Symbol: LGO (TSX.V)
TORONTO, Oct. 4, 2012 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that the civil engineering process at its Maracás Vanadium Project in Bahia, Brazil is underway.
Concrete is presently being poured for service water tanks and work on the foundations for other tanks, and piperacks. In addition, the construction of the plant administration building will commence shortly.
The civil engineering process will be ongoing throughout 2012 and is expected to conclude in April, 2013.
The electro-mechanical contract for erection of the equipment is currently under analysis by Largo personnel and the EPCM contractor, Promon Engenharia. This contract is anticipated to be awarded - on schedule - by the end of October. Electro-mechanical site construction activities are scheduled to commence in February 2013.
Procurement continues with approximately 70% of the equipment and materials orders already having been placed.
Largo has successfully established 5 wells adjacent to the site to provide an adequate supply of water for current construction purposes. The main water supply line from a location approximately 33 km from the site is under construction and will be completed by December 2012.
Construction of camp facilities and temporary accommodation continues on schedule in the nearby towns of Maracás and Porto Alegre; these facilities will accommodate the majority of the construction contractors.
The power line is progressing on schedule with completion scheduled in July 2013, which will allow commissioning of the plant to commence as planned.
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 by the end of 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
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
Image with caption: "Concrete Base Pour for Service Water Tank (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20121004_C4227_PHOTO_EN_18881.jpg
Image with caption: "Concrete Base Pour for Service Water Tank (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20121004_C4227_PHOTO_EN_18882.jpg
Image with caption: "Concrete Base Pour for Service Water Tank (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20121004_C4227_PHOTO_EN_18883.jpg
Image with caption: "Concrete Base Pour for Service Water Tank (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20121004_C4227_PHOTO_EN_18884.jpg
SOURCE: Largo Resources Ltd.
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Manager Business Development