VanadiumCorp Closes First Tranche of $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA – February 9th, 2017 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce it has signed a non-binding memorandum of understanding “MOU” with Quebec based industrial company, Electrochem Technologies & Materials Inc. “Electrochem” to collaborate on metallurgical and electrochemical technologies to produce vanadium electrolyte “VE” directly from VTM (Vanadiferous Titaniferous Magnetite) concentrate.
Adriaan Bakker, CEO of VanadiumCorp states, “Our partnership with Electrochem will focus on the most critical cost reducing the component of vanadium batteries. Integrating exclusive vanadium supply with new technology is the ultimate strategy to reduce cost/kWh and accelerate commercialization of vanadium-based energy storage”
The MOU will allow the companies to collaborate on a number of key strategic initiatives including:
- The development for the production of vanadium-rich pregnant leach solution “PLS” (VE precursor) and other specialty high purity vanadium materials.
- The development and commercialization of efficient and environmentally friendly metallurgical and electrochemical processing technologies including the simultaneous removal of contaminant metals and the concurrent regeneration of chemicals.
- Pursue reasonable efforts to enter into a definitive agreement within 12 months from the effective date of signing for the non-binding MOU.
The general process & production development outline for The Lac Dore Vanadium Project:
- Commence prototype testing of VanadiumCorp Vanadiferous Titaniferous Magnetite “VTM”
- Demonstrate recoveries and economics in pilot testing
- Commercial vanadium electrolyte manufacture
Dr. François Cardarelli, President of Electrochem comments, “Novel metallurgical and electrochemical technologies can offer significant advantages in reducing emissions of greenhouse gases, in cost savings and increasing efficiency. In the vanadium industry this bottleneck has inhibited Vanadium Redox Flow Battery economics for decades. Developing a vertically integrated supply chain for VE manufacture in Canada would be a disruptive approach for energy storage.”
ELECTROCHEM TECHNOLOGIES & MATERIALS INC. is a research and development company that invents, develops, patents, scales-up and commercialize proprietary metallurgical and electrochemical technologies that are innovative, and sustainable. Electrochem targets the mining, metallurgical and chemical industries, with a particular focus on the production of niobium, tantalum, tungsten, and the recycling of rare earths, specializing in remediation, reclamation and treatment of tailings, spent acids, leach liquor, end-of-life products, metallurgical effluents, and finally, industrial waste. Electrochem also manufactures industrial mixed metal oxides (MMO) anodes to meet the needs of its Canadian customers and support its own electrochemical technologies at its customers’ sites worldwide and since 2016 started the small scale processing of tantalum and tungsten by-products and concentrates for the preparation of tantalum and tungsten chemicals. More information can be found at http://www.electrochem-technologies.com/
VanadiumCorp is focused on the development of its 100% owned Lac Dore Vanadium Project. Favorable metallurgy, low impurities such as silica and no superficial oxidation allow for the direct production of high-purity VE.
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
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