Anfield Energy to Complete a Preliminary Economic Assessment of its Slick Rock Uranium Project

VANCOUVER, British Columbia, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to announce that BRS Engineering (“BRS”) has begun a Preliminary Economic Assessment (PEA) for the Company’s Slick Rock uranium and vanadium project (“Slick Rock”). Slick Rock is located in the prolific Uravan region of Colorado, in close proximity to Anfield’s West Slope uranium and vanadium project. The property holds a historical inferred resource of 2.5 million tons at 0.228% uranium and 1.37% vanadium, returning 11.6 million pounds of uranium and 69.6 million pounds of vanadium* and, between 1957 and 1983, Slick Rock produced 2.2 million pounds of uranium and 13.9 million pounds of vanadium. Finally, in 2014 Uranium Energy Corporation (“UEC”), the previous owner of Slick Rock, issued a PEA which stated a pre-tax project Internal Rate of Return (IRR) of 33% and a Net Present Value of US$63.5 million, based on a discount rate of 7% and a uranium price of US$60 per pound, along with a vanadium price of US$10 per pound**.

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