Largo appoints Mr. Michael Mutchler to the position of Chief Operating Officer
Symbol: LGO (TSX.V) www.largoresources.com
TORONTO, Nov. 11, 2013 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company")
is pleased to announce the appointment of Mr. Michael Mutchler to the position
of Chief Operating Officer ("COO").
Mr. Michael Mutchler is a Mining Engineer with over 33 years' experience in
mining, including: open pit and underground mining, project development,
operational management, and executive management. Mr. Mutchler has most
recently served as Chief Operating Officer for Rainy River Resources which was
acquired by New Gold. Prior to his tenure with Rainy River, Mr. Mutchler
served Kinross both as Vice President of Project Development Services and as
Project Director of the Paracatu Mine Optimization in Brazil. In addition, Mr.
Mutchler worked for 20 years with ASARCO Incorporated in various operational
Mr. Mutchler holds a Bachelor of Science degree in Mining Engineering from
South Dakota school of Mines, an MBA from Webster University and an Executive
Juris Doctorate Degree from Concord School of Law.
The appointment of Mr. Mutchler follows the retirement of Mr. Tim Mann who has
served as the Chief Operating Officer and previously as Vice President of
Engineering to Largo since 2006. Mr. Mann will remain as an Engineering
consultant to the Company going forward.
Mark Brennan, the Company's President and Chief Executive Officer, stated: "We
are extremely pleased to welcome Michael to the team and believe that his past
experience with project development, and his formidable operational expertise
will strongly benefit Largo. His appointment occurs at an opportune moment for
Largo as we begin the transition from the construction stage into a producing
He continued: "I would like to sincerely thank Mr. Mann for his many years of
dedication to Largo. Tim's contributions to Largo have been integral during
all stages of the Maracas Vanadium Project's assessment, financing and initial
development. On behalf of the entire Largo team, we thank him for his
considerable efforts, and wish him the very best in his retirement."
In connection with his appointment, Mr. Mutchler was granted 2,000,000 options
of the Company, which will expire in five years. The options will vest over
three years with 1/4 of the options vesting on the date of grant and 1/4 of
the options vesting on each of the first, second, and third anniversaries of
the date of grant thereafter. The options will be priced as follows: a third
at $0.24, a third at $0.26 and a third at $0.28.
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 Q1, 2014 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. Readers should also
review the risks and uncertainties section of Largo's annual and interim MD&As.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Largo Resources Ltd.
Darcie Ladd Manager Business Development 416-861-9406 email@example.com
Mark Brennan President & CEO
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-0- Nov/11/2013 20:45 GMT
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