|
Feb 1, 2010
LARGO RESOURCES MANDATES BANCO ITAU BBA S.A. AS ITS FINANCIAL ADVISOR FOR THE DEVELOPMENT OF THE MARACAS VANADIUM PROJECT, BAHIA, BRAZIL
16:06 EST Monday, February 01, 2010
TORONTO, ONTARIO--(Marketwire - Feb. 1, 2010) - Largo Resources Ltd. (TSX VENTURE:LGO) ("Largo or the "Company") is pleased to announce that it has engaged Banco Itau BBA S.A. ("Itau BBA"), a subsidiary of Itau Unibanco Group and one of Brazil's leading investment banks, to act as its financial advisor to obtain financing for the development of its Maracas Vanadium Project in Bahia State, Brazil.
Itau Unibanco Group ranks among the largest banks in the world in terms of market capitalization(i) Itau BBA, its wholesale banking arm, is one of the market leaders in Brazil for M&A, project finance and capital markets transactions, putting it in a unique position for a long term partnership with Largo.
Mark Brennan, President & CEO, stated: "We are extremely excited to be working with Itau BBA for the development of our Maracas project. Itau BBA has been the leading investment bank in Brazil for project finance and capital markets. We have seen their historical ability to finance projects creatively and we look forward to bringing that ability to bear at Maracas."
Maracas is the highest grade vanadium deposit in the world. Largo has an estimated NI 43-101 compliant measured and indicated resource of 22.5 million tonnes grading 1.26% V2O5, which is two to three times higher grade than any other producer and/or project (See press release dated August 13, 2008 for details regarding mineral resource estimate).Within the 22.5 million tonne resource is a very significant high-grade zone consisting of 8.7 million tonnes grading 1.94% V2O5;
Largo completed a positive Definitive Feasibility Study (DFS) (see press release dated August 12, 2008) outlining a NI 43-101 proven & probable reserve estimated at 13.1 million tonnes grading 1.34% V2O5 (See press release dated August 12, 2008 for details of reserve estimate) enabling production of 155 million lbs of vanadium contained in FeV over a 23 year project plan.
Largo was granted the Localization License (LL), the most critical environmental license, in May 2009 (see press release May 14, 2009) and water permits are also in place.
Largo's management believes that there is good potential to expand the mineral resource significantly with drilling along strike and at depth. The existing resource occupies a small foot print and Largo has done additional work including drilling outside the resource area on the property and has identified a number of targets that the Company hopes can be upgraded through drilling to identify additional resources. Only 10% of the potential 8 kilometres of strike length has been tested to date and four other targets have been identified that need further drilling to upgrade them to a resource category.
Mr. Andy Campbell, P.Geo, Vice President, Exploration, of the Company and a Qualified Person under NI 43-101, has reviewed the scientific and technical information in this press release.
About Largo
Largo Resources Ltd. is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. The Company also owns the Campo Alegre de Lourdes Vanadium exploration project in Brazil. The company is listed on the TSX Venture Exchange under the symbol LGO.
For more information please refer to Largo's website: www.largoresources.com
|
