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Anfield poised for resource estimate at Nine Mile uranium project as it considers its portfolio

It is only the third Wyoming project for which Anfield is commissioning a resource report...
Anfield poised for resource estimate at Nine Mile uranium project as it considers its portfolio
Uranium prices have slumped since 2011

Anfield Resources Inc (CVE:ARY), the energy-focused resource group, told investors it will complete a resource estimate for the Nine Mile uranium project in Wyoming, USA.

The property is one that it bought from Uranium One Americas Inc last year, when it acquired 24 Wyoming projects.

It is only the third Wyoming project for which Anfield is commissioning a resource report.

It comes after news that the world's biggest uranium producer Cameco Corp said it was suspending production from its McArthur River mine in Saskatchewan due to low prices.

The price of the  commodity has sagged since the Fukushima nuclear disaster in Japan in 2011.

"Given the recent Cameco news, we also feel it is an important time to solidify our resource base and determine which of our uranium projects are the most viable," said Corey Dias, Anfield's chief executive, on Wednesday.

"Near-term supply disruptions may continue as the spot price remains below the cost of production of many companies, and long-term utility contracts come to an end.

"We believe that the current uranium price is unsustainable at such low levels, and Anfield is committed to positioning itself as a future uranium producer to coincide with the expected rebound in the uranium price."

As part of the 2016 deal with Uranium One, Anfield said it had also inked a resin processing agreement, whereby Anfield would process up to 500,000 pounds per year of its mined material at Uranium One's Irigaray processing plant in Wyoming.

Shares fell 11% to C$0.04.

So far, Anfield  has release two NI 43-101 resources for two properties acquired from Uranium One - Clarkson Hill, with an inferred resource of 957,000 tons with an average grade of 0.058% of uranium concentrate, estimated to contain 1,113,000 pounds.

Also Red Rim had an indicated resource 336,655 tons of material at an average grade of 0.170% of uranium concentrate.

The inferred resource was 472,988 tons at an average grade 0.163%.

The Nine Mile project is in Natrona county and lies around nine miles north of Casper and both east and west of US Interstate 25.

Roll-front type uranium mineralization occurs in the Teapot Sandstone within the Mesaverde Formation. Between November 1976 and November 1980 a test in situ leach (ISL) plant was operated at the project by Rocky Mountain Energy Company (RME), with mixed results.

Consultant BRS Engineering will complete the  mineral resource report for Nine Mile.

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