Anfield Resources Inc. Announces Closing of Uranium One Transaction

VANCOUVER, BRITISH COLUMBIA / TheNewswire / September 1, 2015 -- Anfield Resources Inc. (TSX.V: ARY) (FRANKFURT: 0AD)("Anfield" or "the Company") is very pleased to announce that it has closed the Uranium One transaction. Anfield has acquired the Shootaring Canyon Mill and a portfolio of conventional uranium assets from Uranium One (the "Transaction"). In addition to the Shootaring Canyon Mill and the Velvet-Wood Project, the Transaction also includes an impressive portfolio of uranium assets, two surface stockpiles, and a number of royalties on projects held by other publicly-traded companies.

Corey Dias, Anfield's CEO stated, "We are delighted to announce the closing of the Uranium One Transaction. With the Transaction we have now acquired one of only three licensed and permitted conventional uranium mills in existence in the United States, a significant uranium resource and a portfolio of royalties on development projects of other uranium companies. All our uranium assets are located in the U.S., one of the world's lowest-risk and most favorable uranium jurisdictions, and host of the world's largest uranium requirements. The assets are synergistic and provide a strategic, stepped approach to production and revenue generation. Our acquisition has fortuitous timing as our carefully-selected U.S. projects are positioned to benefit from renewed U.S interest in clean nuclear energy and domestic uranium producers, and the strengthening global uranium market".

Within the volatile commodity universe, uranium has shown itself to be particularly resilient. Over the past year, the uranium spot price has increase by more than 25%, while other commodities have seen significant declines. Moreover, positive news from Japan related to the restart of reactors, India's decision to create a strategic uranium reserve, Russia's significant expansion of domestic nuclear projects and turn-key nuclear projects abroad, a continued expansion of nuclear reactors in China and globally, and an expected uranium shortfall in the coming years due to deferment of uranium projects in the current low-price environment -- all bode well for sustained increases in the uranium price.

Key Assets

Shootaring Canyon Uranium Mill

The Shootaring Canyon Uranium Mill is one of only three licensed, permitted and constructed conventional uranium mills in existence in the U.S., with the other two held by BHP Billiton (Sweetwater) and Energy Fuels Inc. (White Mesa). Located approximately 48 miles (77 kilometers) south of Hanksville, Utah, the Shootaring Canyon Mill is a conventional acid-leach facility that is permitted to process up to 750 tonnes of ore per day, with a capacity to process up to 1,000 tonnes per day. The mill was built in 1980 and during its period of operation it processed and sold 27,825 pounds of U3O8. It ceased operation with the collapse of the uranium price in the early 1980s.

Velvet-Wood Project

The Velvet-Wood Project is one of the most advanced conventional uranium projects in the U.S. Between 1979 and 1984, approximately 400,000 tons of ore were mined from the Velvet Deposit at grades of 0.46% U3O8 and 0.64% VO5 (recovering approximately 4 million pounds of U3O8 and 5 million pounds of V2O5).

Some underground infrastructure is already in place at the Velvet mine including a 3,500-foot long, 12' x 9' decline to the resource. The remaining mineral resources of the combined Velvet and Wood mines have been estimated to comprise 4.6 million pounds of U3O8at a grade of 0.29% U3O8 (measured and indicated resource) and 552,000 pounds of U3O8at a grade of 0.32% U3O8 (inferred resource).

(Source: Velvet-Wood Mine Uranium Project, San Juan County, Utah USA 43-101 Mineral Reserve and Resource Report, Author: BRS Inc.; Date: 11/14/2014)

Frank M Deposit

The Frank M deposit, located approximately 12 km north of the Shootaring Canyon Mill, has an historic indicated mineral resource estimate of 2.2 million pounds of U3O8 at a grade of 0.101% U3O8 .

(Source: Frank M Uranium Project, 43-101 Mineral Resource Report, Garfield County, Utah USA; Author: BRS, Inc.; Date: 8/10/2008).

Anfield is not treating the Frank M historical estimate as current mineral resources or mineral reserves. A qualified person has not yet 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 Frank M historical estimate was prepared by BRS, Inc., a well-known mineral exploration and mining consulting firm using the standards of CIM Indicated Mineral Resources. 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.

Wate and Findlay Tank Breccia Pipes

Approximately 1.4 million pounds of the historical mineral resource estimates for the assets purchased are attributable to the purchased interest in these two breccia pipes. Importantly the grade of mineralization at these breccia pipe deposits is typically higher than at the Utah deposits (in this case, 0.79% U3O8 and 0.23% U3O8, respectively). (Source: Findlay Tank SE Breccia Pipe Uranium Project, Mohave County, Arizona USA 43-01 Mineral Resource Report; Author: BRS, Inc.; Date: 10/2/2008) (Source: Updated NI 43-101 Technical Report on Resources Wate Uranium Breccia Pipe Northern Arizona, USA; Author: SRK Consulting; Date: 3/22/2010).

