Australian Vanadium Limited announced that it has signed a Letter of Intent with Hebei Yanshan Vanadium and Titanium Industry Technology Research Co Ltd. ("Yanshan Vanadium Titanium") to negotiate and sign a binding technical services and purchase agreement for AVL's vanadium products. The terms of the Letter of Intent include AVL providing a product sample to Yanshan Vanadium Titanium for testing. Product specifications, price and volume are to be determined through further discussion. The document is non-binding and sets out the structure for further discussions to be undertaken. Managing Director, Vincent Algar and Chief Operating Officer, Todd Richardson will travel to Chengde, Hebei this month to progress technical and offtake discussions. Through AVL's online Data Room, Yanshan Vanadium Titanium has already started to undertake its due diligence of the Project and the Company. Yanshan Vanadium Titanium is keen to assist with the processing design for the Australian Vanadium Project. The visit to Chengde will allow Mr. Richardson to undertake technical discussions regarding potential improvements to the Project's process, which Yanshan Vanadium Titanium believes could result in cost improvements.