Largo Resources Ltd.

Largo Resources Ltd.

August 02, 2006 16:05 ET

Largo Closes Final Tranche Of Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - Aug. 2, 2006) - Largo Resources Ltd. (TSX VENTURE:LGO) has completed the second tranche of its $1,010,000 private placement offering through the issuance of 2,300,000 flow through shares at $0.25 per flow through share for total gross proceeds of $575,000. Each of the flow through shares is subject to a hold period that will expire on December 3, 2006. The proceeds will be used by the Company for exploration purposes.

Largo is a Canadian natural resource development and exploration company with an advanced-stage project in the Yukon, the Northern Dancer Tungsten-Molybdenum deposit, and 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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