VANCOUVER, British Columbia, March 04, 2019 (GLOBE NEWSWIRE) -- Anfield Energy Inc. (TSX-V: AEC, OTCQB: ANLDF, FRANKFURT: 0AD) (“Anfield” or the “Company”) is pleased to provide the following letter to its shareholders from Company CEO, Corey Dias.

Dear shareholders,

2018 was quite a year for Anfield Energy and the uranium space in general. Continued closures of producing uranium mines, combined with the investigation currently in the hands of the U.S. Department of Commerce related to the overdependence of U.S.-based utilities on foreign uranium supply as a matter of national security, leaves the uranium sector teetering on the edge of something potentially significant.

Global trends are positive for uranium

In 2019, global trends with regard to nuclear power are positive, with China pushing to increase its capacity in the near term. Challenges remain, however: the low uranium spot and term prices do not incentivize current or future uranium production – as shown via the shuttering of mines by a number of uranium producers worldwide – while the continued reluctance of US utilities to enter the long-term uranium market means that there seems to be no near-term path to an increase in pricing. Nevertheless, it is important to note that there remains a shortfall of uranium in the global market today. Primary supply cannot meet current demand, and secondary supply continues to dwindle. Utility contracts are not being renewed, which has left uncovered demand of greater than 75%. It is clear that the current market position is not sustainable.

Department of Commerce investigation into overdependence on foreign uranium supply

The U.S. Department of Commerce initiated an investigation into the dependence of U.S.-based utilities on foreign uranium supply as a matter of national security. Given that the U.S. is the largest consumer of uranium worldwide, and yet its domestic uranium producers account for less than 1% of the volume, the disconnect is stark. The potential of a quota could lead to a significant portion of U.S. uranium demand being supplied by domestic producers which could result in a market in which a premium is placed on U.S. uranium production. A final decision is expected in mid-2019.

Anfield positions itself for the expected market turnaround

Despite these concerns, Anfield has been actively seeking assets which would improve its position in a strengthening uranium market. Since its initial acquisition of the Shootaring Canyon mill from Uranium One in 2015, Anfield has continued to acquire assets to create a portfolio which would potentially allow it to prosper through both conventional and ISR-based uranium production. In 2016, Anfield acquired 24 uranium projects from Uranium One, and signed a resin processing agreement to facilitate production through Uranium One’s Irigaray facility, its existing ISR processing plant; in 2018, Anfield acquired the Charlie project, an advanced ISR project in Wyoming, and the conventional Colorado-based West Slope project, consisting of nine uranium/vanadium properties, from Cotter Corporation, a subsidiary of General Atomics. The Charlie Project is slated to be the Company’s initial ISR target, while the West Slope Project complements, and potentially extends the life of, Anfield’s Shootaring Canyon mill.

Where do we go from here?

Anfield continues to execute on its strategy to create two asset hubs – one ISR-based, the other conventional – in order to be well-placed in an improving uranium market. Moreover, its access to production capacity in both Wyoming and Utah places it within a very small subset of US-based uranium developers and producers. This is critical as US utilities are highly likely to offer long-term purchase contracts to only those parties who have near-term access to production capacity.  To this end, Anfield will look to advance Charlie in 2019 while creating a pipeline of ISR projects in Wyoming to serve as follow-on targets.

Shareholders, we appreciate your continued support and encouragement as we navigate the uranium market.  While the past few years have been challenging, we at Anfield believe that the wind is now at our back. We will provide further updates as to our plans and milestones as the year progresses. Please feel free to reach out to us at info@anfieldenergy.com should you have any questions or comments.

Best regards,

Corey Dias, CEO

About Anfield

Anfield is a uranium and vanadium development and near-term production company that is committed to becoming a top-tier energy-related fuels supplier by creating value through sustainable, efficient growth in its assets. Anfield is a publicly-traded corporation listed on the TSX-Venture Exchange (AEC-V), the OTCQB Marketplace (ANLDF) and the Frankfurt Stock Exchange (0AD). Anfield is focused on two project centres, as summarized below:

Wyoming – Irigaray ISR Processing Plant (Resin Processing Agreement)

Anfield has also signed a Resin Processing Agreement with Uranium One whereby Anfield would process up to 500,000 pounds per annum of its mined material at Uranium One’s Irigaray processing plant in Wyoming. In addition, the Company can both buy and borrow uranium from Uranium One in order to fulfill some or all of its sales contracts.

Anfield’s 24 ISR mining projects are located in the Black Hills, Powder River Basin, Great Divide Basin, Laramie Basin, Shirley Basin and Wind River Basin areas in Wyoming. Anfield’s two projects in Wyoming for which NI 43-101 resource reports have been completed are Red Rim and Clarkson Hill.

The Charlie Project, the asset which was the core component of a recently-announced transaction between Anfield and Cotter Corporation, is located in the Pumpkin Buttes Uranium District in Johnson County, Wyoming. The Charlie Project consists of a 720-acre Wyoming State uranium lease which has been in development since 1969. An NI 43-101 resource estimate for the Charlie Project has been completed.

Arizona/Utah/Colorado – Shootaring Canyon Mill

A key asset in Anfield’s portfolio is the Shootaring Canyon Mill in Garfield County, Utah. The Shootaring Canyon Mill is strategically located within one of the historically most prolific uranium production areas in the United States, and is one of only three licensed uranium mills in the United States.

Anfield’s conventional uranium assets consist of mining claims and state leases in southeastern Utah and Arizona, targeting areas where past uranium mining or prospecting occurred. Anfield’s conventional uranium assets include the Velvet-Wood Project, the Frank M Uranium Project, the West Slope Project as well as the Findlay Tank breccia pipe. An NI 43-101 Preliminary Economic Assessment (PEA) has been completed for the Velvet-Wood Project. The PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment would be realized. All conventional uranium assets are situated within a 200-mile radius of the Shootaring Mill.

Contact:
Anfield Energy, Inc.
Clive Mostert
Corporate Communications
780-920-5044
contact@anfieldenergy.com
www.anfieldenergy.com

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