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Corporate Update

VANCOUVER, BRITISH COLUMBIA – December 3, 2013 – VanadiumCorp Resource Inc (TSX-V: “VRB”) (OTCQX: “APAFF”) (the “Company”) is pleased to provide this update to its Shareholders.  It has been 3 months since a new Board of Directors has been installed and new management named.  The new team’s first priority was to hold a meeting of Shareholders to give them a voice in the Company’s future and give the new team legitimacy and a mandate to move the Company forward.  The Annual General Meeting of Shareholders was held on October 11, 2013 with a record number of shareholder votes cast.  Shareholders gave the new team an overwhelming vote of confidence to move the Company forward.

In addition to giving Shareholders their right to vote, during the past 3 months the Company has:

  • Completed an $800,000 financing.  The financing was further support for the new management team with almost all the financing coming from existing shareholders with no commissions paid.
  • Closed its downtown office and cut operating expenses significantly.
  • Addressed all the outstanding debt and liabilities left by former management.
  • Legal, banking, accounting firms have all been replaced or are now managed internally.
  • Options for all former management have all officially been cancelled or expired.
  • Option plan has been reduced significantly to a 10% rolling plan in accordance with standard practice.
  • Implemented an efficient claim management process and over 150 claims have been renewed by cash payment.
  • Renamed and rebranded the Company to better align the name with the Company’s corporate strategy of targeting production of high purity vanadium products. The objective is to coincide with the existing demand increases in the steel and alloy markets and the global commercialization of large scale pure Vanadium batteries.
  • Initiated a long awaited NI 43-101 Technical Report on the Company’s flagship Lac Dore Project which will include an update of the resource estimate as well as recommendation in order to reactivate the former Feasibility Study conducted on the project by SNC-Lavalin in 2002.
  • Composition of the advisory board has been enhanced in preparation for future developments.
  • Begun a process of exploring opportunities with strategic groups on various projects.

Adriaan Bakker, CEO of the Company, states “I believe we have begun a transformational change of our Company to build real value for our Shareholders and I want to thank Shareholders for their continued support and vote of confidence.  We will continue to advance the initiatives of the past 3 months and provide regular updates to Shareholders as we move forward.”

About VanadiumCorp Resource Inc.

VanadiumCorp is a mining Company with a growth strategy focused on development of its most advanced project, the 100% owned Lac Dore Project in Quebec, Canada. The Lac Dore Project is a high grade Vanadium project with near surface mineralization and nearby infrastructure supporting the economic viability of the project. Vanadium has been dubbed “the electric metal” for its bright future in energy storage and green technology but its main use today is in high-quality steel. This unique project located in one of the best mining jurisdictions holds the key for a stable Canadian supply of Vanadium for years to come.

The new website will be complete in coming weeks, and information can be found at www.vanadiumcorp.com

VanadiumCorp Resource Inc. has developed a new technology to produce reusable vanadium electrolyte directly and sustainably from virtually any source for perpetual use in vanadium batteries.  Jointly developed with Electrochem Technologies and Materials Inc. “VEPT” eliminates the carbon footprint and high cost associated with global vanadium supply. VanadiumCorp also holds a strategic vanadium-titanium-iron bearing resource base in mining friendly Quebec, Canada. 

On behalf of the board:
Adriaan Bakker, President and Chief Executive Officer

For more information, contact Vanadiumcorp:
Adriaan Bakker, President, CEO
By phone: 604-385-4489
By email: ab@vanadiumcorp.com
Website: www.vanadiumcorp.com

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.