TORONTO, ONTARIO--(Marketwire - Nov. 22, 2010) - Largo Resources Ltd. (TSX VENTURE:LGO) ("Largo") is pleased to announce that it has increased its land position around the Maracás Vanadium Project. Largo has increased its landholdings from the original two (2) concessions that made up the Maracás vanadium property that totalled 2,000 hectares to 21 concessions totalling 27,172 hectares. These concessions cover the Rio Jacare Intrusion for over 40 kilometres of strike length (see attached concession map below). The Rio Jacare Intrusion hosts the Gulçari "A" vanadium deposit which is part of the Maracás Vanadium Project. This makes Largo the largest land holder in the area.
The Maracás vanadium property hosts the highest grade known vanadium deposit in the world, the Gulcari "A" deposit (based on a review of all known vanadium deposits), along with a number of other showings. Largo has completed extensive work on the property including a Definitive Feasibility Study outlining a NI 43-101 proven and probable mineral reserve estimate of 13.1 million tonnes grading 1.34% V2O5, based upon which 155 million pounds of vanadium contained in FeV is projected to be produced over a 23-year project plan (see press release dated August 12, 2008).
Largo 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 of the overall property and Largo has done additional work, including drilling outside of the resource area on the property, that has identified a number of other targets that can be upgraded through drilling. The additional concessions also provide Largo with much greater exploration potential along strike for new target areas to be identified.
Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. The Company holds 80% interest in the Maracás Vanadium Project, an option to acquire a 100% interest in the Currais Novos Tungsten Tailing Project, both in Brazil, and 70% 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 2012 and begin production of WO3 concentrate from the reprocessing of tungsten tailings from Currais Novos by June, 2011. Largo has a very skilled management team both in Canada and Brazil with the ability to advance these projects.
Largo is a publicly listed company on the TSX Venture Exchange under the symbol LGO.
For more information please refer to Largo's website: www.largoresources.com.
Mr. Andy Campbell, P.Geo., an officer of the Company, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical disclosure in this press release.
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 Largo's development potential and timetable of the Maracas projects; Largo's ability to raise additional funds necessary; the future price of ferrovanadium and vanadium pentoxide; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; and the timing and amount of estimated future production, development and exploration. 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 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 the Company available under the profile of the Company on SEDAR at www.sedar.com. 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.
To view the "Concession Map - Maracas Vandium Project, Bahia, Brazil", please visit the following link:
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