Anfield Energy to Complete a Mineral Resource Report for Four of its West Slope Project Mines

VANCOUVER, British Columbia, Feb. 02, 2022 – Anfield Energy Inc. (TSX.V: AEC; OTCQB: ANLDF; FRANKFURT: 0AD) (“Anfield” or “the Company”) is pleased to announce that Anfield has engaged BRS Engineering (“BRS”) to complete a mineral resource report for four of the nine West Slope uranium/vanadium properties held by the Company (“West Slope”). The West Slope properties are located in the prolific Uravan region of Colorado.

The targeted West Slope properties are known as JD-6, JD-7, JD-8 and JD-9, and represent a historical uranium and vanadium resource of approximately 7Mlbs and 33Mlbs, respectively, at the grades described below.

Corey Dias, Anfield CEO, states: “Given the strengthening global sentiment related to the uranium market, we are pleased to update and determine the potential economics for four of our West Slope properties in Colorado. We believe that these projects could serve as a critical portion of Anfield’s long-term viable conventional uranium production – underpinned by the Shootaring Canyon mill in Utah – as a part of its portfolio of U.S. uranium assets.”

About The West Slope Project

The West Slope Project, located in Montrose and San Miguel Counties of southwestern Colorado, consist of nine Department of Energy (DOE) leases, associated with adjacent lode mining claims and leases, covering 6,913 acres on which past uranium production has taken place. Between 1977 and 2006, approximately 1.3Mlbs of uranium and 6.6Mlbs of vanadium were produced from these mines. In 2007, Behre Dolbear was commissioned by Cotter to produce a Technical Report for the West Slope Project (Technical Report on Nine Properties Held by Cotter Corporation in Montrose and San Miguel Counties, Colorado, USA, August 16, 2007). Using available data and using a cut-off of 0.05% uranium, Behre Dolbear estimated an in-place Measured Resource of 2.1Mt of uranium at an average grade of 0.25% for a total of 11Mlbs of uranium and an in-place Measured resource of 1.2Mt of vanadium at an average grade of 1.2% for a total of 53Mlbs of vanadium.

Anfield considers these estimates to be historical in nature and cautions that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and Anfield is not treating the historical estimate as a current mineral resource or mineral reserves. A qualified person will need to conduct an analysis of data from previous exploration activities to delineate an updated uranium/vanadium resource estimate.

About BRS

BRS, Inc. is an engineering and geology consulting corporation with expertise in mining and mineral exploration. Of particular note, it specializes in uranium exploration, mineral resource evaluation, mine design, feasibility, mine operations, and reclamation. It has completed numerous uranium projects including technical reports and feasibility studies for underground, open pit, ISR, and conventional uranium mills. Representative projects include technical reports and due diligence for project financing for conventional uranium projects including the Sheep Mountain Project in Wyoming, the Marquez/Juan Tafoya Project in New Mexico, the Coles Hill Project in Virginia, and numerous ISR uranium projects in Wyoming, Texas and Paraguay.

Douglas L. Beahm, P.E., P.G., the principal engineer at BRS, is a Qualified Person as defined in NI 43-101 with more than 45 years of professional and managerial experience. Mr. Beahm has a proven track record in a variety of mining and mine reclamation projects including surface and underground mining, heap leach recovery, ISR, and uranium mill tailings projects. Mr. Beahm’s experience includes coal, precious metals, and industrial minerals, but his emphasis throughout his career has been on uranium. Mr. Beahm has reviewed and approved the technical content of this news release.

About Anfield

Anfield is a uranium and vanadium 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 assets. Anfield is a publicly-traded corporation listed on the TSX Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two asset centers, as summarized below:

Wyoming – Resin Capture and Processing Agreement
Anfield has signed a Resin Capture and Processing Agreement with Uranium One whereby Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray processing plant in Wyoming.

The Charlie Project, Anfield’s flagship uranium project, is located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. The Charlie Project consists of a 720-acre Wyoming State uranium lease which has been in development since 1969. An NI 43-101 Preliminary Economic Assessment has been completed for the Charlie Project.

Anfield’s 24 ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming. Anfield’s three projects in Wyoming for which NI 43-101 resource reports have been completed are Red Rim, Nine Mile Lake and Clarkson Hill.

Arizona/Utah/Colorado – Shootaring Canyon Mill
Another 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, permitted and constructed conventional uranium mills in the United States.

Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah, Colorado and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, the West Slope Project as well as the Findlay Tank breccia pipe. An NI 43-101 Preliminary Economic Assessment has been completed for the Velvet-Wood Project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.

On behalf of the Board of Directors
ANFIELD ENERGY INC.
Corey Dias, Chief Executive Officer

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 Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

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