Symbol: LGO (TSX.V)
TORONTO, June 4, 2012 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it has initiated full scale construction
activities at its Maracas Vanadium Project.
Tim Mann, Chief Operating Officer for Largo, stated "We are extremely
pleased to announce today that we have officially broken ground at the
Maracas project site. Our technical teams in both Canada and Brazil
have been eager to progress the project into the construction phase and
are poised to bring the project into production as expediently and
economically as possible."
As stated in Largo's Press Release dated May 28, 2012, procurement
orders for all critical long-lead items, including the rotary kiln;
primary mill; sodium sulphate crystallizer and the ammonium
metavanadate flash-dryer, have been placed. Procurement activity for
shorter lead time items continues rapidly and will be ongoing.
Likewise, bids for tanks, the main electrical sub-station and fresh
water pumps will be finalized by the end of May, 2012.
Additionally, the installation of a 32 kilometer pipeline which will
bring freshwater to the project is underway. The engineering and
procurement work for the 90 km, 138 kV powerline required for the
project continues to make good progress. The construction process will
take approximately 14 months and remains on track with targeted
A contract for the civil-construction works including the pouring of
foundations and building of plant structures is being negotiated with
the final contract to be awarded in June, 2012 with work targeted to
commence in August. Some supplementary accommodations for site
technicians are in place and are ready for immediate use and
arrangements for the construction of further accommodations have been
settled with work to conclude shortly in time for full-scale site
activity. During full-scale construction there will be approximately
600 persons working on site per day.
Mr. Tim Mann, P.Eng. and the Chief Operating Officer of the Company, is
the Qualified Person as defined under National Instrument 43-101
responsible for the scientific and technical work on the program.
Largo is a Canadian-based mineral resource exploration and development
company focused on creating a world leading strategic metals company.
Largo currently holds a 90% interest in the Maracás Vanadium Project, a
100% interest in the CurraisNovos Tungsten Tailing 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 early Q4 2013
and continue to produce WO3 concentrate from the reprocessing of tungsten tailings from
CurraisNovos. 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.
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