Anfield Gold Corp.

Anfield Gold Corp.

February 21, 2017 11:19 ET

Anfield Provides Progress Update on the Coringa Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 21, 2017) - Anfield Gold Corp. ("Anfield" or the "Company") (TSX VENTURE:ANF) is pleased to report on progress at its 100% owned Coringa Gold Project (the "Project") in Para State, Brazil.

The Company has made significant progress towards the goal of advancing the Project into production. The disassembly and relocation of the Andorinhas Plant purchased from Troy Resources has been completed. The majority of the plant and mining equipment has been moved to the Project. Major plant components such as crushers, compressors, ball mills and mining equipment have been refurbished and are ready for installation. A detailed CIL plant design for construction is well advanced, and the tailings storage facility final design is near completion. Procurement of long lead time and critical components of the plant has been initiated.

In support of this work and towards completion of the Project feasibility study, site characterization, metallurgical, geotechnical, hydrogeologic and condemnation drilling has been completed. In addition, site infrastructure and ancillary facility construction is well advanced including: construction of project camp, office and maintenance facilities, upgrading and improvement of Project access roads including construction of storm water control structures.

The 20,000 metre infill drilling program has been expanded to approximately 26,500 metres and, to date, the Company has completed 23,417m of this drilling. The infill drilling program is expected to be completed in March and results will be used to finalize the feasibility study resource model, mine design and schedule. The company has also completed other types of drilling at the project in support of the feasibility study and these are summarized in Table 1.

Drilling Purpose Number of drill holes Diamond Drill Holes (m) Reverse-Circulation Holes (m)
Infill Resource Drilling 154 15,207 8,210
Geotechnical Drilling 24 1,491 -
Condemnation Drilling 4 743 -
Water Well Drilling 14 - 617
Metallurgical sampling drilling 4 285 -
TOTAL 186 18,343 -
Table 1. Breakdown of Anfield's drilling at the Project by purpose.

The Company expects to complete the Project feasibility study in the second quarter of 2017. Geology, engineering, environmental and social studies supporting the study are ongoing. Reassembly of the plant and mine development at the Project will begin once detailed engineering is complete and the required permits are obtained.

The Company has applied for trial mining licenses to allow for initial construction and installation of the plant at the Project, underground mine development, pilot scale mining and the sale of gold, and expects to receive the licenses shortly. In addition, permitting efforts are ongoing to obtain the mining concession license and related operating licenses for the Project. These will allow for the planned full scale production rate of 750 tonnes of mineral reserve per day.

Anfield Gold Corp.

Marshall Koval, Chairman & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

The foregoing information contains forward-looking statements regarding Anfield's future plans. In making the forward-looking statements in this release, Anfield has applied certain factors and assumptions that are based on information currently available to Anfield as well as Anfield's current beliefs and assumptions. Although Anfield considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, risks associated with the business of Anfield, risks related to reliance on technical information provided by Magellan Minerals Ltd. as related to the Coringa project; risks relating to exploration and potential development of Magellan Minerals Ltd.'s projects; risks related to obtaining the permits and approvals necessary to develop and commission the Coringa project on terms that are acceptable to Anfield; risks related to Anfield identifying suitable acquisition targets; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; prices for commodities to be produced and changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and changes to business and economic conditions in the mining industry generally. Although Anfield has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Anfield does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contact Information

  • Anfield Gold Corp.
    Martin Rip
    + 604 646-1884
    + 604 687-7041 (FAX)