VANCOUVER, British Columbia, Sept. 08, 2017 (GLOBE NEWSWIRE) -- Anfield Gold Corp. (“Anfield” or the “Company”) (TSXV:ANF) announces the filing of the technical report for its Feasibility Study (the “Study”), prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), for its 100%-owned Coringa Project (“Coringa” or the “Project”). A summary of the results of the Study were previously announced in the Company’s press release dated July 25, 2017 (the “Study NR”).
In connection with the preparation of the technical report, Anfield noted a discrepancy between the results of the Study and certain results that were previously disclosed in the Study NR. The discrepancy was caused by the correction of pre-production estimates. A summary of the changes can be found in the below tables. The Company views these changes as non-material.
| Economic Results at $1,250/oz Au | Units | Jul 25th Press Release | Sep 8th Technical Report |
| Pre-Tax NPV (5%) | $M | $34.0 | $33.3 |
| Pre-Tax IRR | % | 32.9% | 32.1% |
| Post-Tax NPV (5%) | $M | $31.0 | $30.5 |
| Post-Tax IRR | % | 30.8% | 30.1% |
| Cash Costs | Units | Jul 25th Press Release | Sep 8th Technical Report | ||
| C1 Cash Costs Net of By-products | $/oz | $585 | $588 | ||
| All-in Sustaining Cash Cost | $/oz | $783 | $786 | ||
Note: All currencies are in United States dollars unless otherwise specified. Base case economics are based on a gold price of $1,250 per ounce (“oz”), silver price of $18.00 per oz and an exchange rate of 3.2 (US$:R$).
Qualified Persons
The scientific and technical information contained in this news release pertaining to the Project has been reviewed and approved by Robert Michel, SME Registered Member of Robert Michel Enterprises, a Qualified Person as defined by NI 43-101. Robert Michel is independent of Anfield.
About Anfield Gold
Anfield Gold Corp. (TSXV:ANF) is a Vancouver, Canada based precious metal exploration and development company focused on the development of the Coringa Project located in Para State, Brazil. Anfield’s strategic plan includes the acquisition of other gold projects with the goal of becoming a mid-tier gold mining company.
Further details are available on the Company’s website at https://anfieldgold.com
| Anfield Gold Corp. | For further information contact: |
| Scott Hicks | |
| Signed: “Marshall Koval” | tel: + 604 646-1884 |
| Marshall Koval, Chairman & CEO | fax: + 604 687-7041 |
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Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “will", “expected" or variations of such words. Forward looking statements or information in this press release include, but are not limited to, Anfield’s strategic plan to acquire other gold projects with the goal of becoming a mid-tier gold mining company; the internal rate of return of the Project; the net present value of the Project and operating costs and other costs estimated for the Project. 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 (including Anfield’s belief in the results of the Study). 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, Anfield may not be able to achieve the base case during actual mining at the Project, risks associated with the business of Anfield, risks relating to exploration and potential development of the Company’s projects; risks related to obtaining the permits and approvals necessary to develop and commission the 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 mineral resources and mineral reserves); 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. Forward-looking information and statements are in addition based on various estimates, forecasts and projections as well as expectations, beliefs and assumptions including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold; that the Company can access financing and that the political environment where the Company operates will continue to support the development and operation of mining projects. 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.