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Last checked at 
22 Nov 2017 07:00
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
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Alan Clegg Non Executive Chairman Mobile: +90 543 533 0665 |
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Alexander Mining plc Tel: +44 (0) 20 7078 9566 Email: mail@alexandermining.com Website: www.alexandermining.com |
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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 |
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