TORONTO, July 5, 2016 /CNW/ - Largo Resources
Ltd. ("Largo" or the "Company") is very excited to
again announce it has achieved a new monthly production record at
its Maracás Menchen Mine during the month of June. The Company
produced 801 tonnes of vanadium pentoxide ("vanadium" or
"V2O5") surpassing by 3% the Company's previous monthly
production record of 780 tonnes set this May.
"I applaud the exceptional hard work and tenacity Largo's
production team has shown over the past four months. Not only have
they achieved consecutive daily, weekly, and monthly production
records, they have demonstrated their commitment and dedication to
the Company, the mine and its success," said Largo's President and
Chief Executive Officer, Mr. Mark A.
Smith.
He continued, "In addition to our outstanding production team,
the Maracás Menchen Mine is consistently showing its operational
excellence with its ability to produce at and above nameplate
capacity. I believe all of the stars are now aligning for
Largo."
Election of New Director:
Additionally, Largo is pleased to announce the nominee Mr.
Alberto Beeck to its Board of
Directors ("the Board") was elected by shareholders at the
Company's Annual and Special Meeting of Shareholders on
June 29th, 2016. Mr. Beeck replaces
Mr. Wayne Egan on the Board.
Largo would like to take this opportunity to thank Mr. Egan for
his dedication and outstanding service during his tenure as a
director of the Company.
Mr. Alberto Beeck is a Managing
Partner of VH Properties and VH Investments. Mr. Beeck served as
Executive Director of Strategy and Corporate Development of
Hochschild Mining PLC until 2008 and served as its Head of Business
Development/Corporate Development. He served as the President of
Cementos Pacasmayo from 1998 to 2008. Mr. Beeck commenced working
with the Hochschild Mining Group in 1998. Prior to this, he served
as the Managing Director and Head of Latin American Investment
Banking for Barings Inc. in New
York and Baring Brothers, in London. Mr. Beeck received a BSc in Mechanical
Engineering from Purdue University and
an MBA in Finance and International Business from Columbia University.
About Largo
Largo Resources Ltd. (TSX: LGO) (OTCQB: LGORF) is
a growing strategic mineral company focused on the production of
vanadium pentoxide at its Vanadio de Maracás Menchen Mine. 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 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. For more information,
please visit www.largoresources.com.
Cautionary Notes:
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.
Neither the TSX (nor its regulatory service provider)
accepts responsibility for the adequacy or accuracy of this
release
SOURCE Largo Resources Ltd.