Preparation For Increase In Mill Production Capacity With Acquisition Of Additional DOE Leases

VANCOUVER -- Anfield Energy Inc. reported that its subsidiary, Highbury Resources, Inc. has entered into a definitive agreement with Gold Eagle Mining Inc. (GEM) and Golden Eagle Uranium LLC (GEU) to acquire a 100% interest in twelve Department of Energy (DOE) leases and associated data in various Counties in Colorado. The acquisition meets Anfield’s strategic objective of securing additional uranium and vanadium prospects as the Company prepares for an increase in production capacity throughput at Shootaring to 1,000 tons per day from 750 tons per day as part of its mill restart plan. Crucially, it provides Anfield with control over 21 of the 31 DOE leases in existence in Colorado, further strengthening the Company’s long-term strategic production position in the State.

Corey Dias, CEO, said, “We are quite pleased to acquire these twelve additional DOE Leases which we believe are complementary to both our Slick Rock project and the nine DOE leases we currently hold in Colorado and underscores our commitment to uranium and vanadium production coming from this state. The strategic value of these Leases cannot be overstated, as many of them are contiguous to Anfield’s current Colorado holdings and could, therefore, be combined to create improved production economies of scale. Moreover, given that the stated uranium resource associated with each Lease has been determined by the DOE and its predecessor agencies, and when married to the historical production at each Lease site, we are confident that these uranium pounds will serve as an established base from which these resources could grow. Finally, the securing of these Leases provides the Company with the flexibility to categorize all of our DOE Leases within our DOE Lease portfolio in order to identify those we would consider the most prospective and prioritize their advancement to production.

We will continue to seek out prospective uranium and vanadium assets which align with our two-fold production strategy. The near-term strategy centers on our advanced Utah and Colorado uranium and vanadium projects – Velvet Wood, West Slope, Slick Rock and our newly-acquired DOE leases – underpinned by our wholly-owned Shootaring Canyon mill, one of only 3 licensed, permitted and constructed conventional mills in the U.S. The long-term production strategy remains focused on the acquisition of complementary assets with the potential to feed additional uranium and vanadium resources to our Shootaring Canyon mill. The uranium and vanadium pounds associated with these DOE leases may serve as near-term feed under either the mill’s current throughput capacity of 750 tons per day or the proposed expanded throughput capacity of 1,000 tons per day. Finally, the Company will continue to pursue an expanded annual licensed uranium production capacity of up to 3 million pounds.”