Good monthly results for Largo
Jul 05, 2016
OTC Disclosure & News Service
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Largo Achieves a New Monthly Production Record of 801 Tonnes
Canada NewsWire
TORONTO, July 5, 2016
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.
