VANCOUVER, July 14, 2016 /CNW/ - Vanadiumcorp Resource Inc. (TSX "VRB") (the "Company") is pleased to announce the execution of a partnership agreement with EnSciTech Inc. ("EnSciTech") through the Vanadium Electrolyte Process Partnership ('VEPP"). The objective of this partnership is to collaborate and explore the joint business opportunity of low cost near term production of Vanadium Electrolyte. The primary focus of this agreement will look at the following components:
- VE process technology development (pilot scale to full production)
- Commercialization of efficient and environmentally friendly mineral extraction
EnSciTech located in Alberta, Canada is working on clean initiatives within the oil sands industry. The primary purpose is to convert waste from the oil sands into battery materials for leading storage technologies. The process recovers secondary high purity vanadium from oil sands helping Canada to meet energy storage and renewable energy targets for North America. EnSciTEch is currently planning development of their vanadium electrolyte pilot plant, which would facilitate Alberta's climate change commitment by reducing wastes from the oil sands industry and transforming them into battery materials.
The Company's CEO Adriaan Bakker commented, "EnSciTech represents the possibility of near term, low cost production from an exclusive supply source. Combining processing technology with new supply could bring stable, secure cost VE to the market for the first time."
The Vanadium Electrolyte Process Partnership (VEPP) is an independent alliance of vanadium developers collaborating to establish low cost vanadium electrolyte (VE) solutions.
The importance Vanadium's role in energy storage is growing dramatically. The announced VRFB installation in Dalian, China is planned to reach 3,000 MWh. This currently represents the world's largest battery or energy storage system "ESS". Lithium technology is simply not capable of this scale and performance with the largest installation approximately 100X smaller in MWh capacity.
Adriaan Bakker, CEO of Vanadiumcorp states, "Canada has an opportunity to become the world's leading supplier of battery materials for energy storage. Superseding China's production of battery raw materials would allow Canada's to fulfill its mandate with the Paris climate change commitment and the trilateral Canada-USA-Mexico agreement to reach 50% clean energy by 2025."
VanadiumCorp is the only Company planning to develop primary high purity vanadium directly from source. Unlike conventional producers worldwide that must upgrade and convert from lower quality V205, The Company's Lac Dore Vanadium Project mineralization already has the high quality profile required for vanadium batteries. Demonstration of Lac Dore quality for VRB technology was confirmed through pilot plant production at SGS Lakefield in 2002.
Lac Dore Vanadium Project Preliminary Economic Assessment "PEA" Completion Schedule: VanadiumCorp is pleased to announce its plans to publically disclose PEA results and file a concurrent supporting NI 43-101 report 30-60 days from the effective date of this news release.
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.
SOURCE VanadiumCorp Resource Inc.
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For further information: Adriaan Bakker, President and Chief Executive Officer - Direct: 604-385-4485