VanadiumCorp is pleased to announce a non-brokered flow-through financing of up to $1 million and non-flow-through financing of up to $3 million for a total aggregate of up to $4 million. And announces new Quebec director.
VANCOUVER, BRITISH COLUMBIA – February 3, 2016 – VanadiumCorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce vanadium electrolyte “VE” technology will be integrated into the Lac Dore preliminary economic assessment “PEA” in combination with conventional vanadium production methods.
After ample discussion with various vanadium battery developers, the company is encouraged to target primary VE, vanadium chemicals and the V205 market to maximize competitive advantage. Unlike current production methods, primary VE technology will eliminate costly conversions of metallurgical grade pentoxide to VE as currently used by existing VE producers. Being a North American supplier would reduce costs and reduce political risk compared to the supply from other countries. Strong demand for premium vanadium products in the domestic market as well as growth and forecasts for VRB technology for grid storage, peak shaving and mobile applications will all be highlighted in the market study chapter of the Lac Dore Vanadium Project PEA. A similar market study by the Canadian government is also commencing this year.
Adriaan Bakker, CEO of the company states, “The industry assumption that vanadium redox batteries will remain expensive is driven by the lack of a primary VE producer. We are confident that our approach represents a unique market opportunity for the company, as a stable supply at low cost is the key for VRB technology to succeed. Our objective is to become the key supplier for North America by integrating VE technology with a significant vanadium resource.”
In 2015, the company reported an NI 43-101 inferred vanadium resource in Quebec, Canada of 621,214,000 LBs V2O5 with favorable metallurgy. At present the company is developing a business model that combines VE process development and pilot plant options. Selection of engineering firms and interested partners is underway. Details will be disclosed as they become available.
More information on company activities and vanadium redox batteries, including global installations, can be found on the company’s website at www.vanadiumcorp.com.
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.