Largo Resources Ltd. Press Releases

Largo Resources provides operational update

Tue, 30 Apr 2013 16:53:00 -0400

Maracás construction remains on budget and on schedule for commissioning in the fourth quarter of 2013
Currais Novos drought remains unchanged

Symbol: LGO (TSX.V)

TORONTO, April 30, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to provide an operational update on its Maracás Vanadium Project in Bahia Brazil and its Currais Novos Tungsten Project in Rio Grande do Norte, Brazil.

Maracás

Civil and electrical-mechanical construction at the Maracás Vanadium Project continues to progress rapidly and the project remains on budget and on schedule for commissioning at the end of the Fourth Quarter, 2013 (see pictures 1-5 and Figure 1 below).

Highlights of recent developments:

The water pipeline has been commissioned and has been running continuously since mid-March.

Work on the electrical power line is continuing and pre-commissioning remains targeted for August.

All key equipment and materials for the crushing circuit have arrived on site and are being installed or ready for installation

The primary crusher is installed and the balance of the mechanical erection is proceeding on schedule (see picture 1).

Erection of the platforms for the secondary and tertiary crushers and conveyors are well underway and all concrete foundations have been concluded (see picture 2).

The concrete foundations for the primary mill and regrind mill have been completed and the baseplates for the primary mill are being installed (see picture 3).

The fabrication and shipping of the components for both mills is on schedule for erection in early May. The motors, baseplates, anchors and linings have been delivered.

The main shell for the primary ball mill is anticipated to arrive at site imminently. The shell for the regrind mill has already been delivered.

The fabrication of components for the kiln is in progress with the majority of parts already complete and being prepared for shipment.

Equipment fabrication of all specialist equipment from the Republic of South Africa is concluded and is either already at sea or ready to be shipped. This includes the sodium sulphate recovery plant, flash dryer, deammoniator reactor, and fusion furnace for production of V₂O₅ flake.

Tankage and the erection of the three thickeners is proceeding well and is on target (see picture 4).

The underground electrical grid for the project is being laid and progressing according to schedule.

50% of the electrical panels are assembled and in position in the main substation and 60% of the cables have been laid to connect the main transformers to the electrical room (see picture 5-6).

The administration building has been completed and is now occupied; the medical centre is about to be handed over for occupancy and use; the cafeteria and kitchen are 90% complete, and the sewage treatment plant and water treatment plant construction is in progress.

Tim Mann , Chief Operating Officer to Largo, stated: "We are extremely pleased with the development of construction at the project to date. We have made substantial progress and continue to remain on budget and on schedule. We remain confident that we will meet our commissioning target in Q4, 2013."

Currais Novos

The severe drought which caused the suspension of operations at Currais Novos in late 2012 (see press release October 30, 2012) has persisted. Due to a continued lack of rainfall in 2013, the situation has significantly worsened.

Despite drilling 13 additional wells in November of 2012, the ongoing absence of rain in the region further exacerbated the existing water deficit and has prevented Largo from continuing normal operations at the project.

The "rainy season" for the region generally extends from the November to March time period. The average rainfall per year from 2006 to 2011 was 859 mm. In 2012 there was only 73 mm of rainfall and in 2013 from January to March there was only 71 mm .

The drought has now extended for 2 years and is a very serious situation for the town of Currais Novos, as well as the surrounding area. Largo continues to examine water supply options while also examining methods of increasing the efficiency of the plant once production resumes.

After commissioning additional screens in late 2012, Largo has not successfully achieved targeted recovery levels. In view of the current lack of an adequate and sustainable water supply, Largo has been forced to place Currais Novos on care and maintenance but will continue optimization work on site until the water situation is resolved by a return to a more normal rainfall.

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 100% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailings 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 Q4 2013 and to 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.

