Symbol: LGO (TSX.V)
TORONTO, Aug. 18, 2014 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is extremely pleased to announce that it will rename the Maracas project, the processing facility and the Gulcari "A" deposit to honor key members of Largo's management team who have been critical in driving the Maracas project's success.
The Maracas Vanadium Project (the "Project") will be renamed "The Vanadio de Maracas Menchen Mine" in honor of Kurt Menchen, Largo's President of Brazilian Operations.
Mr. Menchen is a mining engineer with over 30 years' experience operating and managing mining projects in Brazil.
Kurt Menchen joined Largo in 2006 and has been integral in every aspect of the project's development since the initial acquisition, through to production, including technical studies, licensing, financing, construction, community and government relations as well as overseeing the Company's general operations throughout his tenure.
The processing facility at the project will be named, "The Ford Facility" to recognize the significant contribution of Mr. Les Ford, Largo's Senior Vice President and Technical Director of Brazilian Operations.
Mr. Ford is one of the world's foremost experts in the processing of vanadium, with over 40 years' experience in the field.
Mr. Ford initially became involved with the project when he was brought in as a consultant during the technical review process for the Definitive Feasibility Study for the project in 2008. Recognizing the significant potential of the project, Mr. Ford officially joined Largo full time in 2010 and has been the principal technical expert for the project's metallurgy, process design, construction, commissioning and production.
The Gulcari "A" Deposit will today likewise be renamed "The Campbell Pit" to recognize the contribution of Mr. Andy Campbell, Largo's Vice President of Exploration.
Mr. Campbell is an exploration geologist with over 30 years' experience. Joining Largo in 2003, he is the longest serving member of Largo's team. Mr. Campbell has played a critical role in the project through defining the geology of the deposit, from its first resource estimate in 2007, through the reserve estimate for the feasibility study in 2008, and to the discovery and initial drilling of additional satellite deposits as defined in 2012, and now the mining of the deposit in 2014.
Mr. Mark Brennan stated: "I think it is only appropriate, following the announcement of first production, to distinguish the contributions of these three members of our technical team who have been fundamental to the success of Largo Resources."
He continued: "I would further like to congratulate everyone on our team for the diligence and hard work they have committed to the Project over the years and particularly during the past several months. The construction, commissioning and ongoing ramp-up process at Maracas has certainly been demanding on us all, and I believe everyone at Largo should be extremely proud of our success."
Largo Resources (LGO:TSX-V) is a growing strategic mineral company with projects in Brazil and Canada. The immediate goal of the Company is to continue to ramp up production at its Maracás Vanadium Project.
Largo's Maracas Vanadium Project boasts the highest grade vanadium deposit yet discovered and is expected to be a low cost producer of vanadium. With an off-take in place with commodities giant Glencore, Largo is well positioned to become the leading producer of vanadium globally and 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, with concentrated supply 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".
Mr. Michael Mutchler, Chief Operating Officer of Largo and a Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this press release.
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 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 Business Development, 416-861-9406, [email protected]; Mark Brennan, President & CEO