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Ultra Power to earn up to 49% stake in Australian Vanadium's Coates project

Australian Vanadium Ltd. signed a joint venture agreement allowing privately held Ultra Power Systems Ltd. to earn up to a 49% interest in the former's Coates vanadium project in Western Australia.

Ultra will spend A$50,000 on exploration within the first 12 months of the agreement and A$150,000 during the first 24 months.

Australian Vanadium said May 13 that after the initial obligations are fulfilled, it will receive A$500,000 from Ultra in cash or shares.

Ultra aims to test material from Coates and possibly the Australian Vanadium Project using its VanadiumCorp Electrochem Processing Technology to produce vanadium electrolytes and manufacture vanadium redox batteries in Western Australia.