Rocky Mountain Resources Corporation announced that it is holding a special general meeting of its shareholders on December 23rd 2010 to change the name of the Company to American Vanadium Corporation or to such other name as the Board deems appropriate and as may be approved by applicable regulatory authorities. There will be no change to the capital structure of the Company.
Mr Bill Radvak president & CEO of Rocky Mountain said that "The name change is being proposed to reflect the significant progress we have made towards becoming the only primary Vanadium producer in North America by the end of 2012.Results from recent drilling and ongoing metallurgical programs on our 100% owned Gibellini Vanadium Project located in Nevada, support the 2008 Scoping Study completed by AMEC which showed 40% after-tax IRR."
He said that with the Feasibility Study anticipated to be completed in the second quarter of 2011, we are receiving a strong reception from our initial efforts to secure project finance and off take agreements for our production. While the Gibellini Project is currently being designed to have two products vanadium pentoxide flake for the steel industry and vanadium electrolyte for the mass storage battery industry we are now considering a third product a refined vanadium for lithium vanadium phosphate batteries for the rechargeable battery industry.
He added that the name change will mark the initiation of a new corporate branding and investor relations program to introduce the Company to the world Vanadium market. These efforts will aid Rocky Mountain's efforts to secure both the mine financing estimated at $89 million dollars and off take agreements with battery producers, steel companies and/or metal traders.