Uranium Demand Rises as Nuclear Power Proves Dependability

NEW YORK, July 25, 2018 /PRNewswire/ --

According to data compiled by Katusa Research, the global uranium demand is projected to grow to 190 Million lbs per year until 2020 and to 220 Million lbs by 2030, while growing at a CAGR of 20% in 15 years. The increasing demand is driven by industries and households transitioning to an inexpensive and environmentally efficient energy alternative. According to the World Nuclear Association, uranium is used within nuclear power plants, which are used to replace the burning of coal or gas. The usage of nuclear energy has been increasing, and uranium prices were trading at USD 25 per lbs at the end of 2017, but Katusa projects prices to increase by 20% to USD 30 per lbs in 2018. Anfield Energy Inc. (OTC: ANLDF), Ur-Energy Inc. (NYSE: URG), Denison Mines Corp. (NYSE: DNN), Largo Resources Ltd. (OTC: LGORF), Uranium Energy Corp. (NYSE: UEC)

Nuclear energy has provided the world with clean, safe, emission-free electric power, which has also been known to be reliable all the time. Nuclear energy provided power for 10% of global electricity production and 20% of the U.S.'s electricity production. Organizations have urged governments to adopt a form of Clean Energy Standards (CESs). In a co-joint report by The Breakthrough and Third Way, it states that adopting a CES, instead of the current Renewable Portfolio Standard (RPS), would take advantage of existing and new nuclear, carbon capture and storage along with other various forms of technology to eliminate carbon. "There is ample research suggesting that a diverse combination of low-carbon electricity sources, including options like nuclear power, can offer the most efficient and affordable path to drastically cutting emissions in the power sector," the report says.

Anfield Energy Inc. (OTCQB: ANLDF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: AEC). Earlier in May, the Company announced that, "Stephen S. Lunsford has agreed to join the Company's Board of Directors. Mr. Lunsford has had an extensive career as a geologist in the uranium sector, spanning four decades, with his vast experience generated through his time working with entities such as Cameco Resources Inc., American Nuclear Corp. and Power Resources Inc. (PRI). In addition, Mr. Lunsford was involved in a feasibility study completed by PRI for Cotter with regard to Anfield's recently-acquired Charlie project in Wyoming. Overall, Mr. Lunsford's regional expertise and uranium asset knowledge will be a significant asset to Anfield.

'We are excited to have someone of Mr. Lunsford's calibre joining our board of directors,' commented Anfield's CEO, Corey Dias. 'His successful career spanning four decades in the uranium industry with well-known entities in the sector, such as Cameco and PRI, is impressive, and his extensive knowledge of Wyoming uranium will prove to be a great value to the Company as we move our projects forward. Moreover, his direct knowledge with regard to the Charlie project could allow Anfield to further streamline our path to production.'

Mr. Lunsford began his career with American Nuclear Corp. in 1972 where he began as a Field Geologist supervising field drilling programs for as many as seven drill rigs. He later became a Project Geologist where he organized and directed all aspects of exploration drilling programs.

In 1987, Mr. Lunsford began work as a Project Geologist with Everest Minerals, which became PRI in 1989. In 1996, PRI was acquired by Cameco Inc., and in 2008, PRI's name was changed to Cameco Resources. During his time with Everest/PRI/Cameco, Mr. Lunsford planned and implemented delineation and exploration drilling programs and mapped subsurface roll fronts by means of drill hole geophysical logs. As Project Geologist, he generated uranium reserve/resource evaluations, created and maintained drill hole databases and planned and designed in-situ patterns. His responsibilities also included data collection and geology for generating mine permit applications.

From 2000 to 2002, Mr. Lunsford served as the Senior Project Geologist on PRI's Smith Ranch-Highland Mine where he evaluated the uranium reserve/resource estimation by geologic and geostatistical methods. He designed and evaluated uranium in-situ production patterns, performed prospect evaluations, and created and/or supervised maintenance of the geophysical drill hole database. He also managed production databases, tracked production and created monthly production reports.

In 2002, he became Chief Geologist for the Smith Ranch-Highland Mine where he evaluated uranium prospects and supervised uranium IST mining efforts. As Chief Geologist, he functioned as the Qualified Person (QP) for purposes of NI 43-101 reports.

