Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

July 08, 2008 15:04 ET

Largo Provides Project Updates

- Maracas (Brazil) Feasibility Study is on track with results expected to be released during the month of August, four PGM exploration drill holes completed - Summer drilling program at Northern Dancer (Yukon) progressing well, Scoping Study delayed by Snowden until August

TORONTO, ONTARIO--(Marketwire - July 8, 2008) - Largo Resources Ltd. (TSX VENTURE:LGO) is pleased to provide an update to shareholders on both the Maracas Vanadium-PGM project in Brazil and the Northern Dancer Tungsten-Molybdenum project (Yukon).

Maracas

As announced on June 2, 2008, a drill rig has been mobilized on the Maracas property to undertake a minimum 5,000-metre exploration drill program to test a number of high priority PGM targets. A total of 20 to 25 holes will be drilled. These holes were targeted based on the magnetic and Spectral Induced Polarization (IP) surveys completed in late 2007, lithogeochemical results from drill core sampling done across the property and some modeling and lithological and petrographic studies done by Dr. Reid Keays, an expert in platinum group element (PGE) deposits. To date, Largo's team at Maracas has completed four holes comprising 1,100 metres drilled.

The Maracas feasibility study, which is being led by Aker Solutions is on track with results expected to be released during the month of August 2008.

Northern Dancer

As announced on June 24, 2008, three drill rigs have been mobilized to undertake a diamond drill program on the Company's 1,500 hectare Northern Dancer Tungsten-Molybdenum project, which straddles the Yukon-British Columbia border 290 kilometres east of Whitehorse. The minimum 55-hole diamond drill program is intended to further define the extent of the higher-grade tungsten and molybdenum zones intersected in the 2006 and 2007 programs. The program is expected to take four to six months to complete and is progressing well. As of the week ending July 5, 2008, nine holes had been completed with over 3,300 metres drilled.

Snowden Mining Industry Consultants Inc. (Snowden) has informed Largo that completion of the Northern Dancer Scoping Study will be delayed until August 2008 so that a more thorough investigation of alternative tailings disposal sites compared to that originally planned can be undertaken. A site visit has been scheduled for July now that the potential sites are accessible. Local staff is staying in close contact with the Snowden team to ensure that necessary preparations and logistics are in place to support the site visit.


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. 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.

Andy Campbell, the Vice President Exploration of Largo and a Qