- Q2 2019 V2O5 production of 2,515
tonnes, an increase of 20% over Q1 2019 and 2% over Q2
2018
- Record monthly V2O5 production of 926
tonnes achieved in June
- Successful start to expansion project ramp-up; Commissioning
and ramp-up expected to conclude in Q3 2019
- Global V2O5 recovery rate of 79.1% in
Q2 2019; Second quarter of strong global recoveries in
2019
- Q2 2019 financial results conference call: Wednesday, August 14th, 2019 at
11:30 a.m. EDT
TORONTO, July 10, 2019 /CNW/ - Largo Resources Ltd.
("Largo" or the "Company") (TSX: LGO)
(OTCQX: LGORF) is pleased to announce second quarter 2019
production results from its Maracás Menchen Mine with 2,515 tonnes
of vanadium pentoxide ("V2O5")
produced at an average global recovery rate1 of
79.1%.
Total production in Q2 2019 from the Maracás Menchen Mine was
2,515 tonnes of V2O5 representing an
increase of 20% over Q1 2019 and a 2% increase over Q2 2018. In
addition, the Company achieved a new monthly
V2O5 production record of 926 tonnes in June
as a result of greater operational stability at the plant in
addition to the optimization of the new and existing deammoniators
as part of the commissioning and ramp-up phase of the Company's
expansion project. Lower V2O5 production
of 755 tonnes in April was impacted by the restart of operations
following the kiln refractory replacement which was completed on
March 31, 2019.
Global V2O5 recovery1 rates
averaged 79.1% during the quarter are in line with Q2 2018 and
demonstrate another strong quarter of global recoveries1
for the Company.
The expansion project to increase production capacity at the
Maracás Menchen Mine by 25% from 800 tonnes of
V2O5 per month to 1,000 tonnes continues
to advance successfully. The Company plans to install an additional
ball mill in August and expects to finalize the commissioning and
ramp-up phase in Q3 2019, reaching the new nameplate capacity of
1,000 tonnes of V2O5 per month in Q4
2019.
A summary of Q2 2019 production results from the Maracás Menchen
Mine is presented below:
Maracás Menchen
Mine Production
|
Q2
2019
|
Q1
2019
|
Q2
2018
|
|
|
|
|
Global
recovery1 (%)
|
79.1%
|
80.0%
|
79.2%
|
Concentrate produced
(tonnes)
|
102,320
|
86,673
|
85,639
|
Grade of concentrate
(% V2O5)
|
3.30%
|
3.32%
|
3.37%
|
Contained
V2O5 (tonnes)
|
3,380
|
2,874
|
2,889
|
V2O5 flake produced (flake +
powder) (tonnes)
|
2,515
|
2,099
|
2,458
|
V2O5 produced (equivalent
pounds)2
|
5,544,619
|
4,627,497
|
5,418,956
|
Mark Smith, Chief Executive
Officer of Largo, stated: "I am very pleased with the
operational performance demonstrated in Q2 2019 highlighted by
another quarter of strong global recoveries1 and a new
monthly production record achieved in June. He continued:
"With additional production being realized as a result of the
expansion project ramp-up, we look forward to finalizing the
installation of the new ball mill and completing the commissioning
and ramp-up phase of the expansion project in Q3 2019 to reach the
new nameplate capacity of 1,000 tonnes of
V2O5 per month in Q4 2019."
Conference Call
Largo Resources' management will host a conference call on
Wednesday, August 14, 2019, at
11:30 a.m. EDT, to discuss second
quarter 2019 operational and financial results.
Conference Call Details:
Date:
|
Wednesday, August 14,
2019
|
Time:
|
11:30 a.m.
EDT
|
|
|
Dial-in
Number:
|
Local /
International: +1 (416) 764-8688
|
|
North American Toll
Free: (888) 390-0546
|
|
|
|
Brazil Toll
Free: 08007621359
|
|
|
Conference
ID:
|
69944520
|
|
|
Replay
Number:
|
Local /
International: + 1 (416) 764-8677
|
|
North American Toll
Free: (888) 390-0541
|
|
|
|
Replay Passcode:
944520#
|
|
|
Website:
|
To view
press releases or any additional financial information, please
visit our Investor Relations section of the Largo Resources website
at: www.largoresources.com/investors
|
A playback recording will be available on the Company's website
for a period of 60-days following the conference call.
About Largo Resources
Largo is a Toronto-based strategic mineral company focused
on the production of vanadium flake, high purity vanadium flake and
high purity vanadium powder at the Maracás Menchen
Mine located in Bahia State, Brazil. The Company's
common shares are principally listed on the Toronto Stock
Exchange under the symbol "LGO". For more information
on Largo, please visit our website
at www.largoresources.com.
Neither the Toronto Stock Exchange (nor its regulatory
service provider) accepts responsibility for the adequacy or
accuracy of this press release.
Forward-looking Information:
This press release contains forward-looking information under
Canadian securities legislation, some of which may be considered
"financial outlook" for the purposes of application Canadian
securities legislation ("forward-looking statements").
Forward‐looking information in this press release
includes, but is not limited to, statements with respect to timing
for and completion of the Maracás Menchen Mine expansion project
and the costs associated therewith; the timing and amount of
estimated future production; costs of future activities and
operations; and the extent of capital and operating.
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 which also apply.
1Global
recovery is the product of crushing recovery, milling recovery,
kiln recovery, leaching recovery and chemical plant
recovery.
|
2Conversion of tonnes to pounds, 1 tonne =
2,204.62 pounds or lbs.
|
SOURCE Largo Resources Ltd.