VanadiumCorp Resource, Inc. previously PacificOre Mining Corp, and McKenzie Bay International Ltd signed a Memorandum of Understanding for MKBY to sell its material documentation and intellectual technology it has specific to the development of VanadiumCorp's Lac Dore Iron-Titanium-Vanadium deposit near Chibougamau, Quebec.
The companies, along with Clean Green Energy (CGE), began discussions in Detroit, Michigan, in late October 2013. Bryan Zaplitny represented CGE as well as MKBY during the negotiations.
In discussion, the 100% owned non-public domain SNC Lavalin Feasibility Study completed for the Lac Dore deposit in 2003. Focused specifically on the "Main Ore Zone", the Study could save significant time and capital requirements for future development. Future development would largely involve updating work already completed to meet the criteria of the National Instrument 43-101. The Study concluded that the Lac Dore project could be the lowest cost Vanadium producer in the world.
A core component to the feasibility was the Refining Process Technology "McKenzie Bay Process" developed by MKBY and its consultants. The Process represents the capacity for mineralization to directly produce high purity Vanadium chemicals for the manufacture of Vanadium Electrolyte (VE), which is concentrated for reduced shipping costs. MKBY spent millions, over many years, developing the Lac Dore Project and the McKenzie Bay refining process.
These items could add significant value for VanadiumCorp's development and production of the Lac Dore area. Demand for Vanadium in steel products has grown exponentially and there have been substantial breakthroughs in the Vanadium Redox Battery technology.