VanadiumCorp is pleased to announce a non-brokered flow-through financing of up to $1 million and non-flow-through financing of up to $3 million for a total aggregate of up to $4 million. And announces new Quebec director.
VANCOUVER, BRITISH COLUMBIA – February 27, 2014 – Vanadiumcorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased announce the appointment of new board member Mr. Tom Peregoodoff.
Mr. Peregoodoff has joined the board of directors of Vanadiumcorp effective immediately. The board appointment comes at an unprecedented time of positive change and new direction. Mr. Peregoodoff has over 25 years of mining and petroleum industry experience, including 18 years with BHP Billiton and has extensive global exploration, operations and business development experience. He is currently the Executive Vice-President, Business Development for Peregrine Diamonds Ltd. Prior to joining Peregrine, Mr. Peregoodoff was Vice President, Exploration, BHP Billiton and was accountable for global early-stage exploration activities across all commodities. He has held several senior roles in BHP Billiton’s exploration division in commercial, operational and technical capacities and was a Director of a number of BHP Billiton owned entities. Mr. Peregoodoff holds a BSc. in Geophysics from the University of Calgary.
Tom Peregoodoff comments, “It is a very exciting time to be joining the Company. I am looking forward to working with Adriaan as we unlock the tremendous value contained within the world class assets of VanadiumCorp. The rest of the board and I are focused on the future and providing Adriaan and his team with the support they need to advance our Quebec assets.”
VanadiumCorp CEO, Adriaan Bakker states, “Tom’s addition to our team is invaluable and very well timed. The NI 43-101 report of the Lac Dore Project is now pending and the Company has mandated a resource upgrade at Lac Dore, Tom’s experience will play a key role in advancing the Company’s mineral assets towards production.”
In related business, Adrian O’Brien has resigned as an independent director. VanadiumCorp thanks Adrian for his contribution to the Company. The Company wishes him well in his future endeavors.
About VanadiumCorp Resource Inc.
VanadiumCorp is a mining company with a vision to become the lowest cost, primary producer of Vanadium in the world. The current growth strategy is focused on development of its most advanced project in mining friendly Quebec, Canada, the Lac Dore project. This project encompasses the main Lac Dore deposit and is directly adjacent to a projected $600 Million CAPEX mine. The Company’s unique projects are both located in mining friendly Quebec and hold the key for stable domestic supply of Vanadium for years to come. VanadiumCorp’s experienced management and technical teams are dedicated to project development and building shareholder value.
The main use of Vanadium today is in light weight high-strength alloy steels. Just ~0.1% of Vanadium can double the strength of steel. This has a very strong economic and environmental impact as it allows producers to build superior products with less steel. This saves significant material costs and reduces the amount of resources to mine. Vanadium has also been dubbed “the electric metal” for its bright future in energy storage and green technology. Highly concentrated and economical sources to mine are only found in China, South Africa and Russia. In 2007 & 2008, VanadiumCorp acquired the most prolific Vanadium deposits in North America.
The new VanadiumCorp website is set for launch in March 2014.
FOR MORE INFORMATION CONTACT:
Tim Halyk, Investor relations at 1-604-385-4489
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
The information in this news release includes certain “forward-looking statements” All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the company’s properties, statements regarding intentions with respect to obligations due for various projects, strategic alternatives, quantity of resources or reserves, timing of permitting, construction and production and other milestones, are forward looking statements. Statements concerning Mineral Reserves and Mineral Resources are also forward-looking statements in that they reflect an assessment, based on certain assumptions, of the mineralization that would be encountered and mining results if the project were developed and mined in the manner described. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from VRB‘s expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies and local groups in the exploration, and development of properties; and the need to obtain permits and governmental approval. VRB‘s forward looking statements reflect the beliefs, opinions and projections of management on the date the statements are made. VRB assumes no obligation to update the forward looking statements if management’s beliefs, opinions, projections, or other factors should they change.