Largo appoints Mr. Ernest M. Cleave to the position of Chief Financial Officer
- Mr. John V. Laurie to retire
Symbol: LGO (TSX.V)
TORONTO, Sept. 3, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce the appointment of Mr. Ernest M. Cleave to the position of Chief Financial Officer ("CFO").
Mr. Cleave is a financial professional with over 20 years' experience in finance strategy, compliance, financial reporting, internal control and strategic planning. Mr. Cleave has previously served as Director, CFO, Corporate Controller and in senior finance positions for large, multi-national companies in the mining, manufacturing and retail sectors, including GoldCorp Inc., Falconbridge Limited and Cline Mining.
Mr. Cleave holds Bachelor degrees of Accounting Science and Commerce and a Master's of Business from Deakin University in Australia. In addition to his CPA designation in Australia, Mr. Cleave holds multiple accounting designations in the U.K. and Canada.
The appointment of Mr. Cleave follows the retirement of Mr. John V. Laurie who has served as the Chief Financial Officer since February 2012. Mr. Laurie will remain as a financial consultant to the Company going forward.
Mark Brennan, the Company's President and Chief Executive Officer, stated: "We are pleased to welcome Mr. Cleave to the team and believe that his past experience will prove very valuable as Largo evolves into a producing company in the near-term. On behalf of all the Largo team, I would like to sincerely thank Mr. Laurie for his hard work and significant contributions as Largo's CFO during the transition from a development to a production Company; an integral period in the Company's history. We are very sad to see him go and wish him the very best in his retirement."
In connection with his appointment, Mr. Cleave was granted 1,000,000 options of the Company, which will expire in five years. The options will vest over three years with 1/4 of the options vesting on the date of grant and 1/4 of the options vesting on each of the first, second, and third anniversaries of the date of grant thereafter. The options will be priced as follows: a third at $0.22, a third at $0.24 and a third at $0.26. Mr. Andrew Hancharyk, the Chief Legal Officer of Largo, was also granted 1,000,000 options of the Company, on the same terms as Mr. Cleave.
Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. Largo currently holds a 100% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailings Project, a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project, all in Brazil, and a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada. The immediate goal of the Company is to develop the Maracás Vanadium Project by Q4 2013 and to produce WO3 concentrate from the reprocessing of tungsten tailings from Currais Novos. Largo's skilled management team both in Canada and Brazil, are confident in their ability to advance these projects.
Largo is listed on the TSX Venture Exchange under the symbol "LGO".
For more information please refer to Largo's website: www.largoresources.com
This press release contains forward-looking information under Canadian securities legislation. forward-looking information includes, but is not limited to, statements with respect to completion of the private placement, Largo's development potential and timetable of the Maracas and Northern Dancer projects; Largo's ability to raise additional funds necessary; the future price of tungsten and molybdenum; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties section of Largo's annual and interim MD&As.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Largo Resources Ltd.For further information:
Manager Business Development
President & CEO
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