Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

April 26, 2011 07:11 ET

Largo to Initiate Exploration Drill Program at Its Maracas Vanadium Project, Bahia, Brazil

- 11,000 metre drill program to test high priority targets

- Objective to double existing Mineral Resource

TORONTO, ONTARIO--(Marketwire - April 26, 2011) - Largo Resources Ltd. (TSX VENTURE:LGO) ("Largo") is pleased to announce that it plans to begin an 11,000-metre exploration drill program at its Maracas Vanadium Project ("the Project") imminently. Several high priority targets have been identified through Largo's ongoing ground exploration program and the drill program has been designed with the goal of doubling the existing Mineral Resources Estimate at the project.

The Project's existing mineral reserve estimate of 13.1 million tonnes grading 1.34% vanadium pentoxide, which includes 8.7 million tonnes grading 1.94% vanadium pentoxide (see press release of August 12, 2008 for details on the mineral reserve estimate), was defined solely at the Glucari "A." The deposit, consisting of 400 meters by 150 meters of the property, remains open along strike as well as at depth. A portion of the 2011 drill program will be aimed at expanding the resource at Glucari "A" and other known showings in the immediate vicinity of the deposit (see figures 1 and 2).

In addition, a recent ground exploration program and magnetic survey has identified several similar occurrences on concessions Largo acquired in 2010 (see press release dated November 22, 2010). Largo's increased land position at the property totals over forty kilometres along strike (see figure 3). These new targets have been prioritized based on results from recent field test-work and will be followed up with drilling accordingly.

The drill program at the Project is expected to take nine months to a year to complete.

Andy Campbell, Vice President of Exploration for Largo, commented: "The exploration program that Largo has conducted over the past three months on the 40 kilometres of strike length that Largo controls in the belt as well as the other known showings has identified a number of high priority targets. It is our goal to double the current Mineral Resources Estimate with this program."

Quality Assurance and Quality Control

The scientific and technical information in this press release has been reviewed and approved by Andy Campbell, P.Geo., Vice President of Exploration to Largo and a Qualified Person as defined by National Instrument 43-101

About Largo

Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. Largo currently holds a 90% interest in the Maracás Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailing Project, a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project, all in Brazil, and a 70% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada. The immediate goal of the Company is to develop the Maracás Vanadium Project by Q1 2013 and begin production of WO3 concentrate from the reprocessing of tungsten tailings from Currais Novos by July, 2011. Largo's skilled management team both in Canada and Brazil, are confident in their ability to advance these projects.

Largo 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 information under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to statements with respect to the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; and success of exploration activities. 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 those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Although management of 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. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

To view the figures accompanying this press release, please visit the following link:

http://media3.marketwire.com/docs/692022.pdf

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