TORONTO, April 11, 2016 /CNW/ - Largo Resources Ltd.
("Largo" or the "Company") announces effective
April 4, 2016, the promotion of Mr.
Paulo Misk to President of Brazilian
operations of Vanadio de Maracás S.A. ("Maracás"), and Mr.
Nilson Luciano Chaves to Vice
President of finance and administration of Maracás. Mr. Misk will
succeed Kurt Menchen as President of
Brazilian operations. Mr. Menchen retired from his position as
President of Brazilian operations effective December 31, 2015 but remains a director of
Maracás and has entered into a contract for services to provide
ongoing assistance to the company.
Mr. Mark Smith, President and
Chief Executive Officer of Largo, remarked "Mr. Misk joined Largo
in 2014 as the project's General Manager and has played a crucial
role in the project's ramp-up phase. Having all operations report
through Mr. Misk creates a centralized organizational structure
which will further optimize production at the Maracás Menchen Mine.
Both Mr. Misk and Mr. Chaves contribute a wealth of experience to
the project and I have complete confidence they will continue the
on-going success at the Maracás Menchen Mine".
The Company announces that its Chief Legal Officer, John Ashburn, has resigned effective
March 31, 2016. In addition, the
Company also announces that Largo's Chief Operating Officer,
Michael Mutchler, has left the
company to pursue other opportunities effective April 8, 2016.
Mr. Smith continued, "We at Largo are grateful to John and
Michael and wish to thank them for their efforts and contributions
to the Company".
About Largo
Largo (TSX-V: LGO) 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.