Largo Resources is a mineral exploration and development company, Canada focused on establishing a global leading strategic metals company.
Largo Resources has negotiated formal extension of the tenure through which it can acquire the remaining 30% interest in Northern Dancer Tungsten-Molybdenum deposit in the Yukon Territory, it does not possess until May 15, 2011. At present, Largo has 70% interest in Northern Dancer project.
Under the terms of the option agreement, Largo has to pay US$5 million to Strategic Metals for the last 30% interest in the Northern Dancer project. Largo plans to utilize the funds to facilitate the option that ends in early May to make the payment.
The final acquisition of the remaining 30% interest in Northern Dancer property is a significant stage in Largo's objectives. The company expects to complete the business deal and developing world-class tungsten and molybdenum asset after the latest announcement of a positive Preliminary Economic Assessment.
Source: http://www.largoresources.com/