Anfield Nickel Corp.
TSX VENTURE : ANF

Anfield Nickel Corp.

April 21, 2009 08:31 ET

Anfield to Acquire Mayaniquel, S.A. and Announces a $3.55 Million Private Placement With Lumina Capital Limited Partnership

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2009) - Anfield Ventures Inc. (TSX VENTURE:ANF) ("Anfield") is pleased to announce that it has signed an agreement to purchase all of the outstanding shares of Mayaniquel, S.A. ("Mayaniquel") from BHP Billiton Minerals Holdings Pty Ltd. and The Broken Hill Proprietary Company Pty Ltd. (collectively "BHP Billiton") for US$2.5 million and the issuance of a 1.5% Net Smelter Royalty ("NSR") payable to BHP Billiton on any future production.

Mayaniquel, a Guatemalan company, controls 21 mineral exploration licenses totaling approximately 83,430 hectares in the nickel laterite belt that surrounds Lake Izabal located 120 kilometers northeast of Guatemala City. The mineral exploration licenses are adjacent to the "Fenix Project" owned by Compania Guatemalteca de Niquel S.A., which was purchased by HudBay Minerals, Inc. for C$560 million in mid 2007. The Fenix Project comprises the past producing Eximbal nickel mine that produced nickel-matte from saprolite ore material.

Of the 21 licenses owned by Mayaniquel, only three have been drilled extensively (approximately 41,613m of drilling in 1,855 holes) by previous operators and four separate nickel laterite deposits have been defined at Sechol, El Tunico, Chatala and Chiis.

On April 9, 2009, an independent NI 43-101 mineral resource estimate was prepared for each deposit as shown in the table below:



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Cutoff Grade 0.8% Ni Cutoff Grade 1.0% Ni
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Deposit Transition(1) Saprolite(2) Total Transition Saprolite Total
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DMT Ni Ni Ni Ni Ni Ni
(3) % DMT % DMT % DMT % DMT % DMT %
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Indicated Resources
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Sechol 5.01 1.29 13.31 1.46 18.32 1.41 3.97 1.40 11.23 1.57 15.20 1.53
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Inferred Resources
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Sechol 3.54 1.19 15.55 1.38 19.09 1.34 2.20 1.38 12.46 1.50 14.66 1.48
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Chatala 2.17 0.97 3.89 0.99 6.06 0.98 0.54 1.24 1.36 1.18 1.90 1.20
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Chiis 1.26 1.19 2.04 1.35 3.30 1.29 1.15 1.22 1.52 1.50 2.67 1.38
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El Tunico 0.01 0.92 2.89 1.15 2.90 1.15 0.00 0.00 1.66 1.34 1.66 1.34
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Total 6.98 1.12 24.37 1.28 31.35 1.25 3.89 1.31 17.00 1.46 20.89 1.43
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Mineral resources do not have demonstrated economic viability.
Approximately 2-3 million tonnes of limonite mineralized material occurs at
Sechol but has not been defined as a mineral resource as a processing
option has yet to be determined. The Limonite zone at the other deposits
has either been eroded away or is too patchy and irregular to warrant
definition.
(1) The Transition zone is a mixed horizon of limonite and saprolite
material and was defined using both geological logging data and
chemical analysis.
(2) The Saprolite zone represents the lower part of the laterite profile
below the Transition zone and was defined using both geological logging
data and chemical analysis
(3) DMT - dry million tonnes.


The laterite deposits at Sechol, El Tunico and Chiis remain open for further resource expansion while initial surface exploration programs have identified the Nueva Caledonia II, Los Tres Juanes, Seamay, San Lucas and Virginia exploration license areas as highly prospective for further resource delineation.

The mineral resource estimates were generated from drill hole sample assay results and the interpretation of three-dimensional geologic laterite profile models that relate to the spatial distribution of nickel in the deposits. Grade estimates were made using the inverse distance method with a power of 2. The mineral resource estimates are presented at a base case cutoff grade of 0.8% nickel, which is representative of other nickel laterite operations with similar deposit characteristics. Don Tschabrun, MAusIMM, from Tetra Tech, an independent engineering and consulting firm, and a Qualified Person as defined by NI 43-101, is responsible for the mineral resource estimate and has reviewed and approved the technical content of this press release. A technical report in compliance with NI 43-101 will be filed on SEDAR within 30 days of this press release if the acquisition of Mayaniquel is completed.

Anfield also announces that it has entered into a non-brokered private placement agreement to issue 10.15 million shares at a price of $0.35 per share to Lumina Capital Limited Partnership, an investment partnership held principally by Vancouver mining entrepreneur Ross Beaty. The private placement is subject to the successful completion of the acquisition of Mayaniquel and the shares will bear a four-month restriction on resale. On completion of the placement, Lumina will own approximately 40% of Anfield's outstanding shares. Shareholders currently holding a majority of the currently outstanding shares have provided written confirmation of their support for the placement pursuant to a confidentiality agreement. Both the Mayaniquel acquisition and related financing are subject to TSX Venture acceptance and customary closing conditions with targeted closing dates in the middle of May 2009.

At Anfield's annual shareholders meeting, held on April 7, all director nominees were elected, namely Anish Sunderji, Robert Pirooz, Marshall Koval, David Strang, and Aziz Shariff. Mr. Pirooz and Mr. Koval are newly elected directors replacing Sophia Shane and Jie Yang. Anfield's Board and management wish to thank Ms. Shane and Mr. Yang for their considerable efforts and service to the Company since its inception.

Mr. Pirooz is currently a Director and General Counsel for Pan American Silver Corp. and a Director of Lumina Copper Corp. and Rodinia Minerals Inc. Previously, Mr. Pirooz was CEO of Regalito Copper Corp. and a Director of Northern Peru Copper Corp and Global Copper Corp. Mr. Pirooz holds a law degree from the University of British Columbia and Bachelor of Commerce degree from Dalhousie University.

Mr. Koval is currently Vice President of Corporate Development for Lumina Copper Corp. Previously, Mr. Koval was CEO and a Director of Northern Peru Copper Corp and was President of Pincock, Allen & Holt, an international mining consulting and engineering firm. Mr. Koval holds a Bachelor of Science degree in geology from the University of Missouri.

Messrs. Pirooz, Strang and Koval have a financial interest in Lumina Capital Limited Partnership.

ANFIELD VENTURES, INC.

Anish Sunderji

CAUTION REGARDING FORWARD LOOKING STATEMENTS: This news release may contains "forward-looking statements" within the meaning of the applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of commodities, the timing of exploration activities, the estimation of mineral reserves and mineral resources, the results of drilling, estimated future capital and operating costs, future stripping ratios, projected mineral recovery rates and Anfield Ventures' commitment to, and plans for developing any of its projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anfield Ventures to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the Company's projects, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of commodities, as well as those factors discussed in the sections relating to risk factors of our business filed in Anfield Venture's required securities filings on SEDAR. Although Anfield Ventures has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Anfield Ventures does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Contact Information

  • Anfield Ventures Inc.
    Anish Sunderji
    + 604 844 2842
    + 604 844 2843 (FAX)