Image with caption: "Picture 1: Primary crusher and conveyors (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20130430_C9988_PHOTO_EN_26163.jpg

Image with caption: "Picture 2: View of installation in entire crushing circuit (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20130430_C9988_PHOTO_EN_26164.jpg

Image with caption: "Picture 3: Completed foundation for primary ball mill with installation of baseplates underway (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20130430_C9988_PHOTO_EN_26165.jpg

Image with caption: "Picture 4: Erection of thickening tank (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20130430_C9988_PHOTO_EN_26166.jpg

Image with caption: "Picture 5: Main substation with 50% electrical panels installed inside (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20130430_C9988_PHOTO_EN_26167.jpg

Image with caption: "Picture 6: One of two main transformers being readied (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20130430_C9988_PHOTO_EN_26168.jpg

Image with caption: "Figure 1: Maracas Construction Schedule (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20130430_C9988_PHOTO_EN_26162.jpg

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

Darcie Ladd
Manager Business Development
416-861-9406
dladd@largoresources.com

Mark Brennan
President & CEO

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Largo Resources Announces Closing of Private Placement Financing

Thu, 14 Mar 2013 17:58:00 -0400

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES/

TORONTO, March 14, 2013 /CNW/ - Largo Resources Ltd. (TSX-V:LGO) ("Largo" or the "Company") is pleased to announce that it has closed its previously announced private placement of common shares (the "Offering") through the issuance of 27,747,823 common shares of the Company (the "Common Shares") at a price of C$0.23 per Common Share for aggregate gross proceeds of $6,381,999.29, all in accordance with the terms contained in a press release dated March 4, 2013. Largo intends to use the net proceeds of the Offering for general corporate purposes.

Largo is pleased to announce that funds managed by Arias Resource Capital Management LP (the "ARC Funds") and funds managed by Mackenzie Investments ("Mackenzie") participated in the Offering and acquired a significant proportion of the Common Shares issued in the Offering. The ARC Funds and Mackenzie are insiders of the Company by virtue of their ownership of Common Shares prior to closing. Upon closing of the Offering, the ARC funds own an aggregate of 179,308,350 Common Shares, representing 19.98% of the issued and outstanding Common Shares. Upon closing of the Offering, Mackenzie holds an aggregate of 140,558,228 Common Shares representing 15.66% of the issued and outstanding Common Shares.

The Common Shares issued pursuant to the Offering will be subject to a regulatory hold period of four months and one day from the date of issuance. The Offering remains subject to final TSX Venture Exchange acceptance of requisite regulatory filings.

The Offering was considered and approved by the board of directors of the Company. J. Alberto Arias, a director of Largo who is also the sole director of each of the general partners of the ARC Funds and indirectly controls Arias Resource Capital Management LP, declared a conflict and recused himself from voting on the Offering. There was no materially contrary view or abstention by any director approving the Offering.

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the proposed purchase by the ARC Funds and Mackenzie was a "related party transaction". The Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering in reliance on sections 5.5(a) and 5.7(a), respectively, of MI 61-101, as neither the fair market value of the securities received by the ARC Funds and Mackenzie nor the proceeds for such securities received by the Company exceeded 25% of the Company's market capitalization as calculated in accordance with MI 61-101. The material change report is being filed less than 21 days before the closing of the Offering as the Company requires the consideration it receives in connection with the Offering immediately for working capital purposes

Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. Largo's properties are comprised of the Maracás Vanadium Project, the Currais Novos Tungsten Tailings Project, the Campo Alegre de Lourdes Iron-Vanadium Project, all in Brazil, and 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 Q4 2013 and to 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".

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 Currais Novos 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

For more information please refer to Largo's website: www.largoresources.com

Please contact:

Darcie Ladd, Business Development Manager
Phone: 416-861-9406
Fax: 416-861-9747
e-mail: dladd@largoresources.com
Web Site: www.largoresources.com

Largo wins Mining and Metals Deal of the Year Award, 2012 from Project Finance magazine for its Maracas vanadium project financing

Mon, 11 Mar 2013 16:00:00 -0400

www.largoresources.com
Symbol: LGO (TSX.V)

TORONTO, March 11, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it has been named the recipient of Project Finance magazine's Latin American Mining and Metals Deal of the Year Award, 2012.

