Mr. Adriaan Bakker reports

VANADIUMCORP CLOSES $1 MILLION PRIVATE PLACEMENT

Vanadiumcorp Resource Inc. has closed a non-brokered private placement of 11,111,109 flow-through common shares at a price of nine cents per share for a total of $1-million. 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. The company has paid cash commissions of $24,000 and issued 666,667 finders' shares to finders as compensation in relation to the financing.

Proceeds from the placement will be utilized for advancing the 100-per-cent-owned Lac Dore vanadium project in Chibougamau, Que., Canada. Two directors, including the chief executive officer, participated in the financing for an aggregate of 555,556 common shares. The participation of each of these individuals is considered to be a related party transaction, pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transaction. The company determined that exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 were available for the related party transaction, pursuant to Section 5.5(a) and Section 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction involving related parties was not more than 25 per cent of the company's market capitalization.

The private placement is subject to approval by the TSX Venture Exchange.

About Vanadiumcorp Resource Inc.

Vanadiumcorp Resource is an integrated technology and mining company that is focused on developing the exclusive supply chain for vanadium-based energy storage and emerging technologies that use 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-per-cent-owned Lac Dore project, located adjacent to Blackrock Metals Inc. and the 100-per-cent-owned Iron-T project near the Glencore (Bracemac-McLeod) Matagami copper-zinc mine.

We seek Safe Harbor.