Largo Inc T.LGO

August production blows away previous monthly records

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Largo Resources Ltd. has added a new press release to its web site . Largo Produces a Record 888 Tonnes of Vanandium Pentoxide in August, Being 11% Above Nameplate Capacity

TORONTO , Sept. 5, 2017 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQB: LGORF) is excited to announce that it has achieved a new monthly production record at its Maracs Menchen Mine during the month of August. The Company produced 888 tonnes of vanadium pentoxide ("vanadium" or "V2O5") in August surpassing by 60 tonnes the Company's previous monthly production record of 828 tonnes set in December 2016 . In addition to a new monthly record, Largo is also pleased to announce that it has achieved a new weekly production record in August of 215 tonnes. The production in August was 11% above the plant's nameplate capacity and is the result of our operating team's efforts to enhance efficiencies and to continually improve production.

Concurrently with these new production records, the price range of V2O5 for the week ended September 1, 2017 increased to US$11.00 /lb to US$11.25 /lb (Source: Metal Bulletin), which represents an approximate 89% increase over the US$5.81 average price for fiscal Q2 2017 and a new 5-year high.  

"Largo anticipates that as vanadium prices surpass $11.00 /lb, representing a 5-year high, its operational performance and low cost production will continue to deliver record breaking results.  Largo's continuing and successful production track record coupled with Largo's ability to produce vanadium at a low cost demonstrates Largo's emergence as a key player in the vanadium industry" said Largo's President and Chief Executive Officer, Mr. Mark A. Smith . Mr. Smith continued, "We believe that Largo's position as one of the only pure-play vanadium producers uniquely positions Largo to benefit from the current realities of the vanadium market, including the current increase in vanadium prices.