Anfield Provides Progress Update on the Coringa Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 3, 2016) - Anfield Gold Corp. ("Anfield" or the "Company") (TSX VENTURE:ANF) is pleased to report on progress at its 100% owned Coringa Gold Project (the "Project") in Para State, Brazil.
Since completing the acquisition of Magellan Minerals Ltd., the Company has made substantial progress at the Project and is currently on schedule to start production in late 2017. Work required to implement the Project includes: 1) a 20,000-metre infill drilling program; 2) engineering work related to completion of a NI 43-101 feasibility study incorporating the Andorinhas plant; 3) disassembly, relocation and reassembly of the Andorinhas plant and mining equipment to the Project site; and 4) permitting.
To date, the Company has completed 11,281 metres of the 20,000-metre infill drilling program and 1,000 drill samples have been sent for assay. The infill drilling program is expected to be completed in December and results will be used to update the feasibility study resource model, mine design and schedule. Feasibility level design of the Coringa CIL plant incorporating the Andorinhas CIP plant and new components is complete and the balance of geology, engineering, environmental and social studies supporting the feasibility study are ongoing. The study is expected to be completed in the second quarter of 2017. Final engineering design to support Coringa plant construction has been initiated.
The Company has assembled a Brazil-based operating team of which several key management members and operations staff previously operated the Andorinhas plant. Project implementation has progressed substantially. Over 75% of the Andorinhas plant and mining equipment has been disassembled and shipped to the Project site. The Company expects to complete the remaining work at Andorinhas this month. Reassembly of the plant at the Project will begin once detailed engineering is complete and the required permits are obtained.
The Company has applied for trial mining licenses to allow for initial construction and installation of the plant at the Project, underground mine development, pilot scale mining and the sale of gold. The Company has been working hard to address questions and information requests presented by state environmental and mining authorities and is optimistic that these approvals will be granted later this month. In addition, permitting efforts are ongoing to obtain the mining concession license and related operating licenses for the Project. These will allow for the planned full scale production rate of 750 tonnes of mineralized materials per day. Full scale production permitting will be a primary focus of the company in 2017.
Anfield Gold Corp
Marshall Koval, Chairman & CEO
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The foregoing information contains forward-looking statements regarding Anfield's future plans. In making the forward-looking statements in this release, Anfield has applied certain factors and assumptions that are based on information currently available to Anfield as well as Anfield's current beliefs and assumptions. Although Anfield considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, risks associated with the business of Anfield, risks related to reliance on technical information provided by Magellan Minerals Ltd. as related to the Coringa project; risks relating to exploration and potential development of Magellan Minerals Ltd.'s projects; risks related to obtaining the permits and approvals necessary to develop and commission the Coringa project on terms that are acceptable to Anfield; risks related to Anfield identifying suitable acquisition targets; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; prices for commodities to be produced and changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and changes to business and economic conditions in the mining industry generally. Although Anfield has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Anfield does not undertake to update any forward-looking information, except in accordance with applicable securities laws.