Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

March 10, 2010 12:15 ET

Largo Resources Closes Second Tranche of Private Placement Financing

Proceeds intended to be used to acquire additional 35% interest in Maracas Project

TORONTO, ONTARIO--(Marketwire - March 10, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Largo Resources Ltd. ("Largo" or the "Company") (TSX VENTURE:LGO) is pleased to announce that further to its press release dated March 8, 2010, it has completed the second tranche of its previously announced private placement (the "Offering") of 13,636,364 special warrants of the Company (the "Special Warrants"), at a price of $0.22 per Special Warrant, for gross proceeds of approximately $3,000,000. The second tranche of the Offering was completed on a non-brokered basis. In total, the Company raised gross proceeds of approximately $8,000,000.

Largo intends to use the net proceeds from the Offering to acquire an additional 35.5% interest in its Maracas vanadium project in Brazil and for working capital purposes. Upon completion of the proposed acquisition, Largo would hold an 80% interest in the project and have an option to acquire an additional 10% interest.

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 is listed on the TSX Venture Exchange under the symbol LGO. For more information please refer to Largo's website: www.largoresources.com.

This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the likelihood a prospectus will be filed on time or at all resulting in the conversion of the special warrants before four months and a day from the closing date, the proposed use of proceeds, receipt of regulatory approval; completion of the financing on the terms proposed; Largo's development potential and timetable of the Maracas projects; Largo's ability to raise additional funds necessary; government regulation of mining operations; and environmental risks. 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 the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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