The Maracas financing was led and financed entirely by Brazilian banks (BNDES, Itau BBA, Banco Votaratim, Bradesco), and is the first Greenfield mining project ever to be fully financed by Brazilian banks.

The total R$556 million transaction, which was completed in June 2012, has received international recognition in the project finance deal world for its uniqueness and complexity as well as for overcoming tough financing conditions for junior miners.

Mark Brennan, President and Chief Executive Officer stated: "We are enormously excited to receive such a paramount award in the extremely competitive Project Finance world. It is unusual for a project financing of our size to receive such accolades in a field which generally focuses on substantially larger scope projects. I think that this speaks to the quality of the deal Largo and our lenders completed, but also to the intricacy of its terms and the difficulty of the prevailing market conditions. I am extremely honored to have accepted this award and hope our shareholders and the market will join us in recognizing this enormous achievement."

http://www.projectfinancemagazine.com/IssueArticle/3162581/Deals/Latin-American-Mining-and-Metals-Deal-of-the-Year-2012-Maracas-vanadium.html

About Project Finance Magazine

Project Finance has been covering the oil and gas, power, renewables, transport and PPP sectors for over 25 years. As well as infrastructure funds, project bonds, water, mining, petrochemicals and telecoms.

In addition to breaking industry news, Project Finance provides in-depth analysis of the benchmark deals, tracking the market's progress and preparing for new trends and financing techniques.

http://www.projectfinancemagazine.com

About Largo

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

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NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Darcie Ladd
Manager Business Development
416-861-9406
dladd@largoresources.com

Mark Brennan
President & CEO

Largo Resources announces C$7 million non-brokered private placement financing

Mon, 04 Mar 2013 14:00:00 -0500

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES/

TORONTO, March 4, 2013 /CNW/ - Largo Resources Ltd. (TSX-V: LGO) ("Largo" or the "Company") announced today a C$7 million non-brokered private placement of common shares (the "Offering") at a price of C$0.23 per common share resulting in the issuance of up to 30,434,783 common shares. Proceeds from the offering will be used for general corporate purposes.

The Company anticipates that approximately C$1,393,000 of the Offering, or up to 6,056,522 common shares, will be purchased by funds managed by Arias Resource Capital Management LP (the "ARC Funds") and approximately C$607,000 of the Offering, or an aggregate of 2,639,130 common shares, will be purchased by Mackenzie Investments ("Mackenzie"). Largo anticipates that the remaining C$5 million of the Offering will be purchased by existing shareholders of the Company.

The ARC Funds and Mackenzie are insiders of the Company by virtue of their current ownership of approximately 19.98% and 15.86%, respectively, of the Company's common shares. Assuming the Offering is fully sold, it is expected that after completion of the Offering, the ARC Funds will own up to 19.98% of the Company's then issued and outstanding common shares and Mackenzie will own 15.62% of the Company's then issued and outstanding common shares.

The Offering is expected to close on or about March 8, 2013 and is subject to certain customary closing conditions, including but not limited to receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All common shares of the Company issued in connection with the Offering will be subject to a hold period in Canada of four months and one day from the date of issuance. The net proceeds of the Offering will be used for general working capital purposes.

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the proposed purchase by the ARC Funds and Mackenzie will be a "related party transaction". The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering in reliance on sections 5.5(a) and 5.7(a), respectively, of MI 61-101, as neither the fair market value of the securities received by the ARC Funds and Mackenzie nor the proceeds for such securities received by the Company exceeds 25% of the Company's market capitalization as calculated in accordance with MI 61-101.

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 100% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailings 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 Q4 2013 and produce WO₃ concentrate from the reprocessing of tungsten tailings from Currais Novos.

