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Mar 16, 2010
LARGO RESOURCES INCREASES INTEREST IN ITS MARACAS VANADIUM PROJECT
Tuesday, March 16, 2010
TORONTO, ONTARIO--(Marketwire - March 16, 2010) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Largo Resources Ltd. ("Largo" or the "Company") (TSX VENTURE:LGO) is pleased to announce that it has acquired from Odebrecht S.A. ("Odebrecht") and Vale S.A ("Vale"). an additional 33.5% interest in Companhia de Maracas (in consideration for a payment of US$5 million plus interest), which is the operating company and holder of its Maracas Project, Bahia State, Brazil. Largo now holds an 80% interest in Companhia de Maracas and has the option to acquire an additional 10% interest from Vale and Odebrecht in consideration for a payment of US$8 million. Companhia de Maracas holds an approximate 95% undiluted interest in the Maracas Project.
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 is listed on the TSX Venture Exchange under the symbol LGO. For more information please refer to Largo's website: www.largoresources.com.
This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future plans of the Company; the likelihood of exercising its option to acquire an additional 10% interest; Largo's development potential and timetable of the Maracas projects; Largo's ability to raise additional funds necessary; 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. 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. The Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Largo Resources Ltd.
Mark Brennan
President & CEO
(416) 861-5886
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