Northern Dancer Project
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TORONTO, ONTARIO--(Marketwire - March 14, 2011) - Largo Resources Ltd. (TSX VENTURE:LGO) is pleased to announce that it has negotiated a formal extension of the term during which it can purchase the remaining 30% interest it does not already own at the Northern Dancer Tungsten-Molybdenum deposit in the Yukon Territory until May 15, 2011 (See press releases March 24, 2010 and March 26, 2009). Largo currently holds a 70% interest in the Northern Dancer project.
Terms of the option require Largo to pay Strategic Metals Ltd. US$5 million for the final 30% interest in the Northern Dancer project. Largo intends to use funds that it anticipates will be accumulated through the exercise of warrants and options that expire in early May to make this payment.
Mark Brennan, President and CEO, commented: "Finalizing the acquisition of the remaining 30% option on the Northern Dancer property is an important next step in Largo's goals for the project. Following our recent announcement of a positive Preliminary Economic Assessment on the project, we look forward to completing the transaction and furthering the development of this world-class tungsten and molybdenum asset."
About Largo
Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. The Company currently holds an 80% 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 June, 2011. Largo has a very skilled management team both in Canada and Brazil with the 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.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT: Mark Brennan
Largo Resources Ltd.
President & CEO
(416) 861-5886
mbrennan@largoresources.com
ORDarcie Ladd
Largo Resources Ltd.
Manager Business Development
416-861-5938
dladd@largoresources.com
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
