(TheNewswire)
Vancouver, British Columbia – July2, 2024 – VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC:VRBFF) ("VanadiumCorp" or the "Company). The Company announces the resignation of its CEO, PaulMcGuigan, who has completed his mandate as temporary CEO as announcedin March 2022.
Paul McGuigan, P. Geo., states:
"VanadiumCorp has constructedits first electrolyte plant in less than 12 months using mostlyin-house technical staff. We look forward to our next phase ofcorporate development and commercial production enabled by theexperience of our first plant . It has been my pleasure to work with the VanadiumCorp team on thisstage of its development.”
The Company completed construction and commissioning ofits Plant No. 1 in Val des Sources, Quebec. The Company selected thisfirst plant to enable team experience and market development based ona minimal capital expenditure. We look forward to our next phase ofcorporate development and commercial production enabled by theexperience of our first plant.
Batches produced to date in this demonstration-sizedplant meet tight electrolyte specifications and high purity,vindicating our selection of electrolyzer technologies, like the new,larger facilities of AMG Vanadium LLC (Europe), Australian VanadiumLtd. (Australia) and Bushveld Minerals (South Africa). Additionally,we are in receipt of a scoping-level engineering from the Company'stechnical team for a 4 to 8 million litres per year plant. This secondlarger plant is scoped using electrolyzer modules from C-TechInnovation Limited, of the UK. Prior to committing to this largerplant, we seek markets for its premium electrolyte product.
Market studies commissioned by the Company indicated agood demand for high purity electrolytes. However, as the VanadiumFlow Battery (VFB) market grows quickly, demand intensifies for thelowest transformation charge for the conversion of vanadium feedstocksto electrolyte for certain VFB applications. The Company will activelyscope a chemical process to create a hybrid chemical/electrolyzermanufacturing design, or alternately a fully chemical process design,to meet the growing demand for lower conversion costs and to augmentour premium product line.
About VanadiumCorp ResourceInc.
The Company’s Plant No. 1 is in Val-des-Sources, Québec, at theCarrefour d’Innovation sur les Matériaux de la MRC des Sources(CIMMS). The Company's website ( www.vanadiumcorp.com ) displays photographs of the completed plant.
A remarkable transformation of the global energylandscape is underway as we shift toward renewable energy sources.Solar and wind energy sources are forecasted to dominate powergeneration. Yet, vast amounts of long-duration energy storage (LDES)are vital to time-shift and stabilize these variable energy sources.The Vanadium Flow Battery is the most mature of the LDES batterytechnologies. According to MIT (2022), the VFB is “unique for itsability to perform indefinitely with inexpensive operationalmaintenance."
To assure stable, long-term access to vanadiumfeedstocks for electrolyte manufacturing, the Company is developingnovel hydrometallurgical processes to extract vanadium from thetitanomagnetite deposits at its wholly owned Lac Doré property nearChibougamau, Québec.
On behalf of the Board ofVanadiumCorp Resource Inc.:
Paul McGuigan, P. Geo.
Director, Chief Executive Officer
pjm@vanadiumcorp.com
Direct: +1.604.970.3278
Company Contact Information:
Canada Germany | 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.
Forward-Looking Statements
This document may contain forward-looking statements(including "forward-looking information" within the meaningof applicable Canadian securities laws and "forward-lookingstatements" within the meaning of the US Private SecuritiesLitigation Reform Act of 1995) regarding, among other things,VanadiumCorp's business. and the environment in which it operates. Ingeneral, forward-looking statements can be identified by the use ofwords such as "anticipates", "expects" or"does not expect", "is expected","budget", "forecast", "estimates","forecasts", "intends", "anticipates" or"does not anticipate", or "believes", orvariations of such words and phrases or statements that certainactions, events or results "may", "could","would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorprelies on a number of assumptions and estimates to make theseforward-looking statements, including, without limitation, the abilityto acquire the necessary permits and authorizations to advance the LacDoré property to the production stage, the ability to add to existingresources at Lac Doré through drilling, the costs associated with thedevelopment and operation of its properties. These assumptions andestimates are made in light of forecasts and conditions that areconsidered relevant and reasonable based on available information andcurrent circumstances. A number of risk factors may cause actualresults, level of activity, performance or results of such explorationand/or mine development to differ materially from those expressed orimplied by such forward-looking statements, including, withoutlimitation, whether such discoveries will result in commerciallyviable quantities of such mineralized materials, the ability to modifyproject parameters as plans continue to be refined, the ability toexecute planned 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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