VanadiumCorp Closes First Tranche of $1 Million Private Placement
– April 14, 2016 – Vanadiumcorp Resource Inc. (TSX-V: “VRB”) (the “Company”) is pleased to announce the commencement of the Vanadium Electrolyte Process Partnership (VEPP). Favorable metallurgy and process development are key development aspects as the Company’s Lac Dore Vanadium Project represents a strategic material for battery technology hosted in hard rock mineralization. The Company is in discussions with interested parties and new partners will be announced on an ongoing basis and as specific mandates are formalized. These partners include academia, energy storage companies, government organizations, vanadium industry professionals and independent contractors. The Company plans to grow its target market by selling competitively priced vanadium electrolyte (VE) with the lowest cost production and process model.
“Vanadium Redox Batteries (VRB) are emerging as the technology of choice for grid storage and alternative to competing technologies with longer life cycle, superior safety, and unlimited capacity” said Mr. Adriaan Bakker president and CEO of VanadiumCorp. Market pricing for our preliminary economic study (PEA) will be primarily based on specialty vanadium products that reflect a significant premium to the metallurgical grade V2O5 flake market. Demand is outpacing supply and the largest high purity vanadium market in the world is located in North America.”
Mr. Bakker continues, “The key to commercialization of vanadium batteries is the supply of VE at the right price as VE is the largest cost component of the VRB. We are confident the Lac Dore Vanadium Project is capable of providing reliable VE supply. The objective is to affect a significant reduction in cost/kWh of the VRB through direct, low cost VE production. Targeting a high purity processing model allows the unique possibility of on site, primary VE production and a diverse specialty product mix for increased market flexibility. Ultimately our goal in process development is to produce specialty high purity vanadium products like VE at a similar cost of conventional V2O5 flake production for steel alloys.
The Company anticipates the announcement of additional strategic partners before disclosure of its VE and high purity.
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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