Symbol: LGO (TSX.V)
TORONTO, Nov. 11, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce the appointment of Mr. Michael Mutchler to the
position of Chief Operating Officer ("COO").
Mr. Michael Mutchler is a Mining Engineer with over 33 years' experience
in mining, including: open pit and underground mining, project
development, operational management, and executive management. Mr.
Mutchler has most recently served as Chief Operating Officer for Rainy
River Resources which was acquired by New Gold. Prior to his tenure
with Rainy River, Mr. Mutchler served Kinross both as Vice President of
Project Development Services and as Project Director of the Paracatu
Mine Optimization in Brazil. In addition, Mr. Mutchler worked for 20
years with ASARCO Incorporated in various operational roles.
Mr. Mutchler holds a Bachelor of Science degree in Mining Engineering
from South Dakota school of Mines, an MBA from Webster University and
an Executive Juris Doctorate Degree from Concord School of Law.
The appointment of Mr. Mutchler follows the retirement of Mr. Tim Mann
who has served as the Chief Operating Officer and previously as Vice
President of Engineering to Largo since 2006. Mr. Mann will remain as
an Engineering consultant to the Company going forward.
Mark Brennan, the Company's President and Chief Executive Officer,
stated: "We are extremely pleased to welcome Michael to the team and
believe that his past experience with project development, and his
formidable operational expertise will strongly benefit Largo. His
appointment occurs at an opportune moment for Largo as we begin the
transition from the construction stage into a producing mining
He continued: "I would like to sincerely thank Mr. Mann for his many
years of dedication to Largo. Tim's contributions to Largo have been
integral during all stages of the Maracas Vanadium Project's
assessment, financing and initial development. On behalf of the entire
Largo team, we thank him for his considerable efforts, and wish him the
very best in his retirement."
In connection with his appointment, Mr. Mutchler was granted 2,000,000
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 $0.24, a third at $0.26 and a
third at $0.28.
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 Q1, 2014 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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