NWN - VanadiumCorp Announces the Appointment of Ian Mallory as Executive Chairman
(TheNewswire)
Vancouver, British Columbia – TheNewswire - October 13, 2022 – VanadiumCorp ResourceInc. (TSXV VRB) (OTC:APAFF) (FSNWN) (the "Company").The Board of Directors of VanadiumCorp Resource Inc. is pleased toannounce the appointment of Ian Mallory to serve as ExecutiveChairman. Mr. Mallory, a native of Montréal, Québec, has overtwenty-five years of experience developing, financing, and executingutility-scale energy projects, including thermal, hydro, wind, solarpower, and marine/offshore and LNG installations, with a focus on theAmericas.
A financial lawyer by training, Ian has been an executive at power andnatural gas companies TransAlta, Westcoast Energy, ENMAX, Sea NG, andNew Fortress Energy. Before that, Ian was Counsel to the Treasury ofthe World Bank in Washington, D.C. He began his career as an associatewith the law firm Fasken in Toronto.
In addition to his extensive experience in the energy sector, Ian hasworked in the mining and metals business with leading internationalproducers of niobium and gold.
Ian has an A.B. magna cum laude from Harvard University, an LL.B. fromthe University of Toronto, and an M. Phil from Cambridge University.He was called to the bar of the Province of Ontario in 1986. Hereceived the ICD.D designation from the Institute of CorporateDirectors (Canada) in 2018.
The Board is pleased to accept Mr. Mallory to the key leadershipposition with VanadiumCorp, as we renew our focus on critical metalsand strategic energy storage technology. Mr. Sokhie Puar, a Director,has agreed to resign his position on the Board to accommodate Mr.Mallory but has accepted a position as a Senior Advisor. We thank Mr.Puar for his service and look forward to his continuing contributions.
Mr. Mallory states:
"I am very pleased to joinVanadiumCorp at this transformational time in the energy sector. Theneed for increasing volumes of renewable energy and reliableelectrical power distribution thrust long-duration energy storagecapacity to the forefront. VanadiumCorp's position as a holder of alarge, 100%-owned, North American vanadium mineral resource, aknowledge base and patents in extractive metallurgy, and their seniorelectrochemical team bodes well for substantial growth."
Canada is blessed with the ability to produce refined batterymaterials with a low-carbon footprint to support Canada's cleanelectricity grid. Canada stands to benefit from the newly enacted USAInflation Reduction Act ("IRA"). Under the IRA, InvestmentTax Credits of 30% to 50% of the capital cost of battery storage areavailable. Canadian-supplied vanadium metal and vanadium electrolytesmeet the Act's battery content requirements -- Canada's mineralproduction just needs to pick up the pace.
Also in February, President Biden announced a Buy Clean Task Force touse the federal government's purchasing power — the world's largest— to create demand for low-carbon materials while restricting accessto high-carbon imported steel and aluminum. The IRA provides thefunding needed to implement this executive order, including more thanUS$5 billion to purchase low-carbon construction materials for federalbuildings, highways, bridges, and homes, alongside another US$5.8billion to install "advanced industrial technology" insteel, cement, and other industrial facilities. Vanadium steels,vanadium co-production from the steel industry, and advanced vanadiumredox flow batteries are part of this constellation of change.
About VanadiumCorp
VanadiumCorp Resource Inc. is a mineral exploration company located inVancouver, Canada, with 100% ownership of two strategic vanadium,titanium, and iron properties in Quebec. The Iron T is near Matagami,and the Company's flagship Lac Dore property is near Chibougamau. Acurrent technical report (Longridge, 2020) on the Lac Dore depositdescribes Measured and Indicated Mineral Resources of 215 milliontonnes containing 53 million tonnes of recoverable vanadiferoustitanomagnetite. The titanomagnetite concentrate is estimated to have1.49 billion pounds of V2O5 (not factored for recoveries fromtitanomagnetite).
VanadiumCorp also owns 100% of thenewly patented hydrometallurgical process, VEPT (the"VanadiumCorp, Electrochem, Process Technology"), inventedby Dr. Francois Cardarelli, that consists of digesting vanadiferousfeedstocks into concentrated sulfuric acid. The technology addressesthe recovery of vanadium, titanium, ferrous sulphate, and silicaproducts from mineral concentrate feedstocks, such as titanomagnetite.The VEPT process is also valid for recovering vanadium from industrialresidues, such as fly ash from power plants and slags from oxygenblast furnaces (BOF-slags). Dr. Cardarelli's sulphuric acid process isnovel because it adapts a proven and widely used industrial process toextract valuable metals from titanomagnetite and industrial residues.
Mr. Paul McGuigan, P. Geo., is a "Qualified Person" (asdefined in NI 43-101 -Standards for Disclosure for Mineral Projects)and CEO and Director of the Company has reviewed and approved thetechnical disclosures in this news release.
ON BEHALF OF THE BOARD OFVANADIUMCORP
Paul McGuigan, P. Geo
Director, Chief Executive Officer
Website: www.vanadiumcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider(as defined in the policies of the TSX Venture Exchange) acceptresponsibility for the adequacy or accuracy of this release.
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