First Vanadium Acquires Strategic Land Position Extending the Carlin Vanadium Deposit in Nevada
First Vanadium Acquires Strategic Land Position Extending the Carlin Vanadium Deposit in Nevada
January 31, 2019 ‐ Vancouver, British Columbia – First Vanadium Corp. (formerly Cornerstone Metals Inc.)
(TSX‐V: FVAN) (OTCQX®: FVANF) (FSE: 1PY) ( “First Vanadium” o r t h e “Company”) is pleased to announce
that it has made a strategic acquisition of the southern extens ion of the Carlin Vanadium deposit located 6
miles south of Carlin, Nevada.
The Company has gained mineral rights to an additional 200m str ike length of the Carlin Vanadium deposit
through an Access and Mineral Lease Agreement to approximately 80 acres of private (fee simple) land
immediately adjacent to the Carlin Vanadium property (referred to as the “Cole Creek Property”). Six vertical
holes drilled by Union Carbide in the 1960’s on this adjacent g round demonstrated a southern continuance
of the Carlin Vanadium deposit with thicknesses ranging from 10.67m to 28.96m (average 18.54m; 60.8ft)
and grades ranging from 0.37% to 0.82% V2O5 (average 0.57% V2O5).
First Vanadium President and Chief Executive Officer, Paul Cowle y s t a t e d . “ T h i s i s a t i m e l y a c q u i s i t i o n j u s t
prior to a mineral resource estimate that will now be able to include these additional holes and deposit
extension.”
Terms of Agreement
Pursuant to the terms of the Access and Mineral Lease Agreement , the Company has paid the lessor
US$50,000 on signing, and is required to pay an additional US$2 0,000 annually for the lease of all minerals
beneath the surface of, within or that may be produced from the Cole Creek Property. In the event the
Company commences mining operations on the Cole Creek Property, the annual payments will be replaced
w i t h a 5 % N S R r o y a l t y i n f a v o u r o f t h e l e s s o r . P u r s u a n t t o t h e t e r m s o f t h e l e a s e , t h e C o m p a n y i s a l s o
required to incur at least US$100,000 expenditures on the property within 36 months, or to remedy any
shortfall by making a cash payment to the lessor in the amount of such shortfall. The term of the lease is for
an initial five‐year period which may be extended, at the Compa ny’s option, for additional five‐year periods
provided the Company remains in good standing under the agreemen t . T h e C o m p a n y h a s t h e r i g h t t o
terminate the lease portion of t he agreement without terminatin g the road access portion of the agreement
(described below).
T h e l e s s o r a l s o o w n s o r h a s r i g h t s t o c e r t a i n l a n d s c o n t a i n i n g roads which the Company wishes to use for
a c c e s s t o t h e C o l e C r e e k P r o p e r t y a n d t o t h e C a r l i n V a n a d i u m p roperty. The Access and Mineral Lease
A g r e e m e n t a l s o g r a n t s t o t h e C o m p a n y t h e r i g h t t o a c c e s s s u c h lands and roads for an initial payment of
US$15,000 which was paid on signing of the agreement (US$5,000 for 2017 access, US$5,000 for 2018 access
and US$5,000 for 2019 access), and ongoing US$5,000 annual paym e n t s w h i c h w i l l t e r m i n a t e a t t h e
Company’s start of development and mining operations. The Comp any is also required to build and maintain
a gate and cattle guard in order to keep its access rights in good standing. In addition, amongst other
matters including compensation for lost cattle and lost grazing , the agreement also contemplates that upon
commencement of development and mining operations, the Company will construct additional roads to be
agreed upon between the Company and the lessor and at such time the Company will pay the lessor
additional fees for the new road access until mining ceases and reclamation is completed. The access rights
h a v e b e e n g r a n t e d f o r a n i n i t i a l f i v e ‐ y e a r t e r m w h i c h m a y b e e xtended, at the Company’s option, for
additional five‐year periods provided the Company remains in good standing under the agreement.
2
The Carlin Vanadium deposit is considered the largest, highest grade primary vanadium deposit in North
America (USGS Professional Paper 1802 Critical Mineral Resources of the United States—Economic and
Environmental Geology and Prospects for Future Supply dated December 18, 2017).
Vanadium prices appear to have stabilized and are rising again. Vanadium is growing in importance for key
industrial manufacturing sectors most notably steel and renewabl e e n e r g y . T o d a y , m o r e t h a n 9 0 % o f t h e
world’s vanadium is used in steel manufacturing applications. It s i m p o r t a n c e t o t h e e n e r g y s e c t o r i s a l s o
growing rapidly with more than 5% of vanadium production used i n energy storage where its substantial cost
and performance benefits make it an alternative choice to lithium ion in several areas.
About First Vanadium Corp.
First Vanadium (formerly Cornerstone Metals Inc.) has an option to earn a 100% interest in the Carlin
Vanadium Project, located in Elko County, 6 miles south from th e town of Carlin, Nevada on Highway I‐80.
The Carlin Vanadium Project hosts the Carlin Vanadium Deposit which is flat to shallow dipping and at
shallow depths, 0‐60 m (0‐200 ft) below surface.
ON BEHALF OF FIRST VANADIUM CORP.
per: "Paul Cowley"
CEO & President
(778) 655‐4311
www.firstvanadium.com
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified
Person as defined by National Instrument 43‐101, and President and CEO of the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward‐looking information
Certain statements in this news release constitute "forward‐looking" statements. These statements relate to future
events or the Company's future performance and include the Comp any’s ability to meet its obligations under the Access
and Mineral Lease Agreement, the conditions required to exercise in full its option to acquire the Carlin Vanadium
p r o j e c t a n d i t s i n t e n t i o n t o i n i t i a t e a m i n e r a l r e s o u r c e e s t i m ate. All such statements involve substantial known and
unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or
implied by such forward‐looking statements. Forward‐looking statements involve significant risks and uncertainties, they
should not be read as guarantees of future performance or resul ts, and they will not necessarily be accurate indications
of whether or not such results will be achieved. Actual results c o u l d d i f f e r m a t e r i a l l y f r o m t h o s e a n t i c i p a t e d d u e t o a
number of factors and risks. Although the forward‐looking statements contained in this news release are based upon
what management of the Company believes are reasonable assumpti ons on the date of this news release, the Company
cannot assure investors that actual results will be consistent with these forward‐looking statements. The forward‐
l o o k i n g s t a t e m e n t s c o n t a i n e d i n t h i s p r e s s r e l e a s e a r e m a d e a s of the date hereof and the Company disclaims any
intention or obligation to update or revise any forward‐looking s t a t e m e n t s w h e t h e r a s a r e s u l t o f n e w i n f o r m a t i o n ,
future events or otherwise, except as required under applicable securities regulations.