Symbol: LGO (TSX.V)
TORONTO, July 13, 2015 /CNW/ - Largo Resources Ltd.
("Largo" or the "Company") is pleased to announce
that three new nominees Mr. Daniel
Tellechea, Mr. Sam
Abraham and Ms. Koko
Yamamoto were duly elected to its Board of Directors
(the "Board") by shareholders of the Company on July 9, 2015 at its Annual and Special Meeting of
Shareholders.
Their appointment follows the departure of Mr. Dirk Donath and Mr. Alexandre Monteiro who did not stand for
re-election.
Additionally, the Company welcomes back to its board of
directors each of Mr. Mark A.
Smith, Mr. Alberto
Arias, Mr. Wayne
Egan and Mr. David
Brace. Each director will hold office until his or
her successor is elected at the next annual meeting of the Company
or otherwise appointed.
Mr. Mark A. Smith, President,
Chief Executive Officer and Director to Largo stated: "We at Largo
are extremely pleased to welcome Mr. Daniel
Tellechea, Mr. Sam Abraham
and Ms. Koko Yamamoto and believe
that their combined expertise including; operational management,
corporate finance, as well as corporate accounting and reporting,
will greatly benefit the Company as it continues to mature into a
leader in the production of vanadium."
He continued: "I would also like to take this opportunity to
sincerely thank Mr. Dirk Donath and
Mr. Alexandre Monteiro for their
significant contributions during their tenures as directors of the
Company. Their dedication and knowledge has been invaluable to the
Company during its transition from the development stage into a
producing mining company. We at Largo will be forever grateful for
their patronage and wish them the best in future endeavors."
Biographies of Newly Appointed Directors:
Daniel Tellechea
Mr. Tellechea has extensive experience in international mining,
most recently serving as President & CEO of Sierra Metals, Inc.
(2007-2014), a Toronto based
mining company listed on both the Toronto (TSX) and Lima (BVL) Stock Exchanges with assets in
Mexico and Peru. Prior to Sierra Metals, Mr. Tellechea
was President and CEO of Asarco LLC (2003-2005), he served as the
Managing Director of Finance and Administration for Asarco's
parent, Grupo Mexico (1994-2003) and also served as Asarco's Chief
Financial Officer and Vice-president of finance for Southern Copper
Corporation, which was majority owned by Grupo Mexico (1999 –
2003). Mr. Tellechea earned a BSc in Accounting (1968) and a
Master's Degree in Business Administration (1983) from Tecnologico
de Monterrey (Mexico).
Sam Abraham
Mr. Abraham is a Vice President with the private equity firm
Arias Resource Capital Management LP. Prior to joining Arias
Resource Capital Management, Mr. Abraham worked with the Latin
America Investment Banking and M&A Advisory team at JP Morgan
in New York, focused on the Metals
and Mining industry. Mr. Abraham graduated cum laude from the
University of Pennsylvania with a BS in
Computer Science & Engineering and earned an MBA in
Entrepreneurial Management and Finance from the Wharton School of
the University of Pennsylvania.
Koko Yamamoto
Ms. Yamamoto is a chartered professional accountant with over 19
years' experience. She is a partner at McGovern, Hurley,
Cunningham, LLP, a CPAB registered firm, since 2003 and her
practice includes a focus on assurance engagements for reporting
issuers in the resource sector. Ms. Yamamoto is involved in initial
public offerings and private placements, mergers and acquisitions.
Ms. Yamamoto is also registered as a panel auditor with the
Investment Industry Regulatory Organization of Canada (IIROC), which enables her to conduct
audits of investment dealers. Prior to joining McGovern, Hurley,
Cunningham, LLP in 1998, Ms. Yamamoto worked for a start-up
Japanese medical technology company, both in Tokyo and San
Francisco. Ms. Yamamoto obtained her CPA CA designation in
2001. Ms. Yamamoto holds a Bachelor of Commerce from the
University of British Columbia.
About Largo
Largo (TSX-V: LGO) is a growing strategic mineral company
focused on continuing 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 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 is listed on the TSX Venture Exchange under the symbol
"LGO".
For more information please refer to Largo's website:
www.largoresources.com
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Disclaimer
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 any financings; Largo's development potential and
timetable of its operating, development and exploration assets;
Largo's ability to raise additional funds necessary; the future
price of vanadium, 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". All
information contained in this news release, other than statements
of current and historical fact, is forward looking information.
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.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made.
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.