VRB:CC - Construction of the Vanadiumcorp Electrolyte Manufacturing Facility is on Track
(TheNewswire)
Vancouver, British Columbia andVal-des-Sources, Québec – TheNewswire - August 8, 2023– VanadiumCorp Resource Inc. (TSXV:VRB) (FSE:NWNA) (OTC:VRBFF) (“VanadiumCorp” or the "Company”) reports that the progress of the construction of theCompany's first facility for manufacturing vanadium electrolytes,announced on March 29, 2023, is on track. The Company has takenpossession of its site at the CIMMS facility in Val-des-Sources,Québec. Engineering designs are complete. All major equipment isprocured and ready for installation upon arrival of theelectrochemical equipment from the UK in early October. The Companyhas contracted for the initial feedstock supplies for themanufacturing process. The Company expects production to begin inQ 1 202 4 .
As previously announced, VanadiumCorp’s firstelectrolyte facility is located at the Carrefour d’Innovation surles matériaux de la MRC des Sources (CIMMS), in Val-des-Sources,Québec. CIMMS provides technical support services to innovativemining, metals and eco-materials companies active in Québec. TheCompany and CIMMS have signed a cooperation agreement to produceinitially up to 360,000 litres/year of high-quality vanadiumelectrolyte for use in Vanadium Redox Flow Batteries (VRFB). Theinitial test facility is sufficient to provision 6.8 MWh of VRFBstorage per year.
Contingent on sales to international batterymanufacturers, potential production in Quebec can expand incrementallyaccording to market needs using our modular production-line design.each module with a capacity of 3 million litres/year, each providingabout 57 MWh of VRFB storage per year.
The development of the electrolyte facility has beengreatly facilitated by a grant from PRIMA Québec, the agency of theGovernment of Québec supporting innovation in critical and strategicmetals. See the news release from the Company dated July 31,2023.
VanadiumCorp's CEO, Paul McGuigan, P. Geo., stated"As we move towards assembly and commissioning of our firstelectrolyte facility, VanadiumCorp can now turn our attention to howbest to support VRFB manufacturers with their key ingredient forsuccess in deploying the best long-duration batteries on themarket.”
About VanadiumCorp ResourceInc.
VanadiumCorp Resource Inc. seeks to produce a reliablestream of high-quality vanadium electrolytes for the expandinginternational market for long-duration Vanadium Redox Flow Batteries(VRFB). The Company's initial manufacturing facility is based inVal-des-Sources, Québec. Stable, long-term access to vanadiumfeedstock for the electrolytes is assured, success-contingent ondeveloping our wholly-owned vanadium-titanium-iron mineral deposits,including our flagship Lac Doré deposit near Chibougamau, Québec.The Company’s electrolyte plant will also be used to test thequality of Lac Doré pilot plant outputs and to reprocesselectrolytes.
On behalf of the Board ofVanadiumCorp Resource Inc.
Paul McGuigan, P. Geo.
Director, Chief Executive Officer
pjm@vanadiumcorp.com
For more information, contact Mr. McGuigan, or:
Gilles Dupuis, P.Eng.
Director, Chief Operating Officer
gd@vanadiumcorp.com
Company addresses:
Suite 303 - 5455 West Boulevard
Vancouver, British Columbia V6M 3W5
Canada
3 rue de Boisé,
Marieville, Québec J3M 1S7
Canada
Email: info@vanadiumcorp.com
Website: www.vanadiumcorp.com
Neither the TSX Venture Exchange nor its RegulationServices Provider (as defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease.
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S.PERSONS OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. THIS PRESSRELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TOPURCHASE ANY SECURITIES DESCRIBED IN IT.
Forward-Looking Statements
This document maycontain forward-looking statements (including "forward-lookinginformation" within the meaning of applicable Canadian securitieslaws and "forward-looking statements" within the meaning ofthe US Private Securities Litigation Reform Act of 1995) regarding,among other things, VanadiumCorp's business. and the environment inwhich it operates. In general, forward-looking statements can beidentified by the use of words such as "anticipates","expects" or "does not expect", "isexpected", "budget", "forecast","estimates", "forecasts", "intends","anticipates" or "does not anticipate", or"believes", or variations of such words and phrases orstatements that certain actions, events or results "may","could", "would", "could" or "willbe taken", "occur" or "will be achieved".VanadiumCorp relies on a number of assumptions and estimates to makethese forward-looking statements, including, without limitation, theability to acquire the necessary permits and authorizations to advancethe Lac Doré property to the production stage, the ability to add toexisting resources at Lac Doré through drilling, the costs associatedwith the development and operation of its properties. Theseassumptions and estimates are made in light of forecasts andconditions that are considered relevant and reasonable based onavailable information and current circumstances. A number of riskfactors may cause actual results, level of activity, performance orresults of such exploration and/or mine development to differmaterially from those expressed or implied by such forward-lookingstatements, including, without limitation, whether such discoverieswill result in commercially viable quantities of such mineralizedmaterials, the ability to modify projectparameters as plans continue to be refined, the ability to executeplanned future exploration and drilling programs, the need foradditional financing to continue exploration and development efforts,changes in general economic, market and business conditions, and otherrisks outlined in VanadiumCorp's latest Annual Information Form underthe heading "Risk Factors" and in its other publicdocuments. Forward-looking statements are not guarantees of futureperformance and such information is inherently subject to known andunknown risks, uncertainties and other factors that are difficult topredict and that may be beyond VanadiumCorp's control. AlthoughVanadiumCorp has attempted to identify important risks and factorsthat could cause actual actions, events or results to differmaterially from those described in the forward-looking statements,there may be other factors and risks that cause actions, events orresults not to be as anticipated, estimated or intended. Accordingly,undue reliance should not be placed on these forward-lookingstatements. In addition, all forward-looking statements in this pressrelease are made as of the date of this press release. VanadiumCorpdisclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise, except as required by applicablesecurities laws.
The forward-looking statements contained herein areexpressly qualified by this disclaimer.
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