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Anfield Energy looking to advance Charlie project this year as it positions itself for market turnaround

ISR is a method where the orebody is leached underground requiring little surface disturbance
Anfield sees global trends for the uranium market improving

Anfield Energy Inc (OTCMKTS:ANLDF) (CVE:AEC) says it will look to advance its Charlie ISR (in-situ leaching) project in 2019 while creating a pipeline of similar projects in the state of Wyoming as it sees global trends for uranium improving.

"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," it said in a shareholder letter outlining plans for this year.

READ: Anfield Energy closes purchase of Charlie Project in Wyoming to boost uranium capability

ISR is a method where the orebody is leached underground, requiring little surface disturbance, while conventional mining of uranium involves extracting it from the ground before processing.

Anfield highlighted Monday that its access to production in both states of Wyoming and Utah placed it within a very small subset of US-based uranium firms.

"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, it said.

As widely reported, the US government is currently investigating the dependence of U.S.based utilities on foreign uranium supply as a matter of national security and America is the largest global consumer of uranium, yet its domestic uranium producers account for less than 1% of the volume.

"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," said the company.

Shortfall globally

Looking wider, there remains a shortfall of global uranium, while primary supply cannot meet current demand, and secondary supply continues to dwindle, said Anfield.

While challenges remain, positive signs include China pushing to increase capacity in the near term and utility contracts not being renewed, which means there is now uncovered demand of greater than 75%, it added.

Anfield says it has been actively seeking assets which would improve its position in a strengthening uranium market.

Contact Giles at [email protected]

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