Toronto, Ontario-(market wire)-05/02/11-Largo resources Ltd. (TSX Venture: LGO) ("Largo" or "company") is pleased to announce it has signed an agreement to secure the land rights that are required to develop and build a processing facility Project his maracas Bahia, Brazil. Largo for research conducted in the past rights for this area of the property, now has a tentative agreement for mining and construction on the property.
Mark Brennan, President, CEO, Largo stated: "this is an important step in developing the project vanadium maracas. This agreement ensures that we can send the application installation license will provide final confirmation that we build and develop the property. Our team is working diligently with the authorities in Brazil in Brazil in recent months to complete the documentation required for this application. With a record nearly complete, this final agreement is executed, we expect that the installation license should be submitted imminently, it should be within our projected target dates. At the same time, the front-end engineering design advanced quickly, we expect to continue the development process of engineering during the next few months. "
Real estate agreement details:
They have acquired the rights to the ground by the firm through a series of agreements that will allow the company access to the maracas to allow mining and processing activities, research, as set in the mining rights attached property maracas. Consideration for the acquisition of property, the company will pay the cash payment of R $ 275,000 Banco Economico S/A-in voluntary liquidation ("BESA") subject to the agreement be, cash of R $ 5,250,000 to pay instalments twelve months to agro industrial Economico e subject agreement Pastoril lease, and payment of us $ 17,000 to pay instalments over forty months for royalties, easements and other uses to mining, subject to the easement mining BESA.
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 a 90% 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 by 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
Disclaimer
This press release contains information for the future under Canadian securities legislation. The future of information including, but not limited to, statements regarding the completion of the acquisition, installation and license acquisition of the company for the project, the expected impact of maracas and the project company's performance. In General, you can identify future declarations regarding future use of the terms such as "plans", "expects" or "expects", "unexpected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "anticipate", or "believe" or variations of words, phrases or statements, actions, events or results "may" certain, "was", "was", "may" or "will", "Awakening" or "available". Future statements regarding management's estimates are based on the date such declarations are opinions. Future statements about the subject to known and unknown risks, uncertainties and other factors that could cause actual results, level of activity, performance or achievements to be materially different from those in the Largo, or implied by such statements regarding the future, including but not limited to those described in the annual information of Largo public documents filed on SEDAR and periodically. Although managing Largo attempted to identify important factors that could cause actual results to vary materially from those contained in the statements about the future, there may be other factors that may cause unintended consequences be of, estimated or intended. There is no guarantee that would prove the statement be precise, the actual results, events, futures was expected such statements than substantial. Accordingly, readers should be placed more reliance on statements about the future. Largo does not undertake to update any statements regarding future except in compliance with applicable securities.
No EXCHANGE TSX Venture (rather than regulatory services provider) accepts responsibility for adjustment or accuracy of this release
Contacts: Largo resources Ltd., Darcie LaddManager business Development416-861-5938dladd@largoresources.comwww.largoresources.comSource: Largo resources Ltd.
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