Anfield Resources Inc. (TSXV:ARY) acquired 26 mining claim groups representing 133 unpatented mining claims in the uranium-producing regions of San Juan County, Utah and Mohave County, Arizona from MAG Exploration Services Inc.
As quoted in the press release:
Within each of the Utah districts of San Juan County where property was acquired, there has been historical uranium production. Moreover, in some cases, the acquired properties themselves not only include past-producing uranium mines but also sit in close proximity to currently-producing uranium mines. Finally, all of the acquired assets within San Juan County, Utah are within a 75-mile radius of Energy Fuels Inc.’s White Mesa mill, the only operating conventional uranium mill in the US.
Anfield Resources CEO, Corey Dias, said:
The strategy of Anfield Resources is to acquire strategic resource assets – on a commodity-agnostic basis – which can generate near-term revenue and cash flow. We believe that these uranium assets fall within the purview of that strategic focus. In fact, we will largely be following the same approach that has proved successful at our copper asset in Chile, whereby we provide raw material to a third-party processing plant, or mill, in exchange for a discounted price. Typically, the biggest hurdles facing junior mining companies relate to the expense involved in finding a way to process their raw materials. Therefore, by acquiring resource assets in close proximity to a functioning processing facility we are able to avoid the hurdles facing the vast majority of junior mining companies. We know that uranium mills will be looking for raw materials, especially given the impending expiration of the HEU agreement between Russia and the US this November. This factor, combined with the number of nuclear reactors proposed, planned or under construction worldwide, point to a shortfall in uranium raw materials, and represents a tremendous opportunity for Anfield.