Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

March 24, 2010 07:00 ET

Largo Resources Announces Extension of Option to Purchase Additional 30% at Northern Dancer Project, Yukon

- Option to purchase final 30% extended to March 2011

TORONTO, ONTARIO--(Marketwire - March 24, 2010) - Largo Resources Ltd. (TSX VENTURE:LGO) ("Largo" or "the Company") is pleased to announce that it has negotiated a formal extension of the term during which it can purchase the 30% interest it does not already own at the Northern Dancer Tungsten-Moly deposit in the Yukon Territory. Largo currently holds a 70% interest in the Northern Dancer project.

In consideration for the extension, the Company has made an initial deposit of $200,000 to Strategic Metals Ltd. that will be counted towards the payment of $5 million that Largo will have to make by March 11th, 2011 for Largo to take its interest to 100%

About Largo

Largo Resources Ltd. is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. The Company also owns the Campo Alegre de Lourdes Vanadium exploration project in Brazil. 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

This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to effect of the extension on the Corporation and the likelihood of the extension being met, and Largo's ability to raise additional funds necessary. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: timing and availability of external financing on acceptable terms; unexpected events and delays during construction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of ferrovanadium; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Although management of the Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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