Ann: Substantial High Grade Vanadium Resource at Gabanintha, page-3

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Outstanding results pave way for feasibility studies next year as part of strategy to supply high-tech battery market
Key Points

•   Measured and Indicated Mineral Resource of 24.7Mt at 0.8%
  vanadium pentoxide (V2O5) at the Gabanintha project near
  Meekatharra in WA
•   Result demonstrates Gabanintha has both critical mass and is
  one of the highest-grade vanadium deposits in Australia
•   Resource supports Yellow Rock’s plan to produce over 8,000tpa of vanadium at Gabanintha, representing 10% of
  global production
•   The Mineral Resource includes a high grade zone of 11.3 Mt at
  1.1% vanadium pentoxide (V2O5) in Measured and Indicated Categories and points to strong potential for Gabanintha to enjoy low capital and operating costs
•   Yellow Rock intends to supply both the booming vanadium battery market and the steel industry
•   Feasibility studies, including detailed metallurgical programmes, to begin early next year
  Yellow Rock Resources (ASX: YRR) is pleased to announce outstanding results from a revised Mineral Resource estimate, reported in compliance with the JORC Code 2012, for its Gabanintha project near Meekatharra in WA. It includes a Measured and Indicated Mineral Resource of 24.7 million tonnes grading 0.8 per cent V2O5
  The extremely high-grade nature of this resource, which contains 200,000 tonnes of V2O5, and includes a substantial high grade zone over 1% in grade, highlights the strong potential for Gabanintha to be a world-class vanadium project with critical mass and low costs.
  The result helps underpin Yellow Rock’s aim to produce 8,000 to 10,000 tonnes a year of vanadium, equal to 10 per cent of current total global vanadium output.
  In light of this strong resource, Yellow Rock will begin economic studies early next year with a view to initiating a full definitive feasibility study by mid-2016. As part of this work, Yellow Rock will conduct detailed metallurgical studies to determine the optimum processing route for making Gabanintha vanadium suitable for sale to the high-tech battery industry.
  Details of the resource estimation parameters and quality assurance criteria are shown at the end of this announcement in Appendix 1