www.americanvanadium.com
American Vanadium Corp., formerly Rocky Mountain Resources Corp., is a Canada-based junior mining company. As of November 30, 2010, the Company’s main focus was the development of its Gibellini Project, located in Eureka County, Nevada. In June 2010, the Company initiated a bulk sampling program, comprising collection of samples from both oxide, and transition vanadium zones from four different trenches on the project, and a diamond drill program, which was two-phased. On September 9, 2010, the Company announced that it initiated a feasibility study of its Gibellini Project. In November 2009, the Company sold its interest in the Paris Hills mineral property to Stonegate Agricom Ltd (Stonegate). On September 29, 2010 the Company announced the acquisition of the Del Rio Property, a new vanadium project located approximately eight miles south of the Gibellini Project.
American Vanadium secures water rights for development of Gibellini project
American Vanadium Corp. (CVE:AVC) said Thursday that it has secured water rights for the company's
construction and production of the Gibellini Vanadium project, located in Nevada.
“Obtaining these water rights was a critical step towards gaining environmental permitting and completing our feasibility study which is due in this third quarter of 2011,” stated president and CEO, Bill Radvak.
The water rights now under lease represent over 100% of the American Vanadium’s expected water requirement over the life of the mine, the company said.
Vanadium is a critical alloying metal used to strengthen steel and titanium, and is also growing in importance in the emerging uses of mass energy storage and lithium-vanadium batteries.
As part of the lease, the leaser will receive 50,000 shares of the company’s common stock, subject to the approval of the TSX Venture Exchange.
After the feasibility study is released, an updated NI 43-101 compliant resource report is expected to follow. The company's goal is to start production at the vanadium mine by 2013.
Through an aggressive exploration program, the company is focused on increasing the resource of the five other vanadium occurrences on its 6,600 acre property.
The first target has been Louie Hill, which is adjacent to the current resource, and will be followed by the nearby Del Rio, where large surface vanadium anomalies were discovered this past fall.
