Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

February 26, 2008 16:05 ET

Largo Intersects 52 Meters Grading 0.26% WO3 and 0.18% Mo at Its Northern Dancer Tungsten-Molybdenum Project, Yukon

- Wide zones of tungsten and molybdenum mineralization reported at or above deposit grade in all of the holes - Significant higher-grade intervals also reported - Revised resource calculation targeting higher grade zones due at the end of the First Quarter

TORONTO, ONTARIO--(Marketwire - Feb. 26, 2008) - Largo Resources Ltd. (TSX VENTURE:LGO) announces that it has received results for ten (10) drill holes totalling 1875 samples which is part of the recently completed drill program of 26 holes totalling 8,494 metres at the Company's 1,500 hectare Northern Dancer Tungsten-Molybdenum property which straddles the Yukon-British Colombia border, 290 kilometres east of Whitehorse.

Largo has now received results for twenty-four (24) holes totalling 4934 samples at this time. Assays are still pending on the two remaining holes. Work is now focused on modelling and on updating the resource, which is due to be completed in the first quarter.

The drill program focussed on upgrading and expanding the current mineral resource of 242 million tonnes grading 0.10% WO3 and 0.047% MoS2 including 36.8 million tonnes grading 0.085% MoS2 (reported in the April 2, 2007 press release) as well as on further defining the higher grade tungsten and molybdenum zones. Note that WO3 is Tungsten scheelite and MoS2 is molybdenite grade. Preliminary pit modelling was done in order to help maximize the effectiveness of the drill program.

Significant Highlights include:

- LT07-89 - 52.00 metres grading 0.26% WO3 and 0.18% Mo

- LT07-85 - 16.10 metres grading 0.23% WO3 and 0.02% Mo and 88.50 metres grading 0.15% WO3 and 0.05% Mo

- LT07-96 - 250.00 metres grading 0.11% WO3 and 0.05% Mo including 44.90 metres grading 0.14% WO3 and 0.05% Mo

- LT07-95 - 164.00 metres grading 0.14% WO3 and 0.03% Mo and 26.00 metres grading 0.24% WO3 and 0.04% Mo

The drilling has now tested the porphyry style mineralization along strike for 1.0 kilometre to a vertical depth of 500 metres and the zone ranges in width from 50 to 437 metres. The deposit remains open along strike and to depth. The mineralization consists of several generations of numerous quartz veins and veinlets crosscutting the various rock types within the limits the northeast trending structural zone. These veins and veinlets contain varying amounts of scheelite and molybdenite.

Andy Campbell, Vice President, Exploration at Largo Resources commented: "The drill program has been successful at achieving its goals of further defining the higher grade tungsten and molybdenum zones. Recent results continue to be very encouraging, with all ten holes reporting good grades at or above deposit grade over wide widths of mineralization, including three holes that have exceptional widths."

The Northern Dancer property hosts widespread tungsten-molybdenum porphyry style mineralization, the core of which has been partially delineated by 68 diamond drill holes and 496 metres of underground workings. Work to date has been completed by AMAX Minerals Exploration from 1977 to 1980 and by Largo Resources which completed a 17-hole diamond drill program in 2006. On April 2, 2007, Largo announced a NI 43-101 compliant inferred mineral resource of 242.0 million tonnes grading 0.10% WO3 and 0.047% MoS2 containing 508.1 million lbs. tungsten (WO3) and 151.0 million lbs. molybdenum (Mo) confirming Northern Dancer as one of the largest undeveloped tungsten-molybdenum deposits in the world. This resource includes a higher grade Mo zone of 36.8 million tonnes of 0.085% MoS2.

Please refer to Table 1 (Summary of Significant Assay Results - Northern Dancer Property, Yukon) which is appended to this news release for a summary of the above-noted drill results. Largo's website has the Northern Dancer 2007 Drilling Plan Map which provides a reference for the location of these holes on the property via the following link:

http://www.largoresources.com/nd_map.htm

The Northern Dancer deposit is one of the world's largest known tungsten-molybdenum porphyry systems. The mineralization is hosted in fractures and veins associated with a northeast-trending sheeted vein system in calc-silicate (skarn) rocks and spatially related to a felsic intrusion (quartz-feldspar porphyry). The deposit, which has been tested by drilling for 1,000 metres along strike, 500 metres vertically and 600 metres in width, remains open along strike to both the northeast and southwest as well as at depth.

Tungsten and molybdenum mineralization are concentrated in two zones which partially overlap. In the core of the deposit, there is a higher-grade molybdenum zone where molybdenite occurs within and adjacent to the felsic intrusion. Surrounding and partially overlapping the molybdenum zone is a much more extensive tungsten zone where scheelite occurs in northeast-trending sheeted quartz veins in skarn.

