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
Anfield cannot guarantee the reliability of the historical estimate, as the parameters, assumptions and methods used to estimate the historical resource are not known.
Anfield intends to conduct a sampling program and survey, in accordance with CIM standards and terminology, to determine the grade and tonnage of material present in the stockpile, and to upgrade the historical estimate to a current resource.
Omission of Naming Qualified Person
The Company omitted identification of the qualified person who prepared or supervised the preparation of the technical information in news releases dated August 21, 2014, September 5, 2014, December 4, 2014, February 10, 2015, February 23, 2015, and March 10, 2015. The Company takes note of this omission, and will provide the required identification in all future news releases that disclose technical information.
Classification as "Ore"
The Company used the term "ore" to describe material in the surface stockpiles. The term is potentially misleading because it implies a current mineral reserve. The Company notes that the stockpiles do not constitute a current mineral reserve, and as such, the term "ore" as used in the NI 43-101 is not an appropriate classification. The Company hereby retracts the classification of the surface stockpiles as "ore" as there is no current mineral reserve.
Corporate Presentation
Certain information contained in the corporate presentation is not in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The Company has removed the corporate presentation from the website, pending necessary updates to come into compliance with NI 43-101. Points on the corporate presentation that will be revised include the following:
--The corporate presentation discloses a Frank M historical estimate that omits prominent cautionary language. The appropriate cautionary language is not included with every reference to the historical estimates. The Company will rectify this by including the appropriate cautionary language in all required circumstances before posting a revised corporate presentation on the website. See "Restatement of Historical Estimates" above for cautionary language that may be included in the presentation.
--The corporate presentation contains an instance where inferred mineral resources are added to other categories. The Company will rectify this by appropriately separating any mention of inferred resources from the total mineral resources report, and subtracting that amount from the total reported before posting a revised corporate presentation on the website.
--The corporate presentation contains an instance where historical estimates are added to current resource estimates. Specifically, this occurs in the resource table, which sums historical and current inferred resource estimates with other resource classes. The Company will rectify this by appropriately separating any mention of historical estimates from the total mineral resources reported, and subtracting that amount from the total reported before posting a revised corporate presentation on the website.
On behalf of the Board of Directors
Corey Dias, Chief Executive Officer
R. Tim Henneberry, P.Geo., Advisor to Anfield is the Qualified Person as defined in National Instrument 43-101, who has reviewed and approved the technical content of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Clive Mostert
Corporate Communications
780-920-5044
info@anfieldresources.com
www.anfieldresources.com
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS". STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL AND QUARTERLY REPORTS AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH SEEKING THE CAPITAL NECESSARY TO COMPLETE THE PROPOSED TRANSACTION, THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL BE ABLE TO COMPLETE THE PROPOSED TRANSACTION, THAT THE COMPANY'S EXPLORATION EFFORTS WILL SUCCEED OR THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD 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 MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS.