Anfield Resources Inc. Signs Agreement With Blue Zen Memorial Parks
("BZM") to Advance Its Binghampton Copper Queen Copper Project in
Arizona
- Pending due diligence, the Agreement lays out a multi-stage
plan which would advance this asset through to copper production
supported by a production off-take agreement
- BZM's principal shareholder, Mr. Jiang Jiaping, is the founder
and CEO of China-based Jiangsu TianDiLong Land Resource Technology
Co. Ltd. ("TDL"); TDL has annual sales of $1.8
billion and produces copper cathodes, rods and wires and is
currently pursuing a vertical integration strategy, including the
building of an 800,000-ton copper smelting facility
- An initial $2 million project-level investment by BZM will be
used to delineate an NI43-101-compliant copper resource estimate;
following resource delineation, the Parties will fund both the PEA
and FS on a 50:50 basis
- BZM will have a right of first refusal with regard to securing
the project's off-take agreement
- Agreement moves Anfield into upper tier of junior resources
companies
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 13, 2014) -
Anfield Resources Inc. (TSX-VENTURE:ARY) ("Anfield" or "the
Company") is pleased to announce that it has signed a Purchase
Agreement ("the Agreement"), subject to due diligence, with Blue
Zen Memorial Parks ("BZM") to jointly advance Anfield's Binghampton
Copper Queen (BCQ) copper project in Arizona. The initial stage of
the Agreement includes a $2 million project-level investment by BZM
- to be used to delineate an NI43-101-compliant copper resource
estimate at BCQ - with an Operative Date no later than May 15th,
2014. Subject to the results of the NI 43-101 copper-equivalent
resource estimate, Anfield will sell up to 50% of the BCQ project
to BZM. Anfield has also agreed to provide BZM with a right of
first refusal with regard to the BCQ project's production off-take
agreement, whereby BZM would purchase 100% of mine production over
the life of the mine.
The company of BZM's principal shareholder, TDL, consists of 20
operational entities which generate over $1.8 billion in sales on
an annual basis. Moreover, it has land reserves of 9.3 million
square metres and holds interests in mineral exploration and
development assets worldwide. Even more importantly, TDL has begun
to implement a vertical integration strategy in order to secure
long-term copper resource supply and distribution channels. To this
end, TDL is both currently building the Lianyungang Copper
Processing Project, an 800,000-ton copper smelting facility in
Jiangsu Province, China and pursuing the acquisition of copper
mining assets across the globe.
"We are extremely pleased to sign this Agreement with BZM in
order to advance the BCQ copper project," stated Corey Dias, CEO of
Anfield. "As a reminder, BCQ is located in the Arizona volcanogenic
massive sulphide (VMS) Belt of central Arizona, where a number of
large, multiple-grade copper deposits have previously been
discovered and placed into production. The largest of the mines in
the VMS Belt - United Verde - produced approximately 2.5 billion
pounds of copper at an average grade of 4.36% before closing down
in the 1960s.
In BZM we believe we have found a partner who has a significant
incentive to see the BCQ project advance to the production stage -
reflected in its desire to secure the production off-take agreement
at an early stage - namely, its need to maximize capacity
utilization at its copper smelter. Moreover, Anfield's success in
negotiating a production off-take agreement places it in a unique
position vis-a-vis many of its junior resource peers, as such an
agreement - which can be used as collateral to secure debt lending
for project capex, a crucial component of the building of a mine -
materially increases the likelihood that a project would reach the
production stage".
Under the terms of the Agreement, Anfield will sell up to 50% of
the BCQ project, subject to the results of the NI43-101 resource
estimate; the initial $2 million investment will either represent:
1) 20% of the BCQ project, if the resource estimate is equal to, or
greater than, 2 billion pounds of copper-equivalent; or 2) 50% of
the BCQ project, if the resource estimate is less than 2 billion
pounds of copper-equivalent. If the resource estimate is greater
than 2 billion pounds, BZM will have the option to acquire an
additional 30% interest in the BCQ project - in addition to its
initial 20% ownership stake - at a purchase price of $1 million per
10% increment.
Subject to certain milestones, this Agreement also provides a
comprehensive framework for the: 1) joint funding, and preparation
of, a Preliminary Economic Assessment; 2) joint funding, and
preparation of, a Feasibility Study; and 3) joint funding, and
construction of, the mine and subsequent copper production. The
Agreement also gives BZM the right of first refusal with regard to
the BCQ production off-take agreement, providing BZM with an option
to purchase 100% of mine production over the life of the mine,
priced at a 10% discount to the LME copper spot price.
About Binghampton Copper Queen (BCQ)
The Binghampton Copper Queen project, located 27 kms southeast
of Prescott, Arizona, and within the Arizona VMS Belt, consists of
2,032 hectares of both patented and State land. The two
past-producing copper mines on the property - Binghampton and
Copper Queen - are separated by a mile-wide valley. According to
the Arizona Geological Survey, Binghampton produced approximately
8Mlbs of copper at an average grade of 3.1% prior to its closing in
the 1920s, while Copper Queen produced less than 100Klbs.
According to the Arizona Geological Survey, the Arizona VMS Belt
has 48 past and present producers and contains 70 known deposits.
Combined production in the Arizona VMS Belt totalled 55.3 million
tons of copper at an average grade of 3.6%. The Unite Verde mine,
one of four mines which produced 1 million tons or more of copper,
is the largest in the area and produced 33.5 million tons at an
average copper grade of 4.36%.
About Anfield Resources
Inc.
Anfield is a publicly traded corporation listed on the
TSX-Venture Exchange (TSX-VENTURE:ARY) and is engaged in mineral
exploration, development and production in the United States and
Chile. Its focus is on acquiring and developing an array of
strategic mineral projects, which, in addition to the BCQ Project,
are summarized below:
The North Star Copper Project, located less than 50 miles
northwest of Tucson, targets relatively shallow oxide copper at the
historic North Star site in the heart of copper country in southern
Arizona. The Project consists of 200 mining claims covering
approximately 4,000 acres, and has been permitted to conduct
exploration drilling at 16 sites.
The Aura Project, 20 miles east of Copiapo, is a nascent copper
production operation in Atacama, Chile, one of world's foremost
copper producing regions. Aura consists of eight land concessions
totalling over 2,800 acres. From these concessions,
copper-mineralized material at the Project is mined and stockpiled
for shipment to the Enami Processing facility, a government mining
agency whose sole mandate is to facilitate the operations of small
and medium-sized mining companies.
Anfield's Uranium assets include 239 mining claims and nine
state leases on over 10,000 acres in southeastern Utah, and 24
mining claims in Arizona. The mining claims are located in
historical uranium producing regions, targeting areas where past
uranium mining or prospecting occurred. The claims are within a
75-mile radius of the White Mesa mill, the only operating
conventional uranium mill in the US, which potentially provides
Anfield with an opportunity to toll mill its uranium ore.
To find out more about Anfield, visit its website at
www.anfieldresources.com.
About Blue Zen Memorial
Parks Inc.
Blue Zen Memorial Parks Inc., a publicly traded corporation
listed on the Canadian Securities Exchange, recently expanded its
strategic focus to include mining development and mineral
exploration, with the ultimate aim of acquiring and integrating
mining assets. The Company currently has 36,401,420 issued and
outstanding common shares.
R. Tim Henneberry, P.Geo., Advisor to Anfield is the
Qualified Person as defined in National Instrument 43-101, who has
reviewed and approved the technical content of this news
release.
On behalf of the Board of Directors
ANFIELD RESOURCES INC.
Corey Dias, Chief Executive Officer
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SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN
OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
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Anfield Resources Inc.Clive MostertCorporate
Communications780-920-5044cmostert@telus.netwww.anfieldresources.com
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