First Vanadium Corp. Provides Corporate Update on the Carlin Vanadium Project in Nevada

Date: Dec 21, 2018

First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (formerly Cornerstone Metals Inc.) (“First Vanadium” or the “Company”) is pleased to provide a project update from its Carlin Vanadium project in Nevada. As previously reported, the Company has completed a drill program consisting of 69 reverse circulation drill holes focused on both deposit expansion and in-fill targets.

There are pending assay results from 19 in-fill holes and 23 step-out (deposit expansion) holes from the Phase 2 summer program and those results are expected to be reported in January 2019.

Upon receipt of remaining assay data, the Company will initiate a complete data compilation for an updated NI 43-101 compliant mineral resource estimate. The Carlin Vanadium Deposit has a historic Inferred mineral resource of 28 million tons at 0.515% vanadium pentoxide (V2O5), having a total metal content of 289 million pounds V2O5, based on a 0.3% V2O5 cut-off grade (see Historic Inferred Resource below).

Additionally, the Company is well financed to execute its near-term objectives, with current working capital of over CDN$2Million.

In tandem with anticipated news flow for Q1 2019, the Company will also be participating in numerous industry specific events including the Metals Investment Forum and Vancouver Resource Investment Conference, both held in mid-January.

The Company’s management and board of Directors would also like to extend a warm Holiday Season to its shareholders and thank them for their interest and support throughout 2018 and look forward to an active and successful 2019.

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