Largo Resources Announces First Quarter 2019 Production Results

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Algemeen advies 12/04/2019 06:20
. Q1 2019 V2O5 production of 2,099 tonnes, a 5% decrease from Q1 2018
• Kiln refractory replacement completed ahead of schedule
• Global V2O5 recovery rate of 80.0% achieved in Q1 2019, a 5% increase over Q1 2018
• Q1 2019 financial results conference call: Wednesday, May 15th, 2019 at 12:00 p.m. EST

TORONTO, April 11, 2019 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) announces first quarter 2019 production results from its Maracás Menchen Mine with 2,099 tonnes of vanadium pentoxide ("V2O5") produced at an average global recovery ratei of 80.0%. The Company is also pleased to announce that the scheduled kiln refractory replacement has been completed and regular production has resumed.

Total production in Q1 2019 from the Maracás Menchen Mine of 2,099 tonnes of V2O5 was 5% below Q1 2018 results. Production of 816 tonnes of V2O5 in January and 735 tonnes of V2O5 in February were both impacted by maintenance in the fusion section of the plant and unanticipated power outages, which mostly occurred in February. Production in March of 548 tonnes of V2O5 was, as anticipated, significantly impacted by the scheduled kiln refractory replacement which resulted in 11 days of production down time, being 2 days less than the expected 13 days previously reported. A complete replacement of the kiln refractory occurs every two years as a consequence of the high temperatures utilized inside the kiln, which weakens the kiln's durability over time and causes stability issues with recoveries. Largo expects that the replacement of the kiln refractory will help to minimize the need for minor repairs that were performed to the kiln throughout 2018.

Global V2O5 recovery ratesi averaged 80.0% during the quarter representing an increase of 5% over Q1 2018. This is primarily attributable to improved recoveries in the leaching and precipitation sections of the plant during January and February.

A summary of Q1 2019 production results from the Maracás Menchen Mine is presented below:

Maracás Menchen Mine Production
Q1 2019 Q1 2018
Global recoveryi (%) 80.0% 75.9%
Concentrate produced (tonnes) 86,673 77,222
Grade of concentrate (% V2O5) 3.32% 3.56%
Contained V2O5 (tonnes) 2,874 2,747
V2O5 flake produced (flake + powder) (tonnes) 2,099 2,214
V2O5 produced (equivalent pounds)ii 4,627,497 4,881,029

Mark Smith, Chief Executive Officer of Largo, stated: "Production at the Maracás Menchen Mine was impacted during the quarter by the Company's scheduled replacement of the kiln refractory in addition to unanticipated power outages and corrective maintenance to the fusion section of the plant. I am pleased to report that the kiln refractory replacement has been completed and our operations team was able to minimize the impact on production during the month to 11 days versus the 13 days previously reported.Operations have since resumed and the Company expects to return to a normalized production level in the next quarter."

Conference Call
Largo Resources' management will host a conference call on Wednesday, May 15, 2019, at 12:00 p.m. EST, to discuss first quarter 2019 operational and financial results.

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