Symbol: LGO (TSX.V)
TORONTO, Jan. 23, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it is mobilizing for
electrical-mechanical erection at its Maracas Vanadium Project in Bahia
Brazil (the "Project").
The electrical-mechanical contractor is presently mobilizing to begin
construction at the Project site. Electrical-mechanical erection
encompasses the construction and assembly of all the main components of
the process plant and will continue through to commissioning in Q4 of
Current construction activities at the Project site continue to progress
on schedule and on budget.
Civil construction is proceeding on track with main foundations either
near complete or well advanced (see pictures 1-6 below). The erection
of administrative buildings is proceeding exceptionally well and the
construction management group at site will shortly be relocated from
the current temporary site offices (see picture 3).
Installation of the main plant steel piperack (see picture 2) is making
headway and will be completed shortly following the laying of
electrical and piping materials that they will support.
The procurement process is well advanced with 95% of the required
purchase orders for securing equipment and services already having been
All equipment deliveries remain on schedule. Some imported equipment
has already arrived in Brazil, been released from customs, and is
presently en-route to the Project for installation. Some other
imported items are in transit to their intended export ports and will
be shipped shortly for arrival at the Project within their targeted
schedules. Largo has retained a consultant specializing in the
importation of goods to Brazil who is supporting Largo in this process,
including making the arrangements for the equipment's arrival with
local customs authorities.
Pre-stripping at the deposit and pit area has been initiated with waste
material being used for construction of the truck ramp required for
dumping ore to the crusher.
The water pipeline which will provide fresh water to the Project is
approximately 90% complete and commissioning is anticipated for
February, 2013. Meanwhile, a temporary supply of water from wells
developed by Largo is providing an adequate flow of water for
construction purposes. Largo also notes that the rainy season is in
progress and the region has received moderate rainfall recently. The
rainy season generally continues into March.
Work on the electrical power line is continuing with pre-commissioning
targeted for mid-year.
Additionally, Largo announces that effective today it has granted
37,810,800 stock options to various management, employees, and
consultants of the Company. The options will vest over three years and
will be priced a third at $0.22, a third at $0.24 and a third at $0.26.
Other than in connection with the hiring of new employees, Largo has not
issued stock options generally to management since August 2010.
Currently, options issued to management, employees and consultants
represent just 2.1% of outstanding shares. Following this issuance,
options held by management employees and consultants will represent
6.5% of the Company's outstanding share capital; still below average
for comparable companies.
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
continue 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
The Company cautions that the Report is a preliminary economic
assessment only which was undertaken to re-scope an advance staged
project based on new information and readers should not treat the
results as enhancing the Feasibility Study or certainty of the Maracas
Project. 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.
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PDF available at: http://stream1.newswire.ca/media/2013/01/23/20130123_C8173_DOC_EN_22918.pdf
SOURCE: Largo Resources Ltd.
For further information:
Manager Business Development
President & CEO