Symbol: LGO (TSX.V)
www.largoresources.com
TORONTO, July 18, 2012 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it has received the first disbursement in
the approximate amount of R$66 million from the Business Development
Bank of Brazil ("BNDES") under the previously announced debt financing facility (the "Facility"). The Facility is for the development of Largo's Maracas Vanadium
Project in Bahia, Brazil and was previously described in its press
releases dated October 31, 2011, March 8, 2012, May 15, 2012 and July
3, 2012.
Mark Brennan, President and Chief Executive Officer stated: "This is a
momentous occasion for the Company and the Maracas Vanadium Project. We
thank our many partners, shareholders and team for the extensive work
they have contributed to see this process through to completion. The
Maracas Vanadium Project is now fully funded and construction is well
underway."
About Largo
Largo is a Canadian-based mineral resource exploration and development
company focused on creating a world leading strategic metals company.
Largo currently holds a 90% interest in the Maracás Vanadium Project, a
100% interest in the Currais Novos Tungsten Tailing 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 Q2 2013 and
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
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 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
