Largo Resources to Advance the Currais Novos Tungsten Project, Rio Grande De Norte, Brazil

Largo Resources Ltd. (TSXV:LGO) announced that it has successfully completed its due diligence process at the Currais Novos tungsten project, located 180 kilometres west-southwest of Natal in the State of Rio Grande do Norte, Northeastern Brazil.

The press release is quoted as saying:

The conclusion of its investigations has led Largo to conclude that the project is of merit and shall provide substantial short term economic benefit to the Company and its shareholders. Construction is expected to begin in September 2010 with first deliveries expected in the first quarter of 2011. In tandem with the conclusion of its due diligence, Largo is pleased to announce that it has signed a Letter of Intent (LOI) with Global Tungsten & Powders (“GTP”) Corp., Towanda, Pennsylvania to enter into an off-take agreement. The signing of the off-take agreement is contingent upon GTP satisfactorily completing its due-diligence. GTP is a worldwide leading supplier of refractory metal powders.

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