TSX-V: "VRB"
VANCOUVER, Aug. 8, 2019 /CNW/ - VanadiumCorp Resource
Inc. (TSX-V "VRB") (the "Company") is pleased to announce it has
received $556,117.00 CDN from the
Province of Quebec on a positive
decision regarding files dating back to 2002. The Company will use
the funds to further develop its mining assets and the VanadiumCorp
Electrochem Process Technology (VEPT).
The government of Quebec
supports mineral exploration within its borders with a tax credit
system that refunds expenses for eligible companies. Société Plan
Nord and other branches of the Quebec government have also played an integral
role in advancing the adjacent vanadium, titanium, magnetite mining
project in the region.
From the Province of Quebec
Québec has significant mining potential that accounts for
one-fifth of Canada's mineral
production. The province produces and beneficiates 15 metals and 14
non-metallic minerals, making it the most diverse resource base in
Canada. This diversification is
set to increase with the arrival of tantalum, vanadium, and apatite
mining projects.
Québec is strategically located above the Northeastern United States. It is close to
major population and industrial centers and has easy access to
Europe and Asia thanks to its deepwater ports. Québec
also works closely with associations that represent the mining
sector and with host communities. The latter are natural project
partners and work with the government to develop the mining sector
and promote it while respecting the principles of sustainable
development. The results of the Fraser Institute's most recent
survey are indicative of the interest Québec has generated among
mining investors. The province was ranked the 6th most attractive
region in the world according to the mining and exploration
companies surveyed.
Québec has one of the friendliest business climates for mining
investments. Under the Mining Tax Act, Québec's tax regime includes
various measures to support companies in different phases of the
mining cycle, including:
- A refundable duties credit for losses, a unique measure in
Canada, which provides a refund of
up to 16% of the amount of eligible work (exploration-related
development and preproduction development);
- An allowance for community consultations, including First
Nations consultations, for mining projects (allows mining companies
to deduct a portion of these costs);
- An environmental studies allowance so mining companies can
deduct a portion of the costs incurred to produce studies on the
social and environmental impact of their projects.
The Act also helps stimulate mining in Québec, including on Plan
Nord territory, through:
- An exploration allowance that adds an extra 25% to exploration
expenses incurred on Plan Nord territory;
- An additional allowance for mines located on Plan Nord
territory to offset the high costs associated with starting
production at a mine on this territory.
The mining tax system also facilitates the processing and
transformation of extracted mineral substances. For example,
companies can get an allowance to acquire assets used in ore
processing. The allowance is a percentage of the cost of the items
and is determined based on the nature of the processing activity.
This percentage is one of the most advantageous in Canada.
VanadiumCorp Resource Inc. is an integrated technology
and mining company focused on developing the exclusive supply chain
for vanadium based energy storage and emerging technologies that
utilize vanadium. VanadiumCorp is focused on commercializing the
most efficient and sustainable recovery method to produce vanadium
with jointly developed process technology. VanadiumCorp also holds
a significant vanadium-titanium-iron bearing resource base in
mining friendly Quebec, Canada
including the 100% owned Lac Dore Project adjacent to Blackrock
Metals Inc. and the 100% owned Iron-T Project near the Glencore
(Bracemac-McLeod) Matagami Copper-Zinc Mine.
On behalf of the board of VanadiumCorp:
Adriaan Bakker
President and Chief Executive Officer
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.
This release contains forward-looking statements. All
statements other than statements of present or historical fact are
forward-looking statements, including statements with respect to
the anticipated use of Private Placement proceeds and anticipated
receipt of final TSX Venture Exchange acceptance for the Private
Placement. Forward-looking statements include words or expressions
such as "will", "subject to", "expect" and other similar words or
expressions. Factors that could cause future results or events to
differ materially from current expectations expressed or implied by
the forward-looking statements include general business, economic,
competitive, political and social uncertainties; the state of
capital markets and risks that may impact the Company's business,
operations and financial condition. Although the Company believes
that the expectations reflected in these forward-looking statements
are reasonable, undue reliance should not be placed on them because
the Company can give no assurance that they will prove to be
correct. Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Additional information on these and other factors
that could affect the Company's operations and financial results
are included in reports on file with Canadian securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com). We disclaim any obligation to update or revise
these forward-looking statements, except as required by applicable
law.
SOURCE VanadiumCorp Resource Inc.