Mr. Paul McGuigan reports

CORRECTION: Vanadiumcorp ANNOUNCES A NON-BROKERED PRIVATE PLACEMENT FINANCING

Vanadiumcorp Resource Inc. has arranged a non-brokered private placement financing of up to $1.5-million.

The financing will consist of up to 15 million units priced at 10 cents per unit for gross proceeds of up to $1.5-million. Each unit will consist of one common share of the company and one purchase warrant to acquire an additional common share at 18 cents for a period of two years.

Directors and officers of the company may acquire securities under the financing, which participation would be considered to be a related party transaction as defined under Multilateral Instrument 61-101. Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The company will pay finders' fees in cash and broker purchase warrants bearing same terms as the unit warrants. All shares issued pursuant to the financing and any shares issued through the exercise of warrants will be subject to a four-month hold from the closing date. The financing is subject to TSX Venture Exchange approval.

Proceeds of the financing will be used for metallurgical test work for the company's Lac Dore vanadium-titanium-iron deposit and the procurement of equipment for its production test facility for high-quality vanadium electrolyte for use in vanadium redox flow batteries (VRFB).

Vanadiumcorp's chief executive officer, Paul McGuigan, PGeo, stated: "We are delighted that equipment procurement for our electrolyte facility is on schedule. Vanadiumcorp will be able to plan production for the expanding global market for this key ingredient in long-duration vanadium redox flow batteries."

About Vanadiumcorp Resource Inc.

Vanadiumcorp Resource seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration vanadium redox flow batteries (VRFB). The company's initial manufacturing facility is based in Val-des-Sources, Que. Stable, long-term access to vanadium feedstock for the electrolytes is assured, contingent on successful development of its wholly owned vanadium-titanium-iron mineral deposits. The company's flagship project is the Lac Dore property near Chibougamau, Que.

We seek Safe Harbor.