TORONTO, April 11, 2016 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") announces effective April 4, 2016, the promotion of Mr. Paulo Misk to President of Brazilian operations of Vanadio de Maracás S.A. ("Maracás"), and Mr. Nilson Luciano Chaves to Vice President of finance and administration of Maracás. Mr. Misk will succeed Kurt Menchen as President of Brazilian operations. Mr. Menchen retired from his position as President of Brazilian operations effective December 31, 2015 but remains a director of Maracás and has entered into a contract for services to provide ongoing assistance to the company.
Mr. Mark Smith, President and Chief Executive Officer of Largo, remarked "Mr. Misk joined Largo in 2014 as the project's General Manager and has played a crucial role in the project's ramp-up phase. Having all operations report through Mr. Misk creates a centralized organizational structure which will further optimize production at the Maracás Menchen Mine. Both Mr. Misk and Mr. Chaves contribute a wealth of experience to the project and I have complete confidence they will continue the on-going success at the Maracás Menchen Mine".
The Company announces that its Chief Legal Officer, John Ashburn, has resigned effective March 31, 2016. In addition, the Company also announces that Largo's Chief Operating Officer, Michael Mutchler, has left the company to pursue other opportunities effective April 8, 2016.
Mr. Smith continued, "We at Largo are grateful to John and Michael and wish to thank them for their efforts and contributions to the Company".
Largo (TSX-V: LGO) is a growing strategic mineral company focused on the production of vanadium pentoxide at its Vanadio de Maracás Menchen Mine. Largo also has interests in a portfolio of other projects, including: a 100% interest in the Currais Novos Tungsten Tailings Project in Brazil; a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project in Brazil; and a 100% interest in the Northern Dancer Tungsten-Molybdenum property in the Yukon Territory, Canada.
Vanadium is primarily used as an alloy to strengthen steel and reduce its weight. Vanadium enhanced steels are used in a vast and growing range of products that are used and encountered every day; including, rebar, automobiles, transport infrastructure etc. With consumption increasing at a compound annual growth rate of over 8% for the past several years (Roskill, 2015), vanadium is a bourgeoning commodity which lacks opportunities for investment in the wider market place. As trends in the steel industry now demand increasingly stronger and lighter products for advanced applications, the use of vanadium is expected to continue this growth over the medium and long term.
Largo is listed on the TSX Venture Exchange under the symbol "LGO".
For more information please refer to Largo's website: www.largoresources.com
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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 any financings; Largo's development potential and timetable of its operating, development and exploration assets; Largo's ability to raise additional funds necessary; the future price of vanadium, 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". All information contained in this news release, other than statements of current and historical fact, is forward looking information. 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.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. 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 sections of Largo's annual and interim MD&As.
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SOURCE Largo Resources Ltd.
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