VRB.V · 2017-12-27 12:00:00

PEA Technical Report Update

Technical Reports (NI 43-101) Economic Studies

VANCOUVER, BRITISH COLUMBIA – May 4th, 2018, VanadiumCorp Resource Inc. (TSX “ VRB”) (the

"Company") announces that, as a result of a review by the British Columbia Securities Commission, this

news release is being issued to clarify the Company ’s disclosure regarding the most recent technical

report for the Lac Dore Vanadium Project. The revie w of the Company’s technical disclosure was

commenced in December 2017 by the British Columbia Securities Commission indicating concerns about

magnetite concentrate as an identifiable market and independence.

After consulting with various experts on iron ore m arkets, it is the valuation of VTM concentrate as a

commodity appears to be commonly discounted due to a lack of efficient production methods. It was

the Company’s objective apply a conservative produc tion model as feedstock for the Company’s new

chemical and electrochemical process technology co- developed with Electrochem. As this is not

acceptable by the BCSC citing NI 43-101 guidelines, the Company plans to combine economics of the

process technology to the mine plan for a complete flowsheet beneficiating vanadium, titanium and

iron.

The Company filed on SEDAR a technical report dated December 27th, 2017 with respect to its Lac Dore

Project. The Lac Dore PEA Technical Report does not fully comply with National Instrument 43-101

Standards of Disclosure for Mineral Projects. As a consequence, the Lac Dore Vanadium Project

economic analysis and mineral resources previously disclosed by the Company are not supported by a

compliant NI 43-101 technical report and that the estimates should not be relied on until they have been

verified and supported by a technical report. The Company is currently revising the Lac Dore Vanadium

Project and expects a revised report to be refiled subject to status of patent development status and

associated confidentiality regarding intellectual property.

The revised Lac Dore Vanadium Project PEA will prov ide details of the VanadiumCorp-Electrochem

Process Technology and risks associated with the Company’s intended use of technologies in a process

flow sheet that have not been previously used on a commercial scale for transforming VTM concentrate

into vanadium, iron and titanium. The Company’s proposal to build a pilot plant to mitigate those risks

as recommended by the independent qualified professionals advising the Company. It will also discuss

in greater detail the basis upon which the Company has concluded that there are reasonable prospects

for eventual economic extraction of the resources at the Lac Dore Vanadium Project. A number of other

technical changes will also be made to the Lac Dore Vanadium Project including market studies for

multiple commodities recoverable with VanadiumCorp-Electrochem technologies.

The certificates of the qualified persons who autho red the Lac Dore Vanadium Project will be also be

revised and refiled when the report is refiled on SEDAR.

For more information, contact VanadiumCorp:

Adriaan Bakker, President, CEO

By phone: 604-385-4489

TSX -V: “VRB”

Website: www.vanadiumcorp.com

On behalf of the board:

Adriaan Bakker,

President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the p olicies of the TSX Venture Exchange)

accepts responsibility for the adequacy or accuracy of this release.