Wate

The acquisition includes a 50% interest in the Wate Uranium Project in northern Arizona held by the Wate Mining Company LLC. Anfield will become a joint owner with Energy Fuels Inc., which owns the remaining 50% interest.

The above historical inferred mineral resource was obtained using a grade cutoff of 0.15% eU3O8. (Source: Updated NI 43-101 Technical Report on Resources Wate Uranium Breccia Pipe Northern Arizona, USA; Author: SRK Consulting; Date: 3/22/2010.)

Findlay Tank

The above historical inferred mineral resource was obtained using a grade cutoff of 0.05% eU3O8, with a minimum grade thickness of 0.50. (Source: Findlay Tank SE Breccia Pipe Uranium Project, Mohave County, Arizona USA 43-01 Mineral Resource Report; Author: BRS, Inc.; Date: 10/2/2008.)

Anfield is not treating the historical estimate as current mineral resources or mineral reserves. A qualified person has not yet done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.

The Wate and Findlay Tank historical estimates were prepared by SRK consulting and BRS, Inc. respectively, well-known mineral exploration and mining consulting firms using the standards of CIM Inferred Mineral Resources. Thus, the Company considers the historical estimate to be reliable.

Anfield intends to work with the same groups to complete sufficient verification drilling to bring the historical estimate to a Current Mineral Resource.

Royalty Portfolio

The Transaction also contains a number of royalty arrangements on projects held by publicly-traded companies that have the potential to be an additional source of income for Anfield. The royalty projects are not currently in production, and no royalty would be due to Anfield until commencement of production. The royalty arrangements are summarized as follows:

-2% to 4% sliding scale production royalty on Azarga Uranium Corp.'s (formerly Powertech (USA) Inc.) Dewey Burdock project in Custer and Fall River Counties, South Dakota.

-2% net smelter returns royalty on Western Uranium Corporation's (formerly Pinon Ridge Mining LLC, which acquired the project from Energy Fuels Resources Corp.) San Rafael project in Emery County, Utah.

-2% to 4% sliding scale gross value royalty on Energy Fuels Inc.'s Whirlwind project in Grand County, Utah.?

-1% royalty on Energy Fuels Inc.'s Energy Queen project in San Juan County, Utah.

Surface Stockpiles

In addition to the approximately 48,000 acres (~19,425 hectares) of uranium properties included in the Transaction, Anfield has also acquired two surface stockpiles. One of the stockpiles is located at the Shootaring Canyon Mill, with a historical estimate of 250,000 pounds of U3O8 at an average grade of 0.13% U3O8. (Source: Definitive Cost Estimate for the Restart of Shootaring Canyon Mill, Ticaboo, Utah, Lyntek Incorporated, 7/28/2008.) The other surface stockpile is located in the Lisbon Valley, having a historical mineral resource estimate of approximately 165,000 pounds of U3O8 at an average grade of 0.09% U3O8. (Source: Technical Report on the Lisbon Valley Uranium Properties Utah, Roscoe Postle Associates Inc., 9/12/2005.)

These surface stockpiles are significant, in that they represent potential mill feed sources with no mining costs and very low removal costs.

Anfield is not treating the historical estimates of the surface stockpiles as current mineral resources or mineral reserves. A qualified person has not yet done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.

Anfield cannot guarantee the reliability of these historical estimates, 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 stockpiles, and to upgrade the historical estimates to a current resource.

Consideration for Acquired Assets at Closing

As part of the consideration paid for the acquired assets at Closing, the Company has issued 7,436,505 Anfield shares to US Energy (NYSE MKT:USEG) and 4,022,996 Anfield shares to Uranium One. This results in US Energy and Uranium One holding ownership positions in Anfield of 18.3% and 9.9%, respectively.

About Anfield's Properties

Anfield is an energy metals exploration, development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its energy metals assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (ARY-V) and the Frankfurt Stock Exchange (0AD). Anfield is focused on the development of projects, as summarized below:

Uranium

The key asset in Anfield's portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.

Anfield's uranium assets consist of mining claims and state leases in southeastern Utah, Colorado, South Dakota and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield's uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, as well as the Findlay Tank breccia pipe and a 50% interest in the Wate breccia pipe. All assets are situated within a 125-mile radius of the Shootaring Mill.

Note on Historical Estimates: Anfield is not treating the historical estimates referred to above as current mineral resources or mineral reserves. A qualified person has not yet done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.

On behalf of the Board of Directors

Anfield Resources Inc.

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:

Anfield Resources Inc.
Clive Mostert
Corporate Communications
780-920-5044
info@anfieldresources.com
www.anfieldresources.com

Safe Harbor Statement

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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.

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