- Daily production record of 34 tonnes representing approximately
128% of daily nameplate capacity
- Weekly production record of 198 tonnes representing 107% of
weekly nameplate capacity
TORONTO,
June 2, 2016 /CNW/ - Largo
Resources Ltd. ("Largo" or the "Company") is pleased
to report that it has superseded all previous daily, weekly and
monthly production records at its Maracás Menchen Mine during the
month of May. The company produced 780 tonnes of vanadium pentoxide
("vanadium" or "V2O5") in
May 2016, surpassing its previous
record for monthly production of approximately 730 tonnes set in
April 2016 by 7%.
Largo is also very pleased to announce that it
achieved a new daily production record on Monday, May 23, 2016 of 34 tonnes of
V2O5 (representing approximately 128% of the
plant's daily nameplate capacity).
The Company also recently achieved a new weekly production
record of 198 tonnes of V2O5 during the
week of May 24, 2016 (representing
approximately 28.3 tonnes per day or 107% of nameplate
capacity).
Mr. Mark A. Smith,
President and Chief Executive Officer of Largo, stated: "With two
months of consistent and record breaking production, our production
team in Maracás has once again demonstrated the on-going success of
the project. Largo is on the cusp of achieving nameplate capacity
with these records and together with cost efficiencies, improved
operational performance and an increase in
V2O5 price, the Company will continue to be
focused on creating strong shareholder value".
He continued "Looking ahead in 2016, Largo is on track to
have a successful year and I want to sincerely congratulate the
entire team on helping achieve these milestones".
About Largo
Largo (TSX-V: LGO) (OTCQB: LGORF) is a
growing strategic mineral company focused on the production of
vanadium pentoxide at its Vanadio de Maracás Menchen Mine. 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.
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 consumption increasing at a compound annual growth rate of
over 8% for the past several years (Roskill, 2015), 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.