VANCOUVER, April 25, 2016 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the "Company") is pleased to announce that Mr. Mark Reynolds has joined the advisory board of VanadiumCorp and The Company's Vanadium Electrolyte Process Partnership (VEPP) development team. Mr. Reynold's advisory role includes strategic development, financing and leasing possibilities.
Mr. Reynolds current consulting work is focused on vanadium battery development and commercialization. Mr. Reynolds experience includes financing energy storage projects, such as Vanteck Technology Corp. (VTC), that acquired the chemical patent for Vanadium Redox Flow Batteries (VRB) from the UNSW, Australia in 2001. This resulted in the first North American VRB installation. Former developers of The Company's Lac Dore Vanadium Project were also minority investment partners of VTC. Mr. Reynold's complete profile and background is available on the Company's website at www.vanadiumcorp.com.
"For decade's I have had the belief the world is in desperate need for a solution to our energy requirements and climate change." said Mr. Reynolds. "The era of grid scale energy storage is upon us and few technologies have the right criteria to facilitate a global shift to renewable energy. The Vanadium redox flow battery (VRB) is the right technology with only one obstacle, there is no primary supplier of vanadium electrolyte in the world. VRBs are not a new technology and have evolved through development and commercial deployment for over 40 years. VRBs resolve the intermittent nature of storing wind and solar energy and provides clean green generated power. Rapid reductions in cost and increased efficiencies of the renewable sector are reinforcing that the VRB solution is the superior technical choice. When I first met VanadiumCorp management and discussed their plans years ago, I firmly believed that within their timing for project development, a market for high purity vanadium production would grow and develop, resulting in a very strong market position. VanadiumCorp has stayed on course and should prosper from their vision as the VE market matures. Quality, supply and pricing concerns plaguing existing battery producers can be alleviated through VanadiumCorp's objective of building the world's first primary supply of Vanadium Electrolyte (VE)"
Mr. Reynolds continued, "VRB Battery technology requires high purity VE to function efficiently, and hold its charge indefinitely with virtually no maintenance. VanadiumCorp has focused on development of a low cost beneficiation process for VE from the Lac Dore Vanadium Project. I am very proud to join the advisory board of VanadiumCorp at such a pivotal time. A new electrical grid is possible through renewable energy storage utilizing VRBs. This is a significant and extremely relevant solution for global climate change. The recent Paris Climate Change Conference included consideration of flow batteries that could last longer and hold more energy than lithium ion batteries to store renewable energy. Last Friday, on Earth Day, Canada joined 169 other countries at the United Nations by signing the Paris Climate Treaty. The Right Honorable, Mr. Trudeau, Canada's Prime Minister indicated Canada's support for this global climate change initiative. The primary supply of the most proven grid scale technology is located in Quebec, Canada with all infrastructure and low cost high purity production plans looking more promising by the day."
About Vanteck Technology Corp. (VTC): Located in Vancouver, B.C. Canada until 2008, VTC was an electrochemical energy storage company that commercialized the 1st patented Vanadium Energy Storage System in North America. The expiration of this global patent in 2008, led to a significant increase in global research and development. Most notably, the US Department of Energy's breakthrough in VRB energy density with third generation VRB technology. In 2008, VTC was acquired by Prudent Energy and proceeded to install over 20 Vanadium Battery installations before it was taken over by an undisclosed Chinese company. VTC was formerly listed on the Toronto Stock Exchange as "VRB". VanadiumCorp acquired the stock symbol "VRB" in 2013 when the Company management was replaced, renamed, and relevant experience in vanadium mine construction and operations was integrated into The Company's team. Expertise of VTC is currently working with vanadium battery company's: Prudent Energy, Imergy Power Systems and Avalon Battery.
About the Vanadium Redox Battery (VRB): The VRB is an enabling technology that can effectively store electricity on demand for long durations indefinitely at grid scale. This is the categorical difference from high density short life technologies like Lithium. Higher density short life batteries are unable to deep cycle efficiently and have various energy storage limitations that are problematic for large scale storage. The VRB vastly improves power reliability, safety, power quality and will reduce costs for applications such as load levelling, peak shaving and providing power suppliers with essential Uninterruptible Power Systems (UPS). The application of the VRB technology is particularly well suited to stationary power sources such as power stations, telecommunication operations and alternative energy generators, including wind farms. The VRB technology is also characterized by low ecological impact. It uses conducting plastic electrodes and contains no heavy metals unlike most other conventional energy storage systems that rely on toxic substances such as lead, zinc or cadmium. The VRB can also be designed to be mobile, so it can be relocated to another site as needed in the future and the contained VE never degrades or loses charge. A primary supplier of VE is necessary as VE represents close to 42% cost of a VRB battery as opposed to 3% for Lithium. VanadiumCorp is targeting primary VE and high purity vanadium production for the fastest growing vanadium market segment with strategic advantage of location to demand.
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.
Cautionary Note - The information in this news release includes certain "forward-looking statements" All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the company's properties, statements regarding intentions with respect to obligations due for various projects, strategic alternatives, quantity of resources or reserves, timing of permitting, construction and production and other milestones, are forward looking statements. Statements concerning Mineral Reserves and Mineral Resources are also forward-looking statements in that they reflect an assessment, based on certain assumptions, of the mineralization that would be encountered and mining results if the project were developed and mined in the manner described. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This preliminary assessment is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the preliminary assessment will be realized. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from VRB's expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies and local groups in the exploration, and development of properties; and the need to obtain permits and governmental approval. VRB's forward looking statements reflect the beliefs, opinions and projections of management on the date the statements are made. VRB assumes no obligation to update the forward looking statements if management's beliefs, opinions, projections, or other factors should they change.
SOURCE VanadiumCorp Resource Inc.
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For further information: Adriaan Bakker, President and Chief Executive Officer - Direct: 604-385-4485