Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

November 16, 2007 08:00 ET

Largo Reports Drill Results and New Target Outlined at Macuchi Property in Ecuador

- 8.0 metres near true width at 3.3g Au/t, 2.09% Zn and 1.0% Pb in Hole 320-07-03 - Extensive new soil copper anomaly with coincident IP chargeability high

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2007) - Largo Resources Ltd. (TSX VENTURE:LGO) has been informed by Aur Resources Inc. (Aur) that it has completed an exploration program at the Macuchi property including drilling of 11 holes totalling 3938 metres, 1200 soil geochemical samples and 400 lithogeochemical samples. In addition, Aur also completed a detailed compilation and interpretation of all available data. Aur advises that it has spent in excess of $ 951,500 from October 2006 to date. The new drilling, in conjunction with previous work by Largo, has intersected significant gold, copper, silver and zinc mineralization at Macuchi (See Table 1 below). The extensive soil geochemical work by Aur has prioritized the widespread IP anomalies and defined a new target area at Yunganan where there is a strong copper soil anomaly spatially related to an induced polarization (IP) anomaly.

Highlights from the new drilling results include:

Minchoa 1

- Hole 320-07-03 intersected 8.0 metres near true width at 3.3g Au/t, 15.3g Ag/t, 1.0% Pb, and 2.09% Zn

Yunganan

- Hole 320-07-09 intersected 61.0 metres at 0.51% Cu

Minchoa 2

- Hole 320-07-08 intersected a new zone of hematized breccia with disseminated chalcopyrite and bornite mineralization

Aur Resources Inc. is now a wholly owned subsidiary of Teck Cominco Limited. Teck Cominco has advised Largo that it does not intend to continue Aur's option at the Macuchi property.

Andy Campbell, P.Geo., Vice President Exploration commented: "The results from the exploration program conducted by Aur Resources are encouraging and continue to demonstrate the strong polymetallic and widespread nature of the mineralization on the Macuchi property with further drilling warranted on several targets. The new target at Yunganan has excellent potential with the zone open to the north and at depth. We are currently reviewing all of the data and will plan a further exploration program."

Mark Brennan President & CEO commented "While we are disappointed that Teck Cominco will not be continuing with the joint venture, the work by Aur Resources has further advanced the project and outlined new targets and potential extensions that need to be drill tested. We have been approached by other companies interested in reviewing the project and will be actively seeking other joint venture partners to carry out further work at Macuchi." He continued, "The priority of Largo management and resources is to focus on its advanced Maracas Vanadium-PGM and Northern Dancer W-Mo properties."

Largo's Macuchi property covers over 5,000 hectares in northeastern Ecuador, hosting a number of significant polymetallic (Au, Cu, Zn & Ag) volcanogenic massive sulphide (VMS) deposits, including the past producing Mercedes mine (production 1940-1946 -435,000 tonnes at 11.7g Au/t and 4.7% Cu). These types of deposits are typical of other major known VMS environments including Selbaie, Quebec, Eskay Creek, B.C. and Mount Read, Tasmania.

Work by Largo has outlined two extensive parallel massive sulphide trends which occur along a major geological time horizon that extends for at least 6km along strike on the Macuchi property. As previously reported (see press release May 9, 2005), drilling by Largo has outlined an inferred mineral resource of 360,000 ounces of gold equivalent based on US $400 Au/oz, $6.00 Ag/oz and $1.25 Cu/lb (3.9 million tonnes at 1.94 g Au/t, 0.59% Cu, and 7.5g Ag/t) in the Mercedes-Patio area. This resource, which was reviewed and confirmed by T. Hennessy, P.Geo, of Micon International, is open along strike as well as at depth and can be significantly increased by further drilling.

Largo continues to hold a 100% interest in the 60,000+ hectare Cotopaxi property (Ecuador) which covers a 60km strike length of the likely extension of the mineralized belt north of Macuchi.