Largo is listed on the TSX Venture Exchange under the symbol "LGO".

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Please refer to Largo's website: www.largoresources.com

Please contact:

Darcie Ladd, Business Development Manager
Phone: 416-861-9406
Fax: 416-861-9747
e-mail: dladd@largoresources.com
Web Site: www.largoresources.com

Largo to commence electrical-mechanical assembly at its Maracas Project in Bahia State Brazil

Wed, 23 Jan 2013 15:55:00 -0500

Symbol: LGO (TSX.V)

TORONTO, Jan. 23, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it is mobilizing for electrical-mechanical erection at its Maracas Vanadium Project in Bahia Brazil (the "Project").

The electrical-mechanical contractor is presently mobilizing to begin construction at the Project site. Electrical-mechanical erection encompasses the construction and assembly of all the main components of the process plant and will continue through to commissioning in Q4 of 2013.

Current construction activities at the Project site continue to progress on schedule and on budget.

Civil construction is proceeding on track with main foundations either near complete or well advanced (see pictures 1-6 below). The erection of administrative buildings is proceeding exceptionally well and the construction management group at site will shortly be relocated from the current temporary site offices (see picture 3).

Installation of the main plant steel piperack (see picture 2) is making headway and will be completed shortly following the laying of electrical and piping materials that they will support.

The procurement process is well advanced with 95% of the required purchase orders for securing equipment and services already having been placed.

All equipment deliveries remain on schedule. Some imported equipment has already arrived in Brazil, been released from customs, and is presently en-route to the Project for installation. Some other imported items are in transit to their intended export ports and will be shipped shortly for arrival at the Project within their targeted schedules. Largo has retained a consultant specializing in the importation of goods to Brazil who is supporting Largo in this process, including making the arrangements for the equipment's arrival with local customs authorities.

Pre-stripping at the deposit and pit area has been initiated with waste material being used for construction of the truck ramp required for dumping ore to the crusher.

The water pipeline which will provide fresh water to the Project is approximately 90% complete and commissioning is anticipated for February, 2013. Meanwhile, a temporary supply of water from wells developed by Largo is providing an adequate flow of water for construction purposes. Largo also notes that the rainy season is in progress and the region has received moderate rainfall recently. The rainy season generally continues into March.

Work on the electrical power line is continuing with pre-commissioning targeted for mid-year.

Additionally, Largo announces that effective today it has granted 37,810,800 stock options to various management, employees, and consultants of the Company. The options will vest over three years and will be priced a third at $0.22, a third at $0.24 and a third at $0.26.

Other than in connection with the hiring of new employees, Largo has not issued stock options generally to management since August 2010. Currently, options issued to management, employees and consultants represent just 2.1% of outstanding shares. Following this issuance, options held by management employees and consultants will represent 6.5% of the Company's outstanding share capital; still below average for comparable companies.

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 100% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailings 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 Q4 2013 and continue to 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

Picture 1

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Picture 4

Picture 5

Picture 6

Disclaimer

The Company cautions that the Report is a preliminary economic assessment only which was undertaken to re-scope an advance staged project based on new information and readers should not treat the results as enhancing the Feasibility Study or certainty of the Maracas Project. 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.

Continue to Follow, Like and Watch our progress!

Web: www.largoresouces.com
Twitter: @LargoResources1
Facebook: Largo Resources
Youtube: LargoResources

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

PDF available at: http://stream1.newswire.ca/media/2013/01/23/20130123_C8173_DOC_EN_22918.pdf

Darcie Ladd
Manager Business Development
416-861-9406
dladd@largoresources.com

Mark Brennan
President & CEO

/R E P E A T -- Largo announces positive preliminary economic assessment for the expansion of production at its Maracas Vanadium Project, Brazil/

Mon, 21 Jan 2013 07:45:00 -0500

Symbol: LGO (TSX.V)

NPV $554 million vs $274 million previously (+102%)
After tax IRR of 26.3% vs 22.4% previously
Production increased by approximately 46%
Production of V₂O₅ from 2014; FeV from 2016
Mine life increased to 29 years versus 15

TORONTO, Jan. 18, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce the results from a National Instrument 43-101 compliant Preliminary Economic Assessment (the "Report") which affirms very robust economics for an expanded production scenario for its Maracás Vanadium Project in Bahia, Brazil (the "Maracás Project"). The Report is being prepared by RungePincockMinarco ("Runge") and will be filed on SEDAR within 45 days of the date hereof in accordance with NI 43-101.

