Largo wins Mining and Metals Deal of the Year Award, 2012 from Project Finance
magazine for its Maracas vanadium project financing
Symbol: LGO (TSX.V)
TORONTO, March 11, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the
"Company") is pleased to announce that it has been named the recipient of
Project Finance magazine's Latin American Mining and Metals Deal of the Year
The Maracas financing was led and financed entirely by Brazilian banks (BNDES,
Itau BBA, Banco Votaratim, Bradesco), and is the first Greenfield mining
project ever to be fully financed by Brazilian banks.
The total R$556 million transaction, which was completed in June 2012, has
received international recognition in the project finance deal world for its
uniqueness and complexity as well as for overcoming tough financing conditions
for junior miners.
Mark Brennan, President and Chief Executive Officer stated: "We are enormously
excited to receive such a paramount award in the extremely competitive Project
Finance world. It is unusual for a project financing of our size to receive
such accolades in a field which generally focuses on substantially larger
scope projects. I think that this speaks to the quality of the deal Largo and
our lenders completed, but also to the intricacy of its terms and the
difficulty of the prevailing market conditions. I am extremely honored to have
accepted this award and hope our shareholders and the market will join us in
recognizing this enormous achievement."
About Project Finance Magazine
Project Finance has been covering the oil and gas, power, renewables,
transport and PPP sectors for over 25 years. As well as infrastructure funds,
project bonds, water, mining, petrochemicals and telecoms.
In addition to breaking industry news, Project Finance provides in-depth
analysis of the benchmark deals, tracking the market's progress and preparing
for new trends and financing techniques.
Largo is a Canadian-based mineral resource exploration and development company
focused on creating a world leading strategic metals company. Largo
currently holds a 100% interest in the Maracás Vanadium Project, a 100%
interest in the Currais Novos Tungsten Tailings Project, a 100% interest in
the Campo Alegre de Lourdes Iron-Vanadium Project, all in Brazil, and a 100%
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 Q4 2013 and to produce WO(3) concentrate from the
reprocessing of tungsten tailings from Currais Novos. Largo's skilled
management team both in Canada and Brazil, are confident in their ability to
advance these projects.
Largo 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 information under Canadian
securities legislation. forward-looking information includes, but is not
limited to, statements with respect to completion of the private placement,
Largo's development potential and timetable of the Maracas and Northern Dancer
projects; Largo's ability to raise additional funds necessary; the future
price of tungsten and molybdenum; the estimation of mineral reserves and
mineral resources; conclusions of economic evaluation; the realization of
mineral reserve estimates; the timing and amount of estimated future
production, development and exploration; costs of future activities; capital
and operating expenditures; success of exploration activities; mining or
processing issues; currency exchange rates; 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, including
but not limited to those risks described in the annual information form of
Largo and in its public documents filed on SEDAR from time to time. 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.
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NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Darcie Ladd Manager Business Development 416-861-9406 email@example.com
Mark Brennan President & CEO
SOURCE: Largo Resources Ltd.
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-0- Mar/11/2013 20:00 GMT
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