Symbol: LGO (TSX.V)
TORONTO, March 11, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it has been named the recipient of Project Finance magazine's Latin American Mining and Metals Deal of the Year Award, 2012.
The Maracas financing was led and financed entirely by Brazilian banks (BNDES, Itau BBA, Banco Votaratim, Bradesco), and is the first Greenfield mining project ever to be fully financed by Brazilian banks.
The total R$556 million transaction, which was completed in June 2012, has received international recognition in the project finance deal world for its uniqueness and complexity as well as for overcoming tough financing conditions for junior miners.
Mark Brennan, President and Chief Executive Officer stated: "We are enormously excited to receive such a paramount award in the extremely competitive Project Finance world. It is unusual for a project financing of our size to receive such accolades in a field which generally focuses on substantially larger scope projects. I think that this speaks to the quality of the deal Largo and our lenders completed, but also to the intricacy of its terms and the difficulty of the prevailing market conditions. I am extremely honored to have accepted this award and hope our shareholders and the market will join us in recognizing this enormous achievement."
About Project Finance Magazine
Project Finance has been covering the oil and gas, power, renewables, transport and PPP sectors for over 25 years. As well as infrastructure funds, project bonds, water, mining, petrochemicals and telecoms.
In addition to breaking industry news, Project Finance provides in-depth analysis of the benchmark deals, tracking the market's progress and preparing for new trends and financing techniques.
Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. Largo currently holds a 100% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailings 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 Q4 2013 and 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
SOURCE: Largo Resources Ltd.
For further information:
Manager Business Development
President & CEO