VanadiumCorp plans to arrange debenture financing to raise up to a maximum of $2 million (the “Debt Financing”).
VANCOUVER, BRITISH COLUMBIA – August 25, 2015 – Vanadiumcorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce that a potential strategic partner will visit the Lac Dore Vanadium Project site in September, 2015 along with management and IOS Geoscientifique Inc. A meeting in Beijing, China has also been scheduled with VanadiumCorp management within the same week.
VanadiumCorp CEO, Adriaan Bakker states, “Global vanadium production and supply is decreasing as demand continues to rise. The merits of the Lac Dore Vanadium Project rival existing global producers and has attracted various companies interested in securing domestic supply.”
The Company is nearing completion of the first phase of the preliminary economic study “PEA” involving the procurement of engineering firms, process specialists and metallurgists. The Lac Dore East Deposit represents an NI 43-101 resource of 99.1 Million tonnes at 0.43% V2O5 inferred representing 621 million pounds of V2O5 in magnetite concentrate. VanadiumCorp is hoping to develop this unique project into North America’s only primary V2O5 producer.
With the objective of introducing the project to the local community, last month Mr. Bakker attended a town hall meeting in Chibougamau, Quebec. Mr. Bakker presented and discussed the Company’s corporate objectives with municipal officials, members of the Cree First Nation and various community stakeholders. Numerous opportunities were highlighted regarding the potential for a vanadium mine in the region and the significant benefits it could bring for local communities. The population of Chibougamau is over 7,500 people, representing an experienced work force in the mining industry. Chibougamau was once a leader of copper and gold production in Canada, and is supportive of a new mine representing economic diversification related to new industry such as vanadium batteries. Ongoing community relations is an important mandate for the Company, understanding that the success of such a project is dependent on a welcome community.
Mr. Rejean Girard, P. Geo. President of IOS Geoscientifiques Inc., a Qualified Person as defined by National Instrument 43-101 has read and approved the technical information contained in this news release.
On behalf of the board of VanadiumCorp:
Adriaan Bakker, President and Chief Executive Officer
For more information, contact VanadiumCorp:
John Hewlett, Director, Business Development
By phone: 604-560-8251
By email: email@example.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.