Toronto, Ontario-(market wire)-05/15/11-Largo resources Ltd. (TSX Venture: LGO) ("Largo" or "company") is pleased to announce it has entered into a definitive agreement to acquire the remaining 30% interest in is not currently in a porphyry tungsten-molybdenum dancer Northern Yukon, Canada.
Today the company owns, through its fully owned subsidiary of Yukon, 70% in project Northern Dancer. The company will acquire the remaining 30% interest now a project of strategic metals Ltd. ("strategic"), subject to the purchase agreement for aggregate consideration for strategic of 5 million, payable in 2.5 million in cash and issue of common shares 5,512,679 of Largo. Strategic retain interest returns a 1% net smelter project. The transaction remains getting final approval of the TSX Venture Exchange listing requirements.
Mark Brennan, President and CEO stated: "we are happy to finalize the acquisition of the remaining 30% interest in the project in the Northern Dancer as we move into the pre feasibility stage of development." he added, "announced preliminary economic assessment results demonstrated Northern Dancer project has the potential to make a very profitable operation for Largo."
About Northern Dancer project:
Northern Dancer project resource host compliant Measured and specified NI43-101 19.1 million tonnes grading 0.114% WO3 and 0.030% Mo (Measured) and 192.6 million tonnes grading 0.100% WO3 and 0.029% Mo (Indicated). Mineral resources assessment Measured and Indicated contains 223.4 k tons of WO3 and 143.9 million pounds of Mu (65.2 k tons). In addition, there are already planted the Inferred resource of 201.2 million tonnes grading 0.089% WO3 0.024% Mo containing 178.3 k tons WO3 and 48.9 k tons of MU. Preliminary economic assessment for the project was released in February, 2011 (see press release dated 28 February 2011). Based on the positive economic results that have been defined in this report, the company will proceed with a preliminary feasibility study that open() calls that begin imminently.
About Largo
Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading company strategic metals. The company currently holds 80% interest in the project vanadium maracas, a 100% interest in the project automatically Currais tungsten Tailing, a 100% interest in Campo Alegre de Lourdes iron-vanadium project, all Brazil and 70% in Northern Dancer tungsten-molybdenum located in Yukon, Canada. The immediate goal of the company is to develop a project vanadium maracas by 2013 in the first quarter to start production of WO3 concentrate of ??????? tungsten tailings from Currais automatically in July 2011. Largo has very skilled management team are Canada and Brazil with the ability to promote those projects.
Largo listed on TSX Venture Exchange under the symbol "LGO".
For more information please see the Web site of the Largo: www.largoresources.com.
Cautionary statement on information look forward
This press release contains "the future of information ' within the meaning of applicable Canadian securities legislation. The future of information including, without limitation, statements regarding the completion of the acquisition of remaining interest in the project in the Northern dancer and credentials. In General, you can identify the future for information about using the future terms such as "plans", "expects" or "expects", "unexpected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "anticipate", or "believe" or variations of words, phrases or state that actions, events or results "may", and some such as "was", "was", "may" or "will", "Awakening" or "available". Future information is subject to known and unknown risks, uncertainties and other factors that could cause actual results, level of activity, performance or achievements of the company to differ materially from those expressed or implied by such information as to the future, including risks inherent in mining industry and risk public exposure of the company described, which is available under the company profile on SEDAR www.sedar.com. Although the company attempted to identify important factors that could cause actual results to vary materially from those contained in the information for the future, there may be other factors that may cause unintended consequences be of, estimated or intended. There is no guarantee that such information would prove to be accurate, actual results and future events could materially from those anticipated in such statements. Accordingly, readers should be placed more reliance on the information for the future. The company does not undertake to update information for the future, except in accordance with applicable securities laws.
No EXCHANGE TSX Venture (rather than regulatory services provider) accepts responsibility for adjustment or accuracy of this release
Contacts: Largo resources Ltd. Mark & CEO BrennanPresident (415) 861-5886mbrennan @ largoresources. comLargo Development416-861-5938dladd@largoresources.comwww.largoresources.com business Ltd., Darcie LaddManager resourcesSource: Largo resources Ltd.
没有评论:
发表评论