The Company commissioned the Report to re-scope its advanced stage Maracas Project by incorporating a new production stream of both V2O5 and FeV as opposed to an FeV only scenario (set out in the September 2008 Definitive Feasibility Study as amended in May 2009 (see www.sedar.com) prepared by Aker Solutions Canada Inc. (the "Feasibility Study")) as well as an expanded production scenario which considered the mineral resources available to Largo set out in its Amended Technical report filed on SEDAR on December 21, 2012 (the "December Report").

The new production scenario sees production increased by approximately 46% following year 2 and sees a dual revenue stream of V2O5 and FeV following year 3. The mine life is also increased to 29 years from the 15 years previously set out in the Feasibility Study.

These changes result in an increase to $554 million versus $274 million (+102%) in the Net Present Value ("NPV") and an increase to 26.3% versus 22.4% in the Internal Rate of Return ("IRR") versus the previous production profile each as compared to the results of the Feasibility Study.

Highlights:

IRR and NPV	IRR of 26.3% and NPV of US$554 million (8% discount rate)
Average Annual Production of V₂O₅ (years 2-11)	6,376 tonnes of V2O5
Average Annual Production of FeV (years 2-11)	4,899 tonnes of V in FeV
Vanadium Pentoxide Price:	$6.37 per lb, or $14.04 per Kg (3 year average)
Ferrovanadium Price	$28.01 per Kg (3 year average)
Average Vanadium Pentoxide Operating Costs	$3.18 per lb
Average Ferrovanadium Operating Costs	$15.62 per kg
Mine Life	29 Years
USD/BR$ Exchange Rate:	2.00
Off-take Agreement:	Agreement with Glencore International remains in place for 100% of vanadium products for first 6 years

The Report follows extensive engineering work completed by Largo and Promon Engenheria S.A. (Largo's Maracas EPCM Contractor) to begin initial production at the Maracás Project by the end of 2013 which was based on the results of the Feasibility Study. As previously disclosed, construction at the Maracas Project is well under way and Largo has ordered key equipment with additional capacity in anticipation of increasing production. Largo expects to be a low cost producer of Vanadium.

The expanded scenario adopts the following production strategy:

2014 - ramp up to 100% of base case design capacity producing vanadium pentoxide (V₂O₅) only
2015 - complete the expansion of the V₂O₅ plant by Q3 2015 and produce at an expanded rate in Q4 2015; design ferrovanadium (FeV) plant during this period
2016 - produce V₂O₅throughout the year; construct FeV plant, and commence FeV production in Q4 2016
2017 and beyond - produce V₂O₅and FeV

Details of Assessment:

The expanded production scenario is made possible by utilising all the mineral resources available to Largo in the Maracás Project area as reported in the December Report. In the Report, the mill feed sources comprise: Gulçari A, Gulçari A Norte, Gulçari B, Sao Jose, Novo Amparo and Novo Amparo Norte. The Report provides for a total mill feed over the 29 year life of the mine of 41,737,000 tonnes at an average grade of 1.10% V₂O₅. The authors of the Report based this estimate on Whittle pit optimizations carried out on the previously reported mineral resources in the measured, indicated and inferred resource categories (see press release dated September 17, 2012).

Largo cautions that the Report referred to in this announcement is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the inclusion of inferred resources in the Report, the Company also cautions there is no certainty that the Report will be realized. The results of the Report are not intended to disclaim existing mineral reserves under the Feasibility Study.

