Largo Commences Drilling at Its Maracas
Vanadium Project, Bahia, Brazil
Largo Resources Ltd. (TSX VENTURE: LGO)
("Largo") is pleased to announce that drilling has commenced at its
advanced-stage Maracas Vanadium Project in Bahia, Brazil, with two drills
active on the property.
The 11,000 meter exploration drill program (see press
release dated April 26, 2011) is targeting several high priority vanadium
targets and has been designed with the goal of doubling the existing Mineral
Resources Estimate at the project.
In addition to expanding the vanadium mineral
resources at Maracas, Largo also intends to further investigate the potential
for Platinum Group Metals ("PGMs") on the property. Previous
exploration programs have identified a NI 43-101 compliant resource of 208,000
ounces of PGMs with significant platinum to palladium ratios of four to one.
The drill program is expected to take nine months to a
year to complete and Largo will release drill results as they are received.
Andy Campbell, Vice President of Exploration for
Largo, commented: "The Maracas project has tremendous potential for further
discoveries of both Vanadium and PGMs and Largo is optimistic that the present
drill program will substantially expand the resource at Maracas. Although the
primary focus of the exploration campaign will remain vanadium, the PGM
possibilities are also quite exciting and we are looking forward to further
determining the projects potential in this area."
Mark Brennan, President and CEO noted: "With the
recent completion of the $115 million equity financing, the soon to be
completed debt financing and the subsequent start of construction we anticipate
that this exploration program will provide Largo the potential opportunity to
expand the current scope of the project as we become a significant player in
the Vanadium market. We believe there is excellent potential based on results
to date that our highly skilled exploration team, led by Andy Campbell, will be
successful."
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 three maps, please click on the link
below:
http://media3.marketwire.com/docs/Figures1-3.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.