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VanadiumCorp Announces Management Changes

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Vancouver, British Columbia – March 13, 2023 – VanadiumCorp Resource Inc. (TSX-V: VRB) (OTCBB: APAFF) (FSE: NWN) (the “Company”) announces the following changes to the management team of the Company:

  • Peter Besenovsky will become the CEO of the European subsidiary of the Company, VanadiumCorp GmbH, effective in April 2023. A mechanical engineer with an MBA, Mr. Besenovsky is active in the renewable energy power generation sector. He previously worked for an international German engineering firm in Germany and the USA, where he opened an office for the firm and acted as its CEO. He is a dual Canadian, and US Citizen, holds an EU passport and speaks five languages.
  • James Ross will assume the role of interim CFO of the Company, effective March 15, 2023. Ross brings over 30 years of experience as a financial professional and manager. He has previous experience as a CFO and specializes in corporate and project finance and M&A in the renewable energy industry.
  • Stephen Pearce has resigned as CFO of the Company, effective March 15, 2023, but will remain on the Company’s Board of Directors.
  • John Hewlett will retire from the Company’s Board of Directors, effective March 30, 2023, but will remain involved with the Company as a member of its Advisory Board.

VanadiumCorp’s CEO Paul McGuigan stated, “These management changes will strengthen the Company’s ability to execute our strategy of advancing our strategic mineral properties in Québec and entering the market for the production of vanadium electrolytes in Canada and Europe.”

Executive Chairman Ian Mallory said, “I would like to thank John Hewlett for his years of dedicated service on the Board of VanadiumCorp and Stephen Pearce for his numerous contributions to the Company as CFO. We look forward to continuing to benefit from their valuable perspectives as, respectively, advisor to and Director of the Company.”

About VanadiumCorp

VanadiumCorp Resource Inc. is a mineral exploration company based in Québec and Vancouver, Canada, with 100% ownership of two strategic vanadium, titanium, and iron properties in Québec. The Iron T is near Matagami, and the Company’s flagship Lac Doré property is near Chibougamau.

An introduction to the Company by our Executive Chairman, Ian Mallory, can be viewed as a Greenshoe Media Group video at:

Definition diamond-drilling and resampling surface trenching on the Lac Doré property by the Company culminated in preparing a Technical Report and Mineral Resource Estimate by CSA Global Consultants Canada Limited (“CSA”), with Dr. Luke Longridge, P. Geo. as the lead consultant. CSA produced a Technical Report titled “Lac Doré Project, Chibougamau, Québec, Canada, December 10, 2020.” The full technical report is available on the Company’s website and SEDAR. Longridge recommended a program of step-out diamond drilling and metallurgical testing.

The Technical Report describes Measured and Indicated Mineral Resources of 215 million tonnes containing 53 million tonnes of recoverable vanadiferous titanomagnetite. The titanomagnetite concentrate is estimated to have 1.49 billion pounds of V2O5 (not factored for recoveries from titanomagnetite).

VanadiumCorp also owns 100% of the newly patented hydrometallurgical process, VEPT (the “VanadiumCorp, Electrochem, Process Technology”), invented by Dr. Francois Cardarelli, that consists of digesting vanadiferous feedstocks into concentrated sulfuric acid. The technology addresses the recovery of vanadium, titanium, ferrous sulphate, and silica products from mineral concentrate feedstocks, such as titanomagnetite. The VEPT process is also valid for recovering vanadium from industrial residues, such as oxygen blast furnace slags (BOF-slags). This sulphuric acid process is novel because it adapts a proven and widely used industrial process to extract valuable metals from titanomagnetite and industrial residues.

 Qualified Person

Mr. Paul McGuigan, P. Geo., a geologist and a Qualified Person (as defined in NI 43-101 -Standards for Disclosure for Mineral Projects) and CEO and Director of the Company, has reviewed and approved the technical disclosures in this news release.


 Paul McGuigan, P. Geo.
Director, Chief Executive Officer


Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.


Forward-Looking Statements

This document may contain forward-looking statements (including “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp’s business. and the environment in which it operates. In general, forward-looking statements can be identified by the use of words such as “anticipates”, “expects” or “does not expect”, “is expected”, “budget”, “forecast”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”,  “occur” or “will be achieved”. VanadiumCorp’s relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ

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