Capital Expenditures:

The additional CAPEX to expand the operation of approximately $US 50 million was minimised by the fact that the capacity of significant components of the original plant design were purposefully designed to be larger than required with a view to a future possible expansion. No additional expenditures are required for the most critical long-lead items such as the crushing circuit or the horizontal kiln. Other components of the circuit such as milling, beneficiation, leaching, precipitation, deammoniation and drying will require fairly minimal additional capital expenditures to cater for the increased production rates. This additional $US 50 million in CAPEX would be over and above the already funded US$230.347 million presently being utilised at the project which is currently under construction (see press release dated: September 13, 2012). Except for US$1.0 million of this additional amount, first funds for the expansion would not be required until 2015 and would then be disbursed over a 3 year period during which the Company expects to be in production. Largo anticipates that it will fund these additional expenditures through cash-flow generated by the operations.

Tim Mann, Chief Operating Officer to Largo stated: "In addition to being very pleased with the results of the PEA which demonstrate the significant upside of the Maracás operation, I can report that the site activity is proceeding very well with the procurement process well advanced allowing detailed engineering to be completed as needed. Earthworks for the plant site area are complete and good progress is being made with civil construction. The electrical-mechanical contractor has commenced mobilization. In addition, water supply and power supply activity is proceeding well with construction underway in both cases including the main electrical sub-station. Mechanical completion is scheduled for Q4 2013, which is consistent with the commissioning target of the company".

Long-Term Metal Pricing:

Runge has used the three year average pricing from Metal Bulletin (www.MetalBulletin.com) as their base case scenario for metal pricing for both V₂O₅ and FeV. Metal Bulletin is a widely accepted reference source for non-LME listed minor metal pricing and industry information.

As metal pricing for both V₂O₅ and FeV were subject to extreme fluctuations during the 2008 period, it was determined to use the three year average to exclude this period.

Product:	3 Year Average*	Pricing as at January 17, 2013*
V₂O₅	$6.37 per lb, or $14.04 per Kg	$6.47 per lb, or $14.28 per Kg
FeV	$28.01 per Kg	$32.00 per Kg

* Vanadium pricing determined based pricing as reported on Metal Bulletin

Using vanadium prices as of January 17, 2013, the IRR increases to 28.3% and the NPV (8% discount rate) increases to US$651 million.

Quality Assurance Quality Control:

The scientific and technical information in this press release has been reviewed and approved by Tim Mann, P.Eng., Chief Operating Officer of Largo, and also by Don Arsenault, P. Eng., MBA, Vice President of Mining - Canada for Runge, both of whom are Qualified Persons 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 100% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailings 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 Q4 2013 and continue to 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

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NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Darcie Ladd
Manager Business Development
416-861-9406
dladd@largoresources.com

Mark Brennan
President & CEO
416-561-0266

Largo announces positive preliminary economic assessment for the expansion of production at its Maracas Vanadium Project, Brazil

Fri, 18 Jan 2013 16:02:00 -0500

Symbol: LGO (TSX.V)

NPV $554 million vs $274 million previously (+102%)
After tax IRR of 26.3% vs 22.4% previously
Production increased by approximately 46%
Production of V₂O₅ from 2014; FeV from 2016
Mine life increased to 29 years versus 15

Highlights:

IRR and NPV	IRR of 26.3% and NPV of US$554 million (8% discount rate)
Average Annual Production of V₂O₅ (years 2-11)	6,376 tonnes of V2O5
Average Annual Production of FeV (years 2-11)	4,899 tonnes of V in FeV
Vanadium Pentoxide Price:	$6.37 per lb, or $14.04 per Kg (3 year average)
Ferrovanadium Price	$28.01 per Kg (3 year average)
Average Vanadium Pentoxide Operating Costs	$3.18 per lb
Average Ferrovanadium Operating Costs	$15.62 per kg
Mine Life	29 Years
USD/BR$ Exchange Rate:	2.00
Off-take Agreement:	Agreement with Glencore International remains in place for 100% of vanadium products for first 6 years

