VANCOUVER, British Columbia--(BUSINESS WIRE)--AMERICAN VANADIUM CORP. (“American Vanadium” or the “Company”) (TSX.V: AVC) (OTC: AVCVF.PK) has engaged Hanlon Engineering to evaluate the installation of renewable energy generation for the Gibellini Project site in central Nevada. The system would include a vanadium flow battery combined with integrated solar and wind electric power generation capable of providing energy in excess of the needs of the proposed Gibellini Mine.
“We are taking a leadership role in the development of the vanadium flow battery industry in North America based on having the only significant US based vanadium deposit in the development stage,” stated Bill Radvak, President & CEO of American Vanadium. “Demonstrating the viability of renewable power generation combined with vanadium storage batteries to power mining projects is important to both our corporate strategy and our environmental commitment to green energy at the Gibellini.”
“In its March 2012 forecast, Lux Research, Inc., estimates grid storage demand will be $113 billion by 2017 at which time Vanadium Flow Batteries are expected to become the battery leader with a 33% market share,” continued Mr. Radvak. “This highlights the growing value of having the only significant in-ground supply of vanadium in the US.”
About Hanlon Engineering & Architecture, Inc.
Hanlon Engineering & Architecture is a multi-disciplined, full service engineering firm. They are a leading supplier of engineering, electrical systems design, construction management, and specialty engineering services in the western United States, as well as Central and South America, with more than 25 years of experience in industrial, technology and manufacturing design.
About American Vanadium Corp.
American Vanadium is currently developing the only vanadium mine in the United States. This strategic asset gives the Company the opportunity to vertically integrate itself and its vanadium production into the highest value market, grid energy storage. American Vanadium will be seeking major joint venture partners in the solar, wind and grid-scale battery manufacturing industries.
The Company’s Gibellini Project, located in Nevada, is unique in its design to economically produce vanadium electrolyte for the energy storage industry, as well as vanadium pentoxide for the steel and alloying industries. A positive Feasibility Study and updated National Instrument 43-101 Technical Report on the Gibellini project were completed by AMEC E&C Services, Inc. in 2011.
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
NEITHER 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 Statements: This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements regarding the expected use of proceeds from the Private Placement, and future plans and objectives for the Gibellini Project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of American Vanadium to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Forward-looking information includes estimates of mine production rates and mine life, revenues from future mining operations, capital and operating costs, and pay-back period. Factors that may cause actual results to vary include, but are not limited to, actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of vanadium; possible variations in reserves, grade or recovery rates; changes to capital and operating cost estimate, delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although American Vanadium has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. American Vanadium does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.