Largo Resources Ltd.

Largo Resources Ltd.

March 09, 2005 08:04 ET

Largo Closes $1,000,000 Private Placement Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: LARGO RESOURCES LTD.

TSX VENTURE SYMBOL: LGO

MARCH 9, 2005 - 08:04 ET

Largo Closes $1,000,000 Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - March 9, 2005) - Largo Resources Ltd.
(TSX VENTURE:LGO) has completed its private placement offering of
4,000,000 Units at $0.25 per Unit for gross proceeds of $1,000,000. Each
Unit consists of one common share and one whole common share purchase
warrant. Each Warrant entitles the holder to acquire one Common Share,
exercisable at a price of $0.35 per share until March 9, 2007. Each of
the Common Shares and the shares issued upon the exercise of the
Warrants will be subject to a hold period that will expire on July 10,
2005.

The proceeds will be used by the Company for exploration purposes as
well as for general corporate purposes. In connection with the
financing, Tsar Emerald International AB was provided with a finder's
fee of $93,000.

Additionally, the Company is pleased to announce that Stan Bharti has
joined the Board of Directors following the resignation of Keith Minty.
Mr. Bharti brings over 25 years of experience in operations, public
markets and finance to Largo Resources Ltd. Over the last ten years Mr.
Bharti has been involved in acquiring, restructuring, and financing. Mr.
Bharti has raised over $200 million in public markets over the last
decade. His experience in public markets includes acquisitions of
companies in Europe, Australia and North America. He is a Professional
Mining Engineer and holds a Masters Degree in Engineering from Moscow,
Russia and University of London, England.

The company has granted 800,000 options to officers, directors and
consultants of the company to purchase common shares at $0.35 per share,
subject to regulatory approval.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Largo Resources Ltd.
    David Meyer
    President
    (416) 861-5891
    www.largoresources.com
    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE.