Largo announces qualification of its vanadium for use in production of titanium master alloys in the aerospace industry
TORONTO, Feb. 27, 2017 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQB: LGORF) is very pleased to announce that Largo's vanadium pentoxide has been qualified for use by a major North American producer of master alloys for the aerospace industry. Additional qualification trials are underway at master alloy producers in Europe and Russia.
High purity vanadium pentoxide is used in the production of vanadium master alloys used by the global titanium alloy industry. Vanadium based master alloys are critical, non-replaceable materials used in the production of various titanium alloys for aerospace, industrial, and other applications.
The qualification of Largo's vanadium pentoxide for these applications represents an important broadening of the supply base for high purity vanadium pentoxide to the global titanium master alloy industry. Over the past two years rationalizations within the vanadium industry during a period of historically low prices has resulted in a significant decrease in the availability of high purity vanadium pentoxide for the titanium, chemical and energy storage (battery) markets. For Largo, the qualification is an important step in ensuring that its product becomes the product of choice in value added specialty applications for vanadium pentoxide including applications in the titanium industry, the chemical and catalyst industries, and the developing energy storage markets.
Mark Smith, President and Chief Executive Officer for Largo, stated: "Now that the Maracás Menchen Mine has demonstrated stable and consistent operations, it is poised to benefit greatly from selling its vanadium products into higher margin market sectors as well as from general increases in vanadium prices, which we anticipate will strengthen further during 2017." Mr. Smith continued "I am very pleased with the qualification of our material for use by the master alloy industry and we look forward to supplying the specialty application segment for years to come."
About Largo
Largo Resources Ltd. is a growing strategic mineral company focused on the production of vanadium pentoxide at its Vanadio de Maracás Menchen Mine. Vanadium is primarily used as an alloy to strengthen steel and reduce its weight. Vanadium enhanced steels are used in a vast and growing range of products that are used and encountered every day; including, rebar, automobiles, transport infrastructure etc. As trends in the steel industry now demand increasingly stronger and lighter products for advanced applications, the use of vanadium is expected to grow over the medium and long term. Largo also has interests in a portfolio of other projects, including: a 100% interest in the Currais Novos Tungsten Tailings Project in Brazil; a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project in Brazil; and a 100% interest in the Northern Dancer Tungsten-Molybdenum property in the Yukon Territory, Canada. For more information, please visit www.largoresources.com.
Cautionary Notes:
This press release contains forward-looking information under Canadian securities legislation. Forward-looking information includes, without limitation, statements with respect to completion of a listing on a U.S. stock exchange. 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". All information contained in this news release, other than statements of current and historical fact, is forward looking information. 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. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. 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 sections of Largo's annual and interim MD&As.
Neither the Toronto Stock Exchange (nor its regulatory service provider) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Largo Resources Ltd.
Largo Investor Relations, [email protected]
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