Mr. Adriaan Bakker reports

VANADIUMCORP CLOSES $265,121 PRIVATE PLACEMENT 1ST TRANCHE

Vanadiumcorp Resource Inc. has closed the first tranche of the oversubscribed non-brokered private placement of 4,418,699 units at a price of six cents per unit for a total of $265,121.94. Each unit shall consist of one common share of the issuer and one full share purchase warrant. Each full warrant will entitle the holder to acquire one common share of the issuer at a price 10 cents for a period of 24 months following the closing date of the offering. All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing. Proceeds from the placement will be used for advancing the patent-pending Vanadiumcorp-Electrochem process technology, trial Vanadiumcorp Electrolyte and electrolytic iron production, and operating capital. No fees or commissions were paid in association with the private placement.