Symbol: LGO (TSX.V)
TORONTO, July 13, 2015 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that three new nominees Mr. Daniel Tellechea, Mr. Sam Abraham and Ms. Koko Yamamoto were duly elected to its Board of Directors (the "Board") by shareholders of the Company on July 9, 2015 at its Annual and Special Meeting of Shareholders.
Their appointment follows the departure of Mr. Dirk Donath and Mr. Alexandre Monteiro who did not stand for re-election.
Additionally, the Company welcomes back to its board of directors each of Mr. Mark A. Smith, Mr. Alberto Arias, Mr. Wayne Egan and Mr. David Brace. Each director will hold office until his or her successor is elected at the next annual meeting of the Company or otherwise appointed.
Mr. Mark A. Smith, President, Chief Executive Officer and Director to Largo stated: "We at Largo are extremely pleased to welcome Mr. Daniel Tellechea, Mr. Sam Abraham and Ms. Koko Yamamoto and believe that their combined expertise including; operational management, corporate finance, as well as corporate accounting and reporting, will greatly benefit the Company as it continues to mature into a leader in the production of vanadium."
He continued: "I would also like to take this opportunity to sincerely thank Mr. Dirk Donath and Mr. Alexandre Monteiro for their significant contributions during their tenures as directors of the Company. Their dedication and knowledge has been invaluable to the Company during its transition from the development stage into a producing mining company. We at Largo will be forever grateful for their patronage and wish them the best in future endeavors."
Biographies of Newly Appointed Directors:
Mr. Tellechea has extensive experience in international mining, most recently serving as President & CEO of Sierra Metals, Inc. (2007-2014), a Toronto based mining company listed on both the Toronto (TSX) and Lima (BVL) Stock Exchanges with assets in Mexico and Peru. Prior to Sierra Metals, Mr. Tellechea was President and CEO of Asarco LLC (2003-2005), he served as the Managing Director of Finance and Administration for Asarco's parent, Grupo Mexico (1994-2003) and also served as Asarco's Chief Financial Officer and Vice-president of finance for Southern Copper Corporation, which was majority owned by Grupo Mexico (1999 – 2003). Mr. Tellechea earned a BSc in Accounting (1968) and a Master's Degree in Business Administration (1983) from Tecnologico de Monterrey (Mexico).
Mr. Abraham is a Vice President with the private equity firm Arias Resource Capital Management LP. Prior to joining Arias Resource Capital Management, Mr. Abraham worked with the Latin America Investment Banking and M&A Advisory team at JP Morgan in New York, focused on the Metals and Mining industry. Mr. Abraham graduated cum laude from the University of Pennsylvania with a BS in Computer Science & Engineering and earned an MBA in Entrepreneurial Management and Finance from the Wharton School of the University of Pennsylvania.
Ms. Yamamoto is a chartered professional accountant with over 19 years' experience. She is a partner at McGovern, Hurley, Cunningham, LLP, a CPAB registered firm, since 2003 and her practice includes a focus on assurance engagements for reporting issuers in the resource sector. Ms. Yamamoto is involved in initial public offerings and private placements, mergers and acquisitions. Ms. Yamamoto is also registered as a panel auditor with the Investment Industry Regulatory Organization of Canada (IIROC), which enables her to conduct audits of investment dealers. Prior to joining McGovern, Hurley, Cunningham, LLP in 1998, Ms. Yamamoto worked for a start-up Japanese medical technology company, both in Tokyo and San Francisco. Ms. Yamamoto obtained her CPA CA designation in 2001. Ms. Yamamoto holds a Bachelor of Commerce from the University of British Columbia.
Largo (TSX-V: LGO) is a growing strategic mineral company focused on continuing to ramp-up production at its Vanadio de Maracás Menchen Mine.
Largo's Maracás Menchen Mine boasts the highest grade vanadium deposit yet discovered and is expected to be a low cost producer. With an off-take in place with Glencore, Largo is well positioned to become a leading producer of vanadium globally and is expected to generate substantial cash-flows.
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 a compound annual growth rate of over 6% for the past several years (Roskill, 2013), 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.
For further information: Darcie Ladd, Vice President, Investor Relations, 416-861-9406, [email protected]