The expanded scenario adopts the following production strategy:

2014 - ramp up to 100% of base case design capacity producing vanadium pentoxide (V₂O₅) only
2015 - complete the expansion of the V₂O₅ plant by Q3 2015 and produce at an expanded rate in Q4 2015; design ferrovanadium (FeV) plant during this period
2016 - produce V₂O₅throughout the year; construct FeV plant, and commence FeV production in Q4 2016
2017 and beyond - produce V₂O₅and FeV

Details of Assessment:

Capital Expenditures:

Long-Term Metal Pricing:

As metal pricing for both V₂O₅ and FeV were subject to extreme fluctuations during the 2008 period, it was determined to use the three year average to exclude this period.

Product:	3 Year Average*	Pricing as at January 17, 2013*
V₂O₅	$6.37 per lb, or $14.04 per Kg	$6.47 per lb, or $14.28 per Kg
FeV	$28.01 per Kg	$32.00 per Kg

* Vanadium pricing determined based pricing as reported on Metal Bulletin

Using vanadium prices as of January 17, 2013, the IRR increases to 28.3% and the NPV (8% discount rate) increases to US$651 million.

Quality Assurance Quality Control:

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 100% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailings 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 Q4 2013 and continue to 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

Continue to Follow, Like and Watch our progress!

Web: www.largoresources.com
Twitter: @LargoResources1
Facebook: Largo Resources
Youtube: LargoResources

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Darcie Ladd
Manager Business Development
416-861-9406
dladd@largoresources.com

Mark Brennan
President & CEO
416-561-0266

Largo Acquires 100% Interest in its Maracas Vanadium Project

Fri, 21 Dec 2012 10:00:00 -0500

TORONTO, Dec. 21, 2012 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce that it has completed its previously announced acquisition of the remaining 10% interest in its Maracás Vanadium Project in Bahia State, Brazil (see press release dated October 11, 2012). This brings the Company's total interest in its flagship Maracás project to 100%.

Mark Brennan, President and Chief Executive Officer of Largo stated: "We are very pleased to finalize the acquisition of the remaining 10% interest in the Maracás Vanadium Project. As we continue to make significant progress with construction at the project and draw nearer to production and cashflow, we believe that securing this remaining interest is a significant benefit for the company and our shareholders."

Largo also reports that it has today re-filed its October 26, 2012 technical report (the "October Technical Report") for the Largo Maracás Vanadium Project, 1 Million Tonnes per Year Processing Plant, Brazil (the "Project"), the preparation of which was managed by Runge - Pincock, Allen & Holt ("Runge"), who engaged consultants and contributors to provide supporting reports and data for the October Technical Report. The Ontario Securities Commission has advised the Company that Warren Nimchuk of Hemmera Envirochem Inc. (Hemmera), who was engaged by Runge, did not meet the "engineer or geoscientist" test in the definition of "Qualified Person" in Section 1.1 of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), and was therefore not eligible to act as a Qualified Person under NI 43-101, and could not co-author the October Technical Report or take responsibility for the disclosure in the October Technical Report regarding Environmental Studies, Permitting and Social or Community Impact.

As a result, the Company has today filed a revised technical report for the Project dated December 21, 2012 (the "Revised Technical Report"), co-authored by Mr. Scott Weston, M.Sc., P.Geo of Hemmera and who is a professional geoscientist and the Mining Sector Leader for Hemmera, and a Qualified Person under NI 43-101. Mr. Weston has over 14 years experience in environmental impact assessments.

About Largo

Largo is a Canadian-based mineral resource development company focused on creating a world leading strategic metals company. The immediate goal of the Company is to develop the Maracás Vanadium Project by the end of Q4, 2013 and to 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 currently holds a 100% 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.