From 2006 until his retirement in 2013, Mr. Lunsford served as Senior Evaluation Geologist for PRI/Cameco Resources. In this position, he generated uranium prospects internally and evaluated prospects submitted from outside sources. During this period, he continued to serve as the QP on NI 43-101 reports for PRI/Cameco.

From 2013 to 2014, Mr. Lunsford was a consulting geologist to Tetra Tech and Anatolia Energy on the Temrezil Uranium project in Turkey. His responsibilities included reserve/resource estimation to enable definition of mineral resource boundaries and assisting in preparation of a preliminary wellfield layout to support the development of a pre-feasibility study."

Ur-Energy Inc. (NYSE: URG) is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Company recently announced the following operational results for Q2 2018. For the quarter, 89,209 lbs. of U3O8 were captured within the Lost Creek plant, 74,302 lbs. of U3O8 were packaged in drums and 74,416 lbs. of U3O8 drummed inventory were shipped out of the Lost Creek processing plant. On June 30th, 2018, inventory at the conversion facility was approximately 233,712 lbs. U3O8. During the quarter, sales totaled USD 3.79 Million on 100,000 lbs. at an average price of USD 37.90 per lbs., which was 71% above the average spot price for the same period of USD 22.13 per lbs. The 100,000 lbs. were purchased at an average cost of USD 22.25 per lbs. During the period, the third of the first three header houses in the second mine unit (MU2) at Lost Creek commenced production. All three of the header houses are exceeding budgeted production expectations. With the addition of MU2 production, both grades and flow levels have continued to increase.

Denison Mines Corp. (NYSE: DNN) is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. Denison recently announced its summer 2018 drilling plans, and report assay results from the winter 2018 drilling program, for the Company's 63.3% owned Wheeler River project in northern Saskatchewan. The summer 2018 diamond drilling program for Wheeler River is scheduled to commence this week and is expected to include approximately 20,500 meters in 28 drill holes. Chemical assay ("U3O8") results have been received for the Wheeler River winter 2018 drilling program, which included 21,153 meters of drilling in 29 diamond drill holes. The assay results were on average 26% higher, in terms of combined grade and thickness, than the preliminary equivalent uranium ("eU3O8") results reported previously. The program was focused on step-out drilling from the Gryphon deposit and regional exploration along the K-North and K-West trend. Dale Verran, Vice President Exploration of Denison commented, "The summer 2018 drilling program will largely be results driven, focused on high-priority regional targets outside of the immediate Gryphon resource area, and will include both the follow-up of high-grade mineralization and the testing of geophysical anomalies on geologically favorable trends. With 3 drill rigs turning on the project we are looking forward to a productive summer with the potential to deliver the next discovery at Wheeler River."

Largo Resources Ltd. (OTCQX: LGORF) is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. The Company recently reported its second quarter 2018 production results highlighting a new average daily production record of 29.4 tons of vanadium pentoxide ("V2O5") produced per day in June. Total production from the Maracás Menchen Mine in the second quarter of 2018 was 2,458 tons of V2O5 representing a 13% increase over Q2 2017 and an 11% increase over Q1 2018. Overall V2O5 recovery rates for Q2 2018 averaged 79.2%, which represents an increase of 6.6% against Q2 2017, and an increase of 4.3% against Q1 2018. Mark A. Smith, President and Chief Executive Officer of Largo, stated, "The Maracás Menchen Mine continued to provide solid production results for the second quarter of 2018 representing a sound improvement over Q1 2018. Although production during the month of May was slightly impacted as a result of Brazil's country-wide truckers' strike, our team was able to take advantage of the downtime to complete maintenance across the plant."

Uranium Energy Corp. (NYSE: UEC) is a U.S.-based uranium mining and exploration company. The Company's fully-licensed Hobson Processing Facility is central to all of its projects in South Texas, including the Palangana ISR mine, the permitted Goliad ISR project and the development-stage Burke Hollow ISR project. UEC recently announced that the Company has completed its previously announced Purchase Agreement with Uranerz Energy Corporation, a wholly owned subsidiary of Energy Fuels Inc., and now holds 100% of its advanced stage North Reno Creek ISR project, located immediately adjacent to and within UEC's existing Reno Creek Project permitting boundary in the Powder River Basin, Wyoming. Amir Adnani, President & Chief Executive Officer, stated, "We are very pleased to complete this highly synergistic acquisition integrating North Reno into our broader Reno Creek project area."

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