First Vanadium Engages Wood Canada Limited to Prepare a Preliminary Economic Assessment for the Carlin Vanadium Project in Nevada

First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (“First Vanadium” or the “Company”) is pleased to announce that it has engaged Wood Canada Limited (Wood) to prepare a National Instrument 43-101 Preliminary Economic Assessment (PEA) for the Company’s flagship Carlin Vanadium Project, six miles south of Carlin, Nevada. The PEA is anticipated to be completed during Q1 2020.

A PEA, as defined under the terms of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), is an economic analysis intended to examine the potential viability of a mineral project. A PEA analyzes and assesses geological, engineering, and economic factors to reach its conclusions.

Paul Cowley, President & CEO states, “Wood Canada Limited is an internationally recognised engineering firm. The First Vanadium team is very familiar with the high level of quality and technical rigour that Wood will bring to this PEA. Wood’s experience in vanadium projects, specialized hydrometallurgical process technology expertise, and mining optimization is ideal for evaluating First Vanadium’s unique and advanced-stage primary vanadium project in Nevada”.

Wood is a global leader in the delivery of project services for the mining industry, from front-end geology and studies, process and environmental consulting through to detailed design, project management and construction. Wood operates in more than 60 countries, employing approximately 60,000 people in mining, energy and industrial sectors. Wood has carried out Vanadium studies in North America and Australia for a range of operating and development-stage clients.

First Vanadium previously filed a report titled “NI 43-101 Technical Report, Carlin Vanadium Project, Carlin, Nevada” completed by SRK Consulting (U.S.) Inc. dated April 9, 2019. The technical report identifies Indicated and Inferred Mineral Resources (April 10, 2019 press release) that will form the basis for the PEA.

The Carlin Vanadium Project is strategically located in the world class Carlin gold mining district of Nevada, thus benefitting from the district’s well-established mining infrastructure. The project is within 6 miles of highways, railhead and power.

About First Vanadium Corp.

First Vanadium has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada on Highway I-80. The Carlin Vanadium Project hosts the Carlin Vanadium deposit, which is flat to shallow dipping and at shallow depths with strike length of approximately 1,800 metres, width averaging 600 metres and thickness ranging from 15 metres to 50 metres.