Alexander Mining PLC Vanadium Research & Development Project Update (1629X)
November 22 2017 - 2:00AM
UK Regulatory
TIDMAXM
RNS Number : 1629X
Alexander Mining PLC
22 November 2017
22 November 2017
Alexander Mining plc
("Alexander" or the "Company")
Vanadium Research and Development Project Update
-- JV Partner Multicom Resources Pty Ltd ("Multicom") lodges
mining lease application with Queensland State Government
-- Test work expected to start in early 2018
-- Multicom signs agreement with StorEn Technologies Inc for vertically integrated supply chain
Alexander is pleased to issue this update on its research and
development ("R&D") joint venture project ("JV") for the
potential recovery of vanadium from amenable ores ("Vanadium
Leaching Technology") announced on 8 September 2017. The JV is
between Alexander, Australian company Multicom, and John Webster
Innovations Proprietary Limited ("JWI").
Multicom has advised that it has lodged its mining lease
application for its Saint Elmo vanadium project in North
Queensland. It is now awaiting approval from the Queensland State
Government so that it can extract a suitable sized sample for the
JV test work. Multicom expects this work to commence in Australia
in early 2018.
In another important development, Multicom has entered into a
binding agreement with New York based technology developer StorEn
Technologies Inc ("StorEn"; www.storen.tech) to form a vertically
integrated supply chain model for the low-cost manufacturing, sale
and distribution of StorEn proprietary Vanadium Flow Batteries
("VFB"). This includes a long term exclusive low-cost fixed price
StorEn offtake arrangement for any vanadium pentoxide from
Multicom's potential mine in Queensland.
Target markets for the StorEn VFB are residential,
telecommunications and industrial applications.
Martin Rosser, CEO, said: "We are delighted with this latest
news and look forward to working with our partners on the initial
stage test work in early 2018."
Nathan Cammerman, co-founder of Multicom said: "StorEn's
vanadium based proprietary technology, geared toward the
residential market, is a game-changer for consumers who are seeking
to lessen their dependency on the electricity grid. The JV's
Vanadium Leaching Technology is integral to any potential mining
operations and the offtake agreement with StorEn."
ENDS
For further information, please contact:
Martin Rosser
Chief Executive
Mobile: +44 (0) 7770 865
341
Alan Clegg
Non Executive Chairman
Mobile: +90 543 533 0665
Alexander Mining plc
Tel: +44 (0) 20 7078 9566
Email: mail@alexandermining.com
Website: www.alexandermining.com
Northland Capital Partners
Limited
Matthew Johnson / Gerry
Beaney
+44 (0) 20 3861 6625
(Corporate Finance)
John Howes
(Corporate Broking)
Turner Pope Investments
(TPI) Ltd
James Pope / Ben Turner
+44 (0) 20 3621 4120
This information is provided by RNS
The company news service from the London Stock Exchange
END
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