VanadiumCorp Closes First Tranche of $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA – Nov. 27, 2013 – VanadiumCorp Resource Inc (TSX-V: “VRB”) (OTCQX: “APAFF”) (the “Company”) and its Board of Directors are pleased to announce it has retained IOS Services Geoscientifiques Inc. (IOS) for the purpose of advancing its Vanadium Projects in Quebec. IOS, a thoroughly independent consulting firm, was the contracted developer and project manager of the Lac Dore Project by its previous owner. IOS will utilize its extensive knowledge and data applicable directly to the significant mineralization present on VanadiumCorp’s Lac Dore mining claims.
IOS has been mandated to provide a technical report according to National Instrument 43-101, including an update of the resource estimate as well as recommendation in order to reactivate the former Feasibility Study conducted on the project by SNC-Lavallin in 2002. Due to this strategic input, projections of timeframes and capital requirements for advancing the Lac Dore Vanadium Project have all decreased significantly. VanadiumCorp is targeting NI 43-101 compliance of the Lac Dore Project by the first quarter of 2014. The ability to access many years of data with the former main project manager of the Lac Dore deposit will save significant time, share dilution and capital requirements.
IOS is the largest consulting firm in geology in the province of Quebec, Canada, having been involved with more than 1,200 projects. Mr. Rejean Girard P.Geo., President and General Director will act as Project Manager for VanadiumCorp’s 100% owned Lac Dore Project and Qualified Person responsible for the disclosure of scientific or technical information related to the Company’s projects in Quebec, Canada. Rejean is a Qualified Person in accordance with the requirements of NI 43-101. His extensive experience with the development of the Lac Dore Property will play a key role moving the Project forward. Alliances with the former developers of Lac Dore is necessary in establishing the Project globally and advancing towards production.
The new website will be complete in the coming weeks, and information can be found at www.vanadiumcorp.com
On behalf of the board:
Adriaan Bakker, President and Chief Executive Officer
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.