Date: Aug 24, 2018
VANCOUVER, Aug. 22, 2018 /CNW/ – VanadiumCorp Resource Inc. (TSX “VRB”) (the “Company”) applauds the announcement made yesterday in Saguenay, Quebec, Canada outlining investment in the Blackrock Metals project. VanadiumCorp owns 100% of the Lac Dore Vanadium Project adjacent to Blackrock Metals permitted mining project near Chibougamau, Quebec, Canada.
The Government of Québec is providing a total of $185 million in financial assistance to BlackRock Metals to support the construction of an open pit mine of iron, vanadium and titanium near Chibougamau, in the Nord-du-Québec region. This financial assistance is also aimed at setting up a secondary processing plant in the Grande-Anse sector of the industrial port area of Saguenay. The project represents investments valued at nearly $1.3 billion and will create more than 800 jobs during the construction of the mine and mill. Some 200 jobs will also be created during the operation of the mine, while the operation of the processing plant will result in the creation of about 300 jobs.
The above government financial support includes an equity investment, through Capital Mines Hydrocarbures, of $85 million in the capital of BlackRock Metals, a $50 million loan from Investissement Québec, acting as agent for the government, as well as a $50 million loan granted by Ressources Québec from its own funds.
