VanadiumCorp Closes $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA – February 12, 2016 VanadiumCorp Resource Inc. (TSX-V: “VRB”) (the “Company”) was requested by IIROC to clarify disclosure made recently by various media companies. In particular, “La Sentinelle” news in Chibougamau published on January 22nd, 2016 statements in French that appear to be inadvertently misquoted, or mistranslated. The Company did not have a chance to review this disclosure prior to publication, and cautions that context and disclosure requirements may be lost by automatic internet translation programs.
The company does not have a “37 year mine life or reservoir of 100Mt“. The Company is in the process of commissioning a Preliminary Economic Assessment “PEA” assessing the technical feasibility and economic viability of the Lac Dore Vanadium Project. If the PEA establishes the technical feasibility and economic viability of the project, it shall, amongst other results, establish and disclose an appropriate production rate and mine life with the level of uncertainties adequate in a PEA. As the PEA has not been completed on the Project, no mine life currently exists for the Project and no mining reserves have been calculated. Please note also, even if a PEA supports the technical feasibility and economic viability of the project, a PEA is preliminary in nature. The ongoing PEA will be based on inferred mineral resources only, that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be completed. The current Lac Dore Vanadium Project encompasses an NI 43-101 inferred category resource measuring 99,100,000 metric tonnes of magnetite-bearing mineralization grading 0.43% V2O5, and which contains an estimated 621,214,000 LBs V2O5 in the magnetite concentrate. The full NI 43-101 technical report with resource statement is publically filed and available on www.sedar.com and www.vanadiumcorp.com.
Regarding comments about employment: The company has made no promises or commitments of immediate or future employment and any comment to the contrary are inaccurate.
The project is not 15km away from private company Blackrock Metals’ permitted claims. VanadiumCorp’s East and West Lac Dore deposits are contiguous to the proposed and permitted mine site of Blackrock Metals. The Lac Doré Vanadium project is comprised of 100% owned mining claims spanning 45km2 located 30 km southeast of the mining town of Chibougamau, in central Québec, Canada.
Regarding vanadium battery’s long life because of multiple states of ore. This is due to scientific misunderstanding of the media regarding chemical properties of Vanadium itself and do not relate to unspecified “state of ore”. The Company has not disclosed any aspect of its projects as “minerai” or “ore” as this is restricted to mining reserves only, and inappropriate to be used for inferred resources and does not apply in the current context.
This release and content thereof was approved by Mr. Rejean Girard, P. Geo. Mr. Girard is a qualified person as defined by National Instrument 43-101.
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: firstname.lastname@example.org
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.