Largo Resources awaits approval for Maracas Vanadium project in Bahia

Metal Stocks  |  2011-06-09 10:04:24   |   By

Largo Resources Ltd. (TSX VENTURE:LGO) has submitted its application for an Installation License for the Maracas Vanadium Project in Bahia, Brazil

TORONTO (Scrap Monster): Largo Resources Ltd. (TSX VENTURE:LGO) has submitted its application for an Installation License for the Maracas Vanadium Project in Bahia, Brazil.

The Installation License is the final stage of permitting for construction and development of mining projects in Brazil and, once approved by the environmental authority of the State of Bahia, Brazil (Instituto do Meio Ambiente), the license will provide Largo with final approval to move forward with the construction of the processing facility at Maracas.

Mark Brennan, President and Chief Executive Officer of Largo stated: 'Following the successful completion of the recent $115 million equity financing, this is another significant step towards development and production at the Maracas Vanadium Project.

We have worked rigorously over the past months to ensure that the application and all necessary supporting documentation could be filed immediately following the receipt of the final pending land rights acquisition, as was announced in a press release on June 2nd, 2011. We expect to receive approval on our application by September, 2011 and in advance of our targeted timelines for development and construction at the project site.'

Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. The Company currently holds a 90% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailing Project, a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project, all in Brazil, and a 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 Q1 2013 and begin production of WO3 concentrate from the reprocessing of tungsten tailings from Currais Novos by July, 2011. Largo has a very skilled management team both in Canada and Brazil with the ability to advance these projects.

Largo is listed on the TSX Venture Exchange under the symbol 'LGO'.