Western Uranium & Vanadium Corp. offers a shareholder update relating to its formerly announced plan to re-open the Sunday Mine Complex (SMC) for a vanadium project.
In the past several months, the re-opening of the SMC by Western has progressed by:
- Initial mine planning and budgeting;
- Evaluation of equipment and personnel availability and requirements;
- Following project funding options; and
- Increasing vanadium marketing opportunities.
The SMC Vanadium Project will be started within weeks of adequate project funding. The main goals to be accomplished during the next six to nine months are:
- Identification of high-grade vanadium zones measured using X-ray fluorescence technology and sample assay analysis;
- Long-hole drilling and bulk sampling from the widespread underground mine workings of the SMC;
- Expand resource estimates with newly established high-grade vanadium resource.
- Delivery of samples to different vanadium processors and end-users for analysis; and
- Negotiation of vanadium term contracts to catalyze mine production.
In the past several years, vanadium pentoxide prices have increased considerably to a present level more than $17 per pound of V2O5. Autonomous market analysis by a number of recognized organizations indicates sustained vanadium price levels for the following three to five years. Western management trusts these market circumstances would make SMC vanadium production appealing over this period.
As Western moves ahead with its plans for re-opening of the SMC and is able to report on the timing of preparations, expected commencement dates and other milestones, Western will offer shareholders and investors with more updates.