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
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
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
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
Continue to Follow, Like and Watch our progress!
Facebook: Largo Resources