Anfield Energy Provides Corporate Review of 2017
TSX VENTURE: AEC
VANCOUVER, BC--(Marketwired - January 10, 2018) - Anfield Energy, Inc. (TSX VENTURE: AEC) (OTCQB: ANLDF) FRANKFURT: 0AD) ("Anfield" or "the Company") following the name change and share consolidation, is pleased to provide this review and corporate update of its very active and constructive 2017. Anfield continues to position itself to become a top-tier U.S.-based uranium producer to take advantage of improving uranium prices now underway. The following list highlights the Company's 2017 achievements to enhance its portfolio of conventional and In-Situ-Recovery (ISR)-amenable projects and to be ready for co-production opportunities with vanadium:
- Engaged BRS Inc., an engineering firm, to prepare a series of NI 43-101 technical reports for Anfield's 24 Wyoming-based projects;
- Announced the receipt of an NI 43-101 Mineral Resources Technical Report for the Red Rim Uranium project, based in Wyoming;
- Announced the receipt of an NI 43-101 Mineral Resources Technical Report for the Clarkson Hill Uranium project, based in Wyoming;
- Commissioned BRS to provide an NI 43-101 Mineral Resource Technical Report for the Nine Mile Uranium project, based in Wyoming;
- Announced the receipt of a Vanadium Exploration Target report for the Velvet-Wood Uranium project, based in Utah;
- Commissioned an updated Preliminary Economic Assessment for the Velvet-Wood Uranium project, based in Utah, a source of uranium and potential source of vanadium feedstock for the Shootaring Canyon Mill, to include both the construction and use of a vanadium circuit as part of a production scenario;
- Announced the hiring of Robert Lumadue, a uranium industry veteran formerly with Uranium One Americas as part of its uranium sales team, as well as with U.S. utility Duke Energy Corporation, ConverDyn and Nuexco Trading Corporation, as Anfield's Vice President, Uranium Sales and Marketing;
- Continued advancing the Shootaring Canyon Uranium Mill license towards operational status with the Utah Division of Waste Management and Radiation Control;
- Closed three private placement financings totalling approximately $6.8 million.
Corey Dias, Anfield's CEO stated, "We believe that 2017 was an important year for Anfield -- a year of strategic activity to develop and position assets for improving market conditions. We converted the historical uranium resources of two of the 24 Wyoming-based uranium projects acquired from Uranium One in 2016, and we plan to continue further resource conversion in 2018. In addition, we sought to outline the vanadium co-production potential of our licensed and permitted Velvet-Wood mine. This timely initiative advances resources which are now considered a strategic material by the U.S. government and are of growing importance for large-scale energy storage applications and infrastructure build. Further, in 2018 we will continue to pursue uranium assets which are complementary to our current asset portfolio to better position ourselves for the rebound now underway in the uranium price.
In late 2017 and early 2018 there were a number of positive price catalysts for the uranium sector as supply-side disruption and demand-side improvements played out: 1) the suspension of production at two of Cameco's mines; 2) the idling of Converdyn's uranium conversion facility; 3) uranium producer Kazatomprom's reduction of uranium production by 20% over the next three years; 4) the restart of nuclear reactors in Japan; and 5) the acquisition by Brookfield Business Partners LP of Westinghouse Electric Co., stabilizing Westinghouse's nuclear power plant business. As is noted by industry analysts, there are compelling drivers of improvement in the uranium spot and term price.
As well, the vanadium market is forecast to experience strong growth in the next 5 years due to increasing demand for Vanadium Redox Flow Batteries and high-strength steels, as well as the U.S. government's recent designation of vanadium as a strategic material.
Anfield is an energy metals exploration, 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 energy metals 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 production 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, should Anfield sign uranium sales contracts, the Company can both buy and borrow uranium from Uranium One in order to fulfill some or all of its contracts.
Anfield's 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.
Arizona/Utah - Shootaring Canyon Mill
A key asset in Anfield's existing 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, as well as the Findlay Tank breccia pipe. All conventional uranium assets are situated within a 125-mile radius of the Shootaring Mill.