Nevada Vanadium Acquires Bisoni Project Next To Gibellini

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Nevada Vanadium Acquires Bisoni Project Next To GibelliniEUREKA, NV / ACCESSWIRE / August 24, 2020 / Nevada Vanadium LLC. ("Nevada Vanadium" or "the Company") announces it has entered into a binding definitive Asset Purchase Agreement (the "APA") with CellCube Energy Storage Systems Inc. ("Cellcube") to acquire the Bisoni vanadium project (Bisoni Project) situated immediately southwest to Nevada Vanadium's Gibellini Project. Nevada Vanadium is a wholly owned subsidiary of Silver Elephant Mining Corp. ("Silver Elephant") (TSX:ELEF, OTCQX:SILEF).Subject to the terms and conditions in the APA, Nevada Vanadium is acquiring the Bisoni Project by its parent Silver Elephant issuing 4 million Silver Elephant common shares and paying $200,000 cash to Cellcube at closing. Additionally, Silver Elephant will make a one-time payment to CellCube of $500,000 worth of Silver Elephant's common shares, upon the price of European vanadium pentoxide price exceeding US$12 a pound for 30 consecutive business days, occurring on or before December 31, 2023. Closing of the acquisition is expected in September 2020 and subject to the final approval of the Toronto Stock Exchange.The Bisoni Project is comprised of 201 lode mining claims, along a 13.8km strike that covers an area of 16.5 square km (1,656 hectares), easily accessed by a graded gravel road extending south from US Highway 50, and is about 25 miles south of the town of Eureka, Nevada.Together, the Gibellini and Bisoni Projects are comprised of a total of 934 contiguous claims along a 20.7 km (NE-SW) strike covering 43.4 square km (4,342 hectares). The large combined land package hosts significant vanadium resources in the United States, right in the heart of Nevada, a state which is consistently ranked in top 3 of the most attractive jurisdictions in the world for mining investment in 2017, 2018, and 2019, according to the Annual Survey of Mining Companies by the Fraser Institute, an independent Canadian policy think-tank.The current benchmark V2O5 (vanadium pentoxide) price is US$7.10/lb. in China and US$5.50/lb. in Europe according to Metal Bulletin.Independently estimated historic resources by Edwin Ulmer and Edwin H. Bentzen III in 2016 for the Bisoni Project are tabulated below:Table 1. Bisoni Project historic resource calculated in 2016Historic CategoryMtonsV2O5 %Mlbs Contained V2O5 Bisoni McKay Indicated11.880.397...

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