Largo Resources Ltd.

Largo Resources Ltd.

February 06, 2012 16:57 ET

Largo Resources Appoints John Laurie as Chief Financial Officer

TORONTO, ONTARIO--(Marketwire - Feb. 6, 2012) - Largo Resources Ltd. (TSX VENTURE:LGO) ("Largo" or the "Company") is pleased to welcome Mr. John Laurie to the position of Chief Financial Officer of the Company.

Mr. Laurie, a Chartered Accountant, has over 30 years of senior financial management experience for a number of multinational companies across a variety of sectors, including mining. Most recently, Mr. Laurie was Treasurer for Breakwater Resources Ltd., a mining, exploration and development company that produces zinc, copper, lead and gold concentrates, which was recently acquired by Nrystar. Prior to Breakwater, Mr. Laurie held senior executive positions as a Vice President and Treasurer for several mid to large market cap corporations including: Moore Wallace Incorporated, Maple Leaf Foods Limited, George Weston Limited and Call-Net Enterprises Inc.

Mr. Laurie holds a Graduate Diploma in Accounting from McGill University, as well as an Honours Bachelor of Science degree from Bishops University.

Mark Brennan, President and Chief Executive Officer to Largo stated: "We are pleased to welcome John Laurie to our management team. We believe his financial management experience with larger corporations will prove invaluable. As Largo looks to begin construction shortly at its flagship Maracas vanadium project John's experience with sophisticated financial controls and reporting will go a long way as Largo transitions from a development company into the production and revenue generating stage."

Mr. Laurie will succeed Deborah Battiston who will remain with the Company through the transition period.

Mr. Brennan continued: "I would like to thank Deborah for the tremendous amount of energy and dedication she has demonstrated during some very trying years. She has been an integral part of the Company's development through many significant milestones. On behalf of the entire team; we would like to take this opportunity to wish her continued success in all her future endeavours."

In connection with his appointment, Mr Laurie was granted 400,000 options of the Company. The options have an exercise price of $0.29 and shall expire five years from the date of grant. The options shall vest over a two year period, with 1/3 of the options vesting on the date of grant and 1/3 of the options vesting on each of the first and second anniversaries of the date of grant thereafter. The options are subject to the four month regulatory hold period. The grant of options is subject to regulatory approval.

About Largo

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 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 2013 and continue ramping up production of WO3 concentrate from the reprocessing of tungsten tailings from Currais Novos where the first commercial shipment was completed in December 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".

For more information please refer to Largo's website:


This press release contains forward-looking information under Canadian securities legislation. Forward-looking information includes, but is not limited to, the anticipated impact of the appointment on the Company's future success, the effect of the Company's projects on the Company's future financial and operational success, the timing and amount of future exploration work to be conducted on the properties, and the timing of production at the Company's Currais Novos project. 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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