Largo Resources Ltd.(TSXV:LGO) announced the results of a NI 43-101 compliant technical report for its Maracás Vanadium Project. The Company also reported of its new revised mine plan.
As quoted in the press release:
Results from the Report demonstrate the encouraging economic viability of certain revisions to the previously disclosed mine plan which will result in Largo producing vanadium pentoxide for the first five years of production with a shift to production of ferro-vanadium in subsequent years.
Largo, President and Chief Executive, Mark Brennan, said:
It is important to note the above sensitivity to both CAPEX reduction and to the exchange rate – as we announced previously we have already placed orders for 50% of the total CAPEX and remain under budget. The Brazilian Reais has also weakened significantly during the past several months which continues to benefit Largo as we move forward with the construction and procurement process.