Analytical work is being carried out at Acme Analytical Laboratories Ltd. in Vancouver, British Columbia, an ISO 9001-2000 certified laboratory. The samples are crushed to 70% passing 10 mesh, split to 250 g and pulverized to 95% passing 150 mesh. A 5-gram split is analyzed for Mo and W using a phosphoric acid leach followed by ICP-emission spectrometry. Then a second 5-gram split is analyzed for 36 elements by ICP-mass spectrometry using a hot (95 degrees centigrade) aqua regia leach. Routine check assays are performed at SGS Minerals in Lakefield, Ontario on sample rejects. Largo employs a systematic QA/QC program including standards, duplicates and blanks. Andy Campbell, P. Geo., Largo's Vice President of Exploration, is the Qualified Person responsible for the scientific and technical work for the program as defined under National Instrument 43-101 and has reviewed this press release.

About Largo

Largo Resources 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. Largo also has 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.

For more information please refer to Largo's website: www.largoresources.com

Disclaimer

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations, production levels and costs, estimates regarding mineral resources, projections regarding mineral prices anticipated revenues and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.



Table 1: Summary of Significant Assay Results - Northern Dancer
Property, Yukon

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Hole WO3 Mo Interval(i)
Number From To % % (metres)
--------------------------------------------------------------------
LT07-71 47.70 92.10 0.10 0.01 44.40
and 153.90 196.20 0.10 0.01 42.30
and 212.00 222.00 0.15 0.05 10.00
including 253.60 322.00 0.09 0.02 68.40
--------------------------------------------------------------------
LT07-82 198.00 218.00 0.11 0.01 20.00
and 238.00 333.00 0.12 0.02 95.00
and 374.00 433.30 0.12 0.02 59.30
--------------------------------------------------------------------
LT07-84 0.00 29.00 0.09 0.02 29.00
and 102.00 121.70 0.12 0.04 19.70
and 180.00 222.00 0.13 0.05 42.00
--------------------------------------------------------------------
LT07-85 26.70 65.90 0.12 0.02 39.20
and 97.00 113.10 0.23 0.02 16.10
and 223.90 246.00 0.11 0.04 22.10
and 291.40 379.90 0.15 0.05 88.50
--------------------------------------------------------------------
LT07-86 3.00 34.00 0.11 0.02 31.00
and 67.00 107.50 0.11 0.02 40.50
and 178.00 210.80 0.09 0.02 32.80
--------------------------------------------------------------------
LT07-87 77.00 107.00 0.12 0.03 30.00
and 119.00 170.00 0.12 0.03 51.00
and 183.00 230.50 0.14 0.02 47.50
--------------------------------------------------------------------
LT07-89 9.10 29.00 0.10 0.01 19.90
and 112.00 156.50 0.16 0.03 44.50
and 191.00 243.00 0.26 0.18 52.00
and 280.00 331.00 0.14 0.02 51.00
and 339.60 384.40 0.14 0.02 44.80
--------------------------------------------------------------------
LT07-92 277.00 293.00 0.14 0.05 16.00
and 323.00 438.00 0.11 0.03 155.00
--------------------------------------------------------------------
LT07-95 0.00 164.00 0.14 0.03 164.00
including 132.00 158.00 0.24 0.04 26.00
--------------------------------------------------------------------
LT07-96 24.00 48.20 0.13 0.02 24.20
and 80.00 98.90 0.10 0.02 18.90
and 137.80 387.80 0.11 0.05 250.00
including 137.80 179.10 0.16 0.03 41.30
including 231.10 276.00 0.14 0.05 44.90
including 319.50 379.30 0.15 0.04 59.80
--------------------------------------------------------------------
(i) the drill core size is NQ and all intervals reported are at or
very near true thickness


Drill hole Information - Northern Dancer Property, Yukon

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Hole Number Northing Easting Elevation Azimuth Dip
--------------------------------------------------------------------------
LT07-71 6,654,824 354,688 1,643 315 -45
LT07-82 6,655,231 354,555 1,431 140 -50
LT07-84 6,654,898 355,243 1,474 325 -50
LT07-85 6,655,234 354,809 1,474 130 -45
LT07-86 6,654,739 354,839 1,551 150 -50
LT07-87 6,654,788 354,870 1,546 200 -65
LT07-89 6,655,254 354,727 1,460 138 -60
LT07-92 6,654,566 354,727 1,564 310 -45
LT07-95 6,654,847 355,170 1,486 320 -45
LT07-96 6,654,814 354,971 1,527 311 -54
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