First Vanadium Corp. Provides Corporate Update on the Carlin Vanadium Project in Nevada
First Vanadium Corp. Provides Corporate Update on the Carlin Vanadium Project in Nevada
December 20, 2018 ‐ Vancouver, British Columbia – First Vanadium Corp. (formerly Cornerstone Metals
Inc.) (TSX‐V: FVAN) (OTCQX®: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to provide a
project update from its Carlin Vanadium project in Nevada. As previously reported, the Company has
completed a drill program consisting of 69 reverse circulation drill holes focused on both deposit expansion
and in‐fill targets.
There are pending assay results from 19 in‐fill holes and 23 st ep‐out (deposit expansion) holes from the Phase
2 summer program and those results are expected to be reported in January 2019.
Upon receipt of remaining assay data, the Company will initiate a complete data compilation for an updated
NI 43‐101 compliant mineral resou rce estimate. The Carlin Vanad ium Deposit has a historic Inferred mineral
resource of 28 million tons at 0.515% vanadium pentoxide (V 2O5), having a total metal content of 289 million
pounds V2O5, based on a 0.3% V2O5 cut‐off grade (see Historic Inferred Resource below).
Additionally, the Company is well financed to execute its near‐ term objectives, with current working capital of
over CDN$2Million.
In tandem with anticipated news flow for Q1 2019, the Company will also be participating in numerous
industry specific events including the Metals Investment Forum and Vancouver Resource Investment
Conference, both held in mid‐January.
The Company’s management and board of Directors would also like to extend a warm Holiday Season to its
shareholders and thank them for their interest and support thro ughout 2018 and look forward to an active
and successful 2019.
Historic Inferred Resource
The Carlin Vanadium Deposit has a historic Inferred mineral resource was calculated by Dr. Bart Stryhas of SRK
Consulting (U.S.), Inc. for Ene rgy Metal Corp in 2010, and was NI43‐101 compliant at that time, based on 152
rotary drill holes completed by Union Carbide in the late 1960s . The 0.3% V2O5 CoG was chosen in 2010 for
resource reporting based on the reasonable potential for economic extraction under a conceptual open pit
mining and milling scenario using US$2.30/st mining cost, US$35 /st milling cost, US$0.50/st admin cost, 65%
recovery, 95% selling pay‐for, 1% freight charge, 0% royalty an d a US$10.46/lb V2O5 value. The results of the
resource estimation provided a CIM classified Inferred Mineral Resource. The quality of the historical data
was good and the Mineral Resource was classified as inferred ma inly due to the fact that the rotary drilling
has not been verified by a modern program.
A current mineral resource has not been delineated on the prope rty. The Company is not treating this
h i s t o r i c a l e s t i m a t e a s a c u r r e n t m i n e r a l r e s o u r c e . T h e w o r k n e eded to upgrade the historical estimate as
c u r r e n t m i n e r a l r e s o u r c e s i s t o u s e c u r r e n t c o s t s , m e t a l p r i c e s, new recoveries and results from the
Company’s 89 new drill holes.
The Carlin Vanadium deposit is considered the largest, highest grade primary vanadium deposit in North
America (USGS Professional Paper 1802 Critical Mineral Resource s of the United States—Economic and
Environmental Geology and Prospects for Future Supply dated December 18, 2017).
About First Vanadium Corp.
First Vanadium (formerly Corners tone Metals Inc.) has an option to earn a 100% interest in the Carlin
Vanadium Project, located in Elko County 6 miles south from the 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
(604) 340‐7711
www.firstvanadium.com
Neither 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.
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.
Forward‐looking information
Certain statements in this news release constitute "forward‐loo king" statements. These statements relate to future
events or the Company's future performance and include the Company's completion of the acquisition of a 1.5% NSR
attached to the Carlin Vanadium project. All such statements in volve 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 could differ materially from those anticipated due to 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 assumptions on the date of this news re lease, the Company cannot assure investors that actual
results will be consistent with t hese forward‐looking statement s. The forward‐looking statements contained in this press
release are made as of the date hereof and the Company disclaim s any intention or obligation to update or revise any
forward‐looking statements whether as a result of new informati on, future events or otherwise, except as required under
applicable securities regulations.