Symbol: LGO (TSX.V)
TORONTO, Dec. 21, 2012 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it has completed its previously announced acquisition of the remaining 10% interest in its Maracás Vanadium Project in Bahia State, Brazil (see press release dated October 11, 2012). This brings the Company's total interest in its flagship Maracás project to 100%.
Mark Brennan, President and Chief Executive Officer of Largo stated: "We are very pleased to finalize the acquisition of the remaining 10% interest in the Maracás Vanadium Project. As we continue to make significant progress with construction at the project and draw nearer to production and cashflow, we believe that securing this remaining interest is a significant benefit for the company and our shareholders."
Largo also reports that it has today re-filed its October 26, 2012 technical report (the "October Technical Report") for the Largo Maracás Vanadium Project, 1 Million Tonnes per Year Processing Plant, Brazil (the "Project"), the preparation of which was managed by Runge - Pincock, Allen & Holt ("Runge"), who engaged consultants and contributors to provide supporting reports and data for the October Technical Report. The Ontario Securities Commission has advised the Company that Warren Nimchuk of Hemmera Envirochem Inc. (Hemmera), who was engaged by Runge, did not meet the "engineer or geoscientist" test in the definition of "Qualified Person" in Section 1.1 of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), and was therefore not eligible to act as a Qualified Person under NI 43-101, and could not co-author the October Technical Report or take responsibility for the disclosure in the October Technical Report regarding Environmental Studies, Permitting and Social or Community Impact.
As a result, the Company has today filed a revised technical report for the Project dated December 21, 2012 (the "Revised Technical Report"), co-authored by Mr. Scott Weston, M.Sc., P.Geo of Hemmera and who is a professional geoscientist and the Mining Sector Leader for Hemmera, and a Qualified Person under NI 43-101. Mr. Weston has over 14 years experience in environmental impact assessments.
Largo is a Canadian-based mineral resource development company focused on creating a world leading strategic metals company. The immediate goal of the Company is to develop the Maracás Vanadium Project by the end of 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 currently holds a 100% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos 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.
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.
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