VanadiumCorp Receives Mining Tax Credits
VanadiumCorp Receives Mining Tax Credits
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.
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%SEDAR: 00005245E
For further information:
Adriaan Bakker, President and CEO, VanadiumCorp Resource Inc. (TSX-
V: "VRB"), By phone: 1-604-385-4489, By email: [email protected], Website:
www.vanadiumcorp.com
CO: VanadiumCorp Resource Inc.
CNW 10:06e 08-AUG-19