Cornerstone Metals Announces Name Change to “First Vanadium Corp.”
Cornerstone Metals Announces Name Change to “First Vanadium Corp.” September 20, 2018 - Vancouver, British Columbia – Cornerstone Metals Inc. (TSX-V: CCC) (OTCQX: CCCCF) (FSE: 1PY) (“Cornerstone” or the “Company”) is pleased to announce that it will be changing its name to “First Vanadium Corp.” effective September 25, 2018 to emphasize its focus on vanadium and on advancing the Carlin Vanadium Project.
The common shares of the Company will commence trading under the new name on the TSX Venture Exchange with the new trading symbol “FVAN” at the opening of trading on September 25, 2018.
There is no change in the share capital of the Company, and shareholders are not required to exchange their existing share certificates for new certificates. The Company’s new CUSIP number is 33745F107 and its new ISIN number is CA33745F1071.
Vanadium’s Growing Importance for Steel Manufacturing and the Energy Sector
Vanadium is growing in importance for key industrial manufacturing sectors, most notably steel and renewable energy. Today, more than 85 percent of the world’s vanadium is used in steel manufacturing applications. Its importance to the energy sector is also growing rapidly with more than 10 percent of vanadium production used in energy storage where its substantial cost and performance benefits make it an alternative choice to lithium ion in several areas.
Vanadium prices for 98% flake V2O5 have steadily risen from under US$3.00/lb less than 3 years ago, to its current price of US$19.30/lb.
About the Company
The Company has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County 22 km by road (13 miles) from the town of Carlin, Nevada. The project is comprised of 72 contiguous unpatented mineral claims totaling 461 hectares (1,140 acres). 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. The Carlin Vanadium deposit is considered one of the largest, highest grade primary vanadium deposits in North America (USGS Professional Paper 1802 Critical Mineral Resources of the United States—Economic and Environmental Geology and Prospects for Future Supply dated December 18, 2017).
The Company also owns 100% (subject to 1.5% NSR) of the West Jerome property, near Jerome, Arizona, on the west side of Freeport McMoRan patented lands. The property, in a Volcanogenic Massive Sulfide camp, is a high-grade, massive sulfide target located 2.4 km south of the past-producing United Verde (32 million tons grading 4.4% copper, 1.5 oz/t silver and 0.04 oz/t gold). The West Jerome property has attractive untested drill targets.
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.
ON BEHALF OF CORNERSTONE METALS INC.
CEO & President
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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.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. In particular, this news release contains forward-looking information regarding the proposed name change and the acquisition of the Carlin Vanadium Project, Nevada. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. These assumptions include, but are not limited to: future costs and expenses being based on historical costs and expenses, adjusted for inflation; and market demand for, and market acceptance of, the offering. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.