First Vanadium Adds $954,000 to Treasury Through Exercise of Warrants

Vancouver, British Columbia--(Newsfile Corp. - October 19, 2020) - First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) ("First Vanadium" or the "Company") is pleased to announce that in the past ten weeks, investors have exercised a total of 3,975,000 warrants to add $954,000 to the Company's treasury. As a result, ninety-nine percent of the warrants from the October 2017 private placement have been exercised.

The additional funds will be used to increase the number of drill holes into the Company's gold target on its property in the Carlin Gold Trend in Nevada (NR dated August 24, 2020).

In August and September, the Company conducted the first pass of reverse circulation drilling into the gold target under the supervision of Dave Mathewson. Two holes were 1.5 kilometres apart and designed to confirm rock units, depth of lower plate target rocks, and the presence of a gold system with associated hydrothermal alteration, according to the gold model envisioned and developed by Mr. Mathewson over the years of his exploring for, and finding Carlin gold style deposits. Assays are pending. Results for the first hole are anticipated in the next 2 weeks.

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 and Highway I-80. The Carlin Vanadium Project hosts the Carlin Vanadium deposit. A positive PEA on the vanadium resource was announced May 11, 2020.

ON BEHALF OF FIRST VANADIUM CORP.

per: "Paul Cowley"
CEO & President
(778) 655-4311
pcowley@firstvanadium.com
www.firstvanadium.com

Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified Person as defined by National Instrument 43-101, and President and CEO of the Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance and include the Company's ability to meet its obligations under the Access and Mineral Lease Agreement and the conditions required to exercise in full its option to acquire the Carlin Vanadium project, and to finance and drill test the interpreted gold target. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66279

info