Anfield Resources Signs Letter of Intent to Develop Vanadium

Vancouver, British Columbia / TheNewswire / August 22, 2016 —Anfield Resources Inc. (TSXV:ARY,OTCQB:ANLDF), is pleased to announce that it has entered into a letter of intent (“LOI”) with Aileron Ventures Ltd. (“Aileron”) to identify and exploit the potential of the contained vanadium by-product resulting from the uranium production of Anfield’s feedstock ore, and to determine the commercial feasibility of constructing a vanadium processing circuit and dedicated infrastructure to upgrade vanadium pentoxide and/or vanadium based electrolyte at Anfield’s Shootaring Mill.
Under the terms of the LOI, Aileron will have a one year evaluation period to explore and evalurate the vanadium assets and to determine the commercial viability of permitting, designing and constructing a vanadium circuit at the Shootaring Mill. At the end of the evaluation period Aileron will have 30 days in which to exercise an option to acquire the rights to purchase up to 70% of Anfield’s vanadium production by providing a binding commitment to provide funding for the permitting, design and construction of the vanadium circuit at the Shootaring Mill.
The historical vanadium market focused on its ability to strengthen steel and other alloys, along with increased use in the aerospace and military markets. However, with the greater awareness of the risks associated with climate change and GHGs, vanadium has become a significant player in the energy market. Vanadium has the ability to store mass energy via vanadium flow batteries (VFBs), which strengthens the renewable energy proposition of both wind and solar power. Industry spending on energy storage is expected to be approximately US$75 billion in 2016, reaching US$200 billion in 2020 alone.
Corey Dias, Anfield’s CEO, commented, “We are pleased with this new opportunity to exploit the vanadium production potential of our assets. While this is not our core focus, we are nevertheless committed to seeing effective and profitable development and production of vanadium resources contained and commingled in our feedstock ore. This development would have a positive effect on our uranium production through by-product credits which would reduce our overall operating costs. Further, we look forward to significant opportunities presented by the nascent energy storage industry utilizing vanadium as a key element.”
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