Analysis was carried out by ALS Chemex of North Vancouver, using fire assay with an AA finish on 30 gram pulps sample for gold and ICP 33 multi-element package. The over limits were analyzed by AAS for silver, copper, lead and zinc. Mr. Don Dudek, Aur's Exploration Manager was the Qualified Person for the program as defined under National Instrument 43-101.

Andy Campbell, P. Geo., Largo's Vice President of Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed this press release.

About Largo

Largo Resources is a Canadian natural resource development and exploration company with two advanced stage projects: the Northern Dancer Tungsten-Molybdenum deposit in the Yukon and the Maracas Vanadium-PGM deposit in Brazil. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador. The company is listed on the TSX Venture Exchange under the symbol LGO.

For more information please refer to Largo's website: www.largoresources.com.

Disclaimer

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of applicable securities laws. Readers are cautioned that any such statements are not guarantees of future performance and those actual developments or results may vary materially from those in these "forward-looking statements".



Table 1: Summary of Significant Assay Results - Macuchi Property, Ecuador

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True
Hole Au Ag Cu Pb Zn thickness
Number From To (g/t) (g/t) % % % (m)
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C320-07-01 No significant results
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C320-07-02 No significant results
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C320-07-03 27.80 35.80 3.30 15.30 0.07 1.00 2.09 8.00
and 42.80 45.50 1.17 46.20 0.01 0.01 0.04 2.70
and 89.40 127.6 0.21 8.4 0.01 0.04 0.18 38.2
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C320-07-04 261.00 269.00 0.41 1.50 0.02 0.02 1.33 8.00
and 452.00 458.00 0.13 1.40 0.02 0.01 0.62 6.00
---------------------------------------------------------------------------
C320-07-05 285.00 290.00 0.48 8.80 0.02 0.00 0.02 5.00
---------------------------------------------------------------------------
C320-07-06 22.50 28.00 0.12 2.60 0.10 0.05 1.88 5.50
---------------------------------------------------------------------------
C320-07-07 158.00 161.10 0.02 0.42 0.66 0.01 0.01 3.10
and 211.00 218.00 0.01 0.25 0.24 0.00 0.01 7.00
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C320-07-08 290.00 302.00 0.03 0.35 0.14 0.00 0.10 12.00
and 335.00 357.00 0.01 0.25 0.16 0.00 0.00 22.00
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C320-07-09 166.00 227.00 0.02 0.62 0.51 0.00 0.01 61.00
and 235.00 242.73 0.02 0.35 0.32 0.00 0.01 7.70
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C320-07-10 310.10 337.00 0.10 0.50 0.18 0.01 0.02 26.90
and 357.83 371.94 0.01 0.50 0.35 0.00 0.00 14.10
and 384.00 396.20 0.02 0.50 0.32 0.00 0.00 12.20
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C320-07-11 343.30 347.25 0.00 0.25 0.01 0.12 0.10 3.90
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Drill hole Information - Macuchi Property, Ecuador
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Hole No. Area Northing Easting Elevation Azimuth Dip Length
(UTM) (UTM) (m)
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320-07-01 Mercedes 9,896,200 716,102 1732 270 -65.8 450.18
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320-07-02 Mercedes 9,895,900 715,900 1950 270 -65.7 167.67
South
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320-07-03 Minchoa 1 9,894,500 715,500 2120 90 -50 302.36
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320-07-04 Patino 9,894,860 715,620 2238 90 -70 496.21
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320-07-05 Patino 9,894,806 715,610 2279 120 -65 377.03
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320-07-06 Minchoa 3 9,893,300 714,600 1957 90 -65 315.16
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320-07-07 Minchoa 2 9,894,500 714,800 2280 90 -55 241.40
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320-07-08 Minchoa 2 9,894,300 714,560 2238 90 -51 366.36
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320-07-09 Yunganan 9,895,700 715,060 2344 90 -51 309.98
---------------------------------------------------------------------------
320-07-10 Mercedes 9,896,690 715,915 1873 260 -51 534.00
West
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320-07-11 Mercedes 9,896,200 716,102 1732 270 -50 377.95
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TOTAL METRES DRILLED 3938.30

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