• Strengthens technical team for construction phase
Symbol: LGO (TSX.V)
TORONTO, April 2, 2012 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it has concluded clearing the project site area necessary to begin construction activities at its Maracás Vanadium Project in Bahia, Brazil. Following the completion of its Bridge loan and equity issuance, contracts are being finalized for initial earthmoving activities. Largo anticipates that the preliminary construction phase will commence at the site within 4 weeks.
Additionally Largo announces that a contract is in place for the implementation of a 25 kilometer water pipeline that will bring fresh water to the property. Work is scheduled to commence before the end of April. Also, construction work will begin shortly on the 88 kilometer 138 kilo Volts (kV) power line that will provide power for the operation of the plant and facilities once constructed. Sufficient power for the construction process will be drawn from a 34.5 kV line which passes through the property area; work on the erection of a 500 KW substation to service the project will also begin in April.
Tim Mann, P.Eng., Chief Operating Officer of Largo, stated: "I am very pleased with the progress of the engineering design process and look forward to continuing the project's development with the commencement of earthmoving and other construction activities. We have a strong and highly capable team in place to lead the construction efforts and we intend to advance project implementation as rapidly as possible and anticipate the plant will be commissioned within 20 months. We look forward to working with our consultants and suppliers to achieve that goal.
Largo is also pleased to announce that it has strengthened its technical team at the project in preparation for the construction phase.
Largo's Maracás Project team will be led by Mr. Douglas Herbst; as the Maracás Project Manager. Mr. Herbst has extensive management experience in the design and construction of heavy and medium size industrial projects, ranging from oil and gas, steel mills, chemical and food plants as well as minerals refining and processing plants.
Donald Clark, who formerly headed up Yamana's construction management team in Brazil, is serving as Maracás' Project Construction Advisor and Specialist. Mr. Clark has over 30 years of experience managing the design, construction and operations of major mineral processing plants in Brazil and abroad and will provide guidance with respect to the construction management process for Maracás.
Mauricio Coletti is a Mining Engineer with over 30 years of experience in the operation, planning and design of various mines both underground and open-pit across a range of commodities, including the commissioning of Desert Sun's Jacobina Gold project. Mr. Coletti will manage the implementation of the preliminary earthworks, the mine stripping, training the technical mining staff and execution of the mine plan and control systems.
Mauro Silva, an Electrical Engineer who led the engineering, procurement and construction management process for Largo at its Currais Novos Project, will be responsible for the implementation and supervision of the electrical and control engineering areas during the detailed engineering as well as field construction, commissioning and the subsequent operational phase.
Additionally Largo welcomes Antonio Dias, Antonio Totti, Antonio Fumagalli and Pedro Lajusticia respectively, all of whom will each play integral roles in the planning, scheduling, civil and mechanical site works as well as the procurement management for the project.
Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. Largo currently holds a 90% 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. The immediate goal of the Company is to develop the Maracás Vanadium Project for commissioning in the summer of 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
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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Manager Business Development