Largo to Initiate Exploration
Drill Program at Its Maracas Vanadium Project, Bahia, Brazil
Largo Resources Ltd. (TSX VENTURE: LGO) ("Largo") is pleased to
announce that it plans to begin an 11,000-metre exploration drill program at
its Maracas Vanadium Project ("the Project") imminently. Several high
priority targets have been identified through Largo's ongoing ground
exploration program and the drill program has been designed with the goal of
doubling the existing Mineral Resources Estimate at the project.
The
Project's existing mineral reserve estimate of 13.1 million tonnes
grading 1.34% vanadium pentoxide, which includes 8.7
million tonnes grading 1.94% vanadium pentoxide (see press release of August 12, 2008 for details
on the mineral reserve estimate), was defined solely at the Glucari
"A." The deposit, consisting of 400 meters by 150 meters of the
property, remains open along strike as well as at depth. A portion of the 2011
drill program will be aimed at expanding the resource at Glucari
"A" and other known showings in the immediate vicinity of the deposit
(see figures 1 and 2).
In addition,
a recent ground exploration program and magnetic survey has identified several
similar occurrences on concessions Largo acquired in 2010 (see press release
dated November 22, 2010). Largo's increased land position at the property
totals over forty kilometres along strike (see figure
3). These new targets have been prioritized based on results from recent field
test-work and will be followed up with drilling accordingly.
The drill
program at the Project is expected to take nine months to a year to complete.
Andy
Campbell, Vice President of Exploration for Largo, commented: "The
exploration program that Largo has conducted over the past three months on the
40 kilometres of strike length that Largo controls in
the belt as well as the other known showings has identified a number of high
priority targets. It is our goal to double the current Mineral Resources
Estimate with this program."
Quality
Assurance and Quality Control
The
scientific and technical information in this press release has been reviewed
and approved by Andy Campbell, P.Geo., Vice President
of Exploration to Largo and a Qualified Person as defined by National
Instrument 43-101
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 Maracas 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 70% interest in the
Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory,
Canada. The immediate goal of the Company is to develop the Maracas Vanadium
Project by Q1 2013 and begin production of WO3 concentrate from the
reprocessing of tungsten tailings from Currais Novos by July, 2011. 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 statements with respect to the development potential
and timetable of the project; the estimation of mineral resources; realization
of mineral resource estimates; the timing and amount of estimated future
exploration; costs of future activities; capital and operating expenditures;
and success of exploration activities. 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.
To view the
figures accompanying this press release, please visit the following link:
http://media3.marketwire.com/docs/692022.pdf
NEITHER THE
TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts:
Largo Resources
Ltd.
Darcie Ladd
Manager Business
Development
416-861-5938
dladd@largoresources.com
www.largoresources.com
Source: Largo Resources Ltd.