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

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE: Largo Resources Ltd.

For further information:

Darcie Ladd
Manager Business Development
416-861-9406
dladd@largoresources.com

Largo Resources Announces Closing of C$10 Million Private Placement Financing

Thu, 01 Nov 2012 12:18:00 -0400

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 1, 2012 /CNW/ - Largo Resources Ltd. (TSX-V:LGO) ("Largo" or the "Company") is pleased to announce that it has closed its previously announced C$10 million private placement of common shares (the "Offering") through the issuance of 45,454,545 common shares of the Company (the "Common Shares") at a price of C$0.22 per Common Share, all in accordance with the terms contained in a press release dated October 11, 2012.

A syndicate of agents led by RBC Capital Markets and including Byron Capital Markets and Scotiabank as co-leads was paid a fee of C$360,000, being 6% of the aggregate gross proceeds raised in the Offering in excess of $4,000,000.

Largo intends to use the net proceeds of the Offering to acquire the remaining 10% minority interest in Companhia de Maracás, which indirectly holds the Maracás project located in Brazil, that the Company does not already own and for general corporate purposes.

Largo is pleased to announce that funds managed by Arias Resource Capital Management LP (the "ARC Funds") and funds managed by Mackenzie Investments ("Mackenzie") participated as the lead orders in the Offering and acquired a significant proportion of the Common Shares issued in the Offering. The ARC Funds and Mackenzie are insiders of the Company by virtue of their ownership of Common Shares prior to closing. Upon closing of the Offering, the ARC funds own an aggregate of 173,764,873 Common Shares, representing 19.98% of the issued and outstanding Common Shares. Upon closing of the Offering, Mackenzie holds an aggregate of 137,919,098 Common Shares representing 15.86% of the issued and outstanding Common Shares.

Largo Resources Ltd. 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 the end of Q4, 2013 and to 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".

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

For more information please refer to Largo's website: www.largoresources.com

Please contact:

Darcie Ladd, Business Development Manager
Phone: 416-861-9406
Fax: 416-861-9747
e-mail: dladd@largoresources.com
Web Site: www.largoresources.com

Largo Resources Announces Closing of C$10 Million Private Placement Financing

Wed, 31 Oct 2012 17:30:00 -0400

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES/

TORONTO, Oct. 31, 2012 /CNW/ - Largo Resources Ltd. (TSX-V:LGO) ("Largo" or the "Company") is pleased to announce that it has closed its previously announced C$10 million private placement of common shares (the "Offering") through the issuance of 45,454,545 common shares of the Company (the "Common Shares") at a price of C$0.22 per Common Share, all in accordance with the terms contained in a press release dated October 11, 2012.

A syndicate of agents led by RBC Capital Markets and including Byron Capital Markets and Scotiabank Scotiabank Global Banking and Markets as co-leads was paid a fee of C$360,000, being 6% of the aggregate gross proceeds raised in the Offering in excess of $4,000,000.

Largo is pleased to announce that funds managed by Arias Resource Capital Management LP (the "ARC Funds") and funds managed by Mackenzie Investments ("Mackenzie") participated as the lead orders in the Offering and acquired a significant proportion of the Common Shares issued in the Offering. The ARC Funds and Mackenzie are insiders of the Company by virtue of their ownership of Common Shares prior to closing. Upon closing of the Offering, the ARC funds own an aggregate of 173,764,873 Common Shares, representing 19.98% of the issued and outstanding Common Shares. Upon closing of the Offering, Mackenzie holds an aggregate of 137,919,098 Common Shares representing 15.86% of the issued and outstanding Common Shares.

Largo is listed on the TSX Venture Exchange under the symbol "LGO".

For more information please refer to Largo's website: www.largoresources.com

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Darcie Ladd, Business Development Manager
Phone: 416-861-9406
Fax: 416-861-9747
e-mail: dladd@largoresources.com
Web Site: www.largoresources.com