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Currie Rose Comments on the Queensland Government Announcement of Domestic Vanadium Production Support

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Toronto, Ontario--(Newsfile Corp. - November 30, 2021) - Currie Rose Resources Inc. (TSXV: CUI) ("Currie" or the "Company"), following its recently announced acquisition of two vanadium projects in Queensland, Australia, is pleased to provide commentary on the latest statement from the Queensland Government in support of domestic vanadium production.

On November 23, 2021, Queensland's Treasurer and Minister for Trade and Investment, the Honourable Cameron Dick, announced that the Queensland Government is allocating an initial A$10 million to support development of a common user facility to process vanadium domestically at Townsville. The facility will be part of the local government's plan to "make Queensland a leading producer and exporter of new-economy minerals and the home of new industries".

Commenting on the announcement, Currie Rose President & CEO Mike Griffiths said: "The Queensland Government, along with the Australian Federal Government, is moving at fast pace to assist with the development of critical new-age metals for the EV market, clean energy, and other sectors. This latest initiative is indicative of the well-thought-through and strategic forward planning at Government level to encourage investment into the region. Our Company is in an enviable position to benefit from and be a part of the next-stage battery development, which will include Vanadium Redox Flow Battery technology, a clean, efficient and sustainable alternative to existing methods."

Queensland State Treasurer said the facility could be used by smaller companies, meaning they would not need to fund their own processing facilities and is a move intended to accelerate development of known vanadium resources in the Richmond-Julia Creek area.

"Mining companies will be able to transport ore from their mine site to Townsville enabling them to begin producing mineral samples at scale," the Minister said.

A final site at Townsville is still to be selected, allowing a construction tender document to be issued that will account for a more detailed engineering and cost assessment, with construction expected to commence in 2022 and commissioning in 2023.

Currie Rose's North Queensland Vanadium Project ("NQVP") is strategically located just north of the township of Richmond which hosts the main railway to Townsville and the major highway (see Figure1).



Figure 1 - North Queensland Vanadium Project Location

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2005/105694_5c4e91d6b43ee9ea_002full.jpg

Project Details

The North Queensland Vanadium Project is the merger of the Toolebuc and Flinders River Vanadium Projects and is situated approximately 400 km west of the port of Townsville (Figure1).

NQVP covers an area of approximately 124,000 Ha and is close to rail, road, and power infrastructure.

Third-party developments in the area have identified the region as a potential Vanadium Hub.

Table 1 - Historic Cambridge Inferred Resource Estimate1

Resource Category

Million tonnes

V2O5 %

MoO3ppm

Inferred

83.7

0.30

188

Total

83.7

0.30

188

Notes - See Footnote 1

  • Reported above a V2O5 cut-off grade of 0.25%

  • Tonnages and grade have been rounded to reflect the relative uncertainty of the estimate

Preliminary independent metallurgical studies by Liontown Resources have confirmed that the historic Cambridge Resource is shallow, oxidised, soft, friable and free digging. The ore is considered suitable for pre-concentration with potential pathways to economic processing.

Wide-spaced geological and geophysical data is also at hand, and priority targets for the first-pass exploration have been identified.

For Additional Information please contact:

Mike Griffiths, CEO
Office: 905-688-9115
Email: info@currierose.com

Catherine Beckett, Manager Corporate Affairs
Office: 905-688-9115
Email: info@currierose.com

About Currie Rose Resources Inc.

Currie Rose is a publicly-traded precious and battery metal explorer focused on identifying high-value assets in Canada and Australia. Our immediate focus is the advanced North Queensland Vanadium Project in Queensland, Australia.

Please visit our website at www.currierose.com.

Qualified Persons

The scientific and technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf of Currie Rose Resources by Michael Griffiths, FAusIMM, President & CEO for Currie Rose Resources, a Qualified Person.

Forward-Looking Statements

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

This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. Statements about the closing of the transaction, expected terms of the transaction, the number of securities of Currie Rose that may be issued in connection with the transaction, and the parties' ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105694

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