Vancouver, British Columbia--(Newsfile Corp. - March 27, 2019) - First Vanadium Corp. (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (formerly Cornerstone Metals Inc.) ("First Vanadium" or the "Company") reports that metallurgical test work on nine variability composite samples from the Carlin Vanadium deposit is in its final stages, with results to be reported in early April 2019.

The Company commenced acid leach and pressure oxidation test procedures on a single composite sample from the deposit in April 2018. In June 2018, the reported preliminary test work had returned 95.5% vanadium extraction into solution. Since then, the procedure has been further refined and the Company has progressed to the stage of variability test work. Variability test work typically uses multiple samples from across a deposit to determine the processing consistency for a given procedure.

Nine composite samples have been derived from drill holes across the Carlin Vanadium deposit to test the variability of two different ore types (oxidized and unoxidized shale) of varying vanadium grades (low, average, and high). The results of the variability test work are expected to be available in early April 2019. This variability work will provide a good indication of the expected average and range of vanadium extractions across the deposit and form the basis for ongoing advancement of the process flow sheet. The work is being conducted by Sherritt Technologies, a leader in the development and commercialization of pressure hydrometallurgical processes.

In addition, downstream solvent extraction test work to produce ammonium metavanadate, leading to a final vanadium pentoxide product is being initiated by SGS Canada, a leading supplier of proven, advanced metallurgical services at its Lakefield, Ontario facilities.

About First Vanadium Corp.

First Vanadium (formerly Cornerstone Metals Inc.) has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada on Highway I-80. The Carlin Vanadium Project hosts the Carlin Vanadium deposit, which is flat to shallow dipping and at shallow depths with strike length of approximately 1,800 metres, width averaging 600 metres and thickness ranging from 15 metres to 50 metres. The Company announced its maiden resource February 27, 2019.

ON BEHALF OF FIRST VANADIUM CORP.
per: "Paul Cowley"
CEO & President
(778) 655-4311
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www.firstvanadium.com

Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified Person as defined by National Instrument 43-101, and President and CEO of the Company.

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

Forward-looking information

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance and include the Company's ability to meet its obligations under the Access and Mineral Lease Agreement and the conditions required to exercise in full its option to acquire the Carlin Vanadium project. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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