VANCOUVER, Feb. 3, 2016 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the "Company") is pleased to announce vanadium electrolyte "VE" technology will be integrated into the Lac Dore preliminary economic assessment "PEA" in combination with conventional vanadium production methods.
After ample discussion with various vanadium battery developers, the company is encouraged to target primary VE, vanadium chemicals and the V205 market to maximize competitive advantage. Unlike current production methods, primary VE technology will eliminate costly conversions of metallurgical grade pentoxide to VE as currently used by existing VE producers. Being a North American supplier would reduce costs and eliminate political risk compared to the supply from other countries. Demand for premium vanadium products in the domestic market is strong and forecasted to grow with the adoption of VRB batteries for grid storage, peak shaving and mobile applications.
Adriaan Bakker, CEO of the company states, "The industry assumption that vanadium redox batteries will remain expensive is driven by the lack of a primary VE producer. We are confident that our approach represents a unique market opportunity for the company, as a stable supply at low cost is the key for VRB technology to succeed. Our objective is to become the key supplier for North America by integrating VE technology with a world-class resource."
In 2015, the company confirmed an NI 43-101 inferred vanadium resource in Quebec, Canada of 621,214,000 LBs V2O5 with favorable metallurgy. At present the company is developing a business model that combines VE process development and pilot plant options. Selection of engineering firms and interested partners is underway. Details will be disclosed as they become available.
More information on company activities and vanadium redox batteries, including global installations, can be found on the company's website at www.vanadiumcorp.com.
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.
Image with caption: "VanadiumCorp Resource Inc. (CNW Group/VanadiumCorp Resource Inc.) (CNW Group/VanadiumCorp Resource Inc.)". Image available at: http://photos.newswire.ca/images/download/20160203_C2749_PHOTO_EN_611856.jpg
For further information: Adriaan Bakker, President and Chief Executive Officer at 604-385-4485 or firstname.lastname@example.org.