- Largo to host corporate update conference call on Wednesday December 10, 2014 at 11:00 AM EST
Symbol: LGO (TSX.V)
TORONTO, Dec. 3, 2014 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to provide an update on the production ramp-up at its Maracas Menchen Mine ("the Project") in Bahia, Brazil.
Largo reports that the ramp-up of production and commercial shipments of vanadium from the Project have been ongoing. Production output is currently running between 11-18 tonnes of vanadium pentoxide per day which represents between 45% - 65% of production capacity.
Production rates were steadily increasing up to the month of November when a mechanical issue relating to a pan conveyor at the leaching system was encountered. This, together with several days of exceptionally high rainfall, temporarily impacted production rates for that month. As a result, production for the month of November remained relatively flat month over month from October.
To date, a total of approximately 1.6 million pounds of vanadium pentoxide have been shipped from the Project since shipments commenced on September 2, 2014 and the Company expects deliveries of material to continue to be ongoing on a weekly basis.
Mark Brennan, President and Chief Executive Officer for Largo, stated: "Over the past several months we have made significant headway with respect to increasing recoveries and efficiencies of production at the Project. Currently we are working to increase availability of each system and are hopeful to surpass the 20 tonne per day level in the near-term."
He continued: "We continue to be encouraged by the advancement we are seeing at the Project and anticipate demonstrating strong growth in production rates in the first-quarter of 2015."
Investor Conference Call:
Additionally, Largo announces that it will host a conference call and webcast on Wednesday December 10, 2014 at 11:00 AM Eastern Time.
Largo is pleased to provide investors, analysts and the market community an update on corporate activities and progress of production at its Maracas Menchen Mine.
Attendees will be given the opportunity to participate in the discussion by submitting questions to the operator during the call.
Investor Conference Call and Webcast Details:
Toll Free North America:
(+1) 888 390 0546
(+1) 416 764 8688
Toll Free Brazil:
+0800 762 1359
Toll Free UK:
+0800 652 2435
For those unable to attend at this time, a playback recording will be posted on Largo's website shortly following the call.
Largo (TSX-V: LGO) is a growing strategic mineral company with projects in Brazil and Canada. The immediate goal of the Company is 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 commodities giant 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 also has interests in a portfolio of other projects, including: a 100% interest in the Currais Novos Tungsten Tailings Project in Brazil; a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project in Brazil; and a 100% interest in the Northern Dancer Tungsten-Molybdenum property 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
Join our mailing list to receive regular photo updates of our progress: www.largoresources.com/English/about-us/contact/default.aspx
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 Maracás 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. 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, Manager Corporate Development, 416-861-9406, [email protected]; Mark Brennan, President & CEO