VanadiumCorp plans to arrange debenture financing to raise up to a maximum of $2 million (the “Debt Financing”).
VANCOUVER, BRITISH COLUMBIA – March 27, 2014 – Vanadiumcorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce the NI 43-101 technical report final preparations & TSX-Ventures approval are now pending. IOS Services Geoscientifiques Inc. (IOS) a thoroughly independent consulting firm, has been involved with the Lac Doré project intermittently since 1997 as the contracted developer and project manager. The current NI 43-101 mandate has involved in-depth due-diligence and verification of a substantial amount of data from various sources, spanning more that 40 years of exploration activity and metallurgical testing. The completion of this important milestone for the Company represents the next phase of validation for targeted project financing for advancement of the Lac Dore Vanadium Project in Quebec.
IOS has also been mandated for completion of an updated resource estimate as well as recommendation in order to reactivate the former Feasibility Study conducted on the project by SNC-Lavalin in 2002. An extract from the NI 43-101 is attached to this news release, which provides a comparison between mining the Bushveld, which still produce about 30% of the world vanadium, and Lac Doré.
IOS is the largest consulting firm in geology in the province of Quebec, Canada, having been involved with more than 1,200 projects. Mr. Rejean Girard P.Geo., President and General Director of IOS is Project Manager for VanadiumCorp’s 100% owned Lac Dore Project and Qualified Person responsible for the disclosure of scientific or technical information related to the Company’s projects in Quebec, Canada. Rejean is a Qualified Person in accordance with the requirements of NI 43-101, with near to 30 years experience as geologist. Rejean possesses an intimate knowledge on most of the technical aspects of the Lac Dore project related to geology, metallurgy, environment and industrial applications. He has been involved as independent Qualified Person on this project since its beginning with McKenzie Bay, supervising the field work, being client advisor in the course of the preparation of the feasibility study, has been a technical consultant for Blackrock Metals for a short period, and now involved as technical consultant for VanadiumCorp. The extensive knowledge and data now available is applicable directly to the significant mineralization present on VanadiumCorp’s Lac Dore mining claims. Mr. Girard considers the Lac Doré project as an advance stage project which can be quickly brought to development.
Next week VanadiumCorp will be showcasing the Lac Dore project at the Industrial Minerals International Congress and Exhibition, Vancouver, BC. Attendance is limited so please RSVP. This limited engagement has been organized in conjunction with Zimtu Capital Corp.
VanadiumCorp has also organized an International Vanadium Symposium by Dr. Mehmet F. Taner in Vancouver, BC, Honoring Professor Gilles Allard in conjunction with COM 2014, Conference of Metallurgists. Dr. Gilles O. Allard, discovered the Vanadium mineralization in 1966 at Lac Dore and through his dedicated work, changed the economic perspective of the project. Various aspect of Lac Doré project will be presented.
International Congress and Vanadium Symposium details, as well as published research is posted online on the new VanadiumCorp website. www.vanadiumcorp.com New content will be updated on a weekly basis.
About VanadiumCorp Resource Inc.
VanadiumCorp has 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 that is subject to over $20M of completed work and is directly adjacent to a projected $600M CAPEX mine. VanadiumCorp is targeting production of metallurgical grade Vanadium Pentoxide as well as high purity Vanadium chemicals for the battery industry. 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 high-strength low-alloy steels. Just ~0.1% of Vanadium can double the strength of steel, thus reducing overall weight of the structures or vehicles. 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.
On behalf of the board:
Adriaan Bakker, President and Chief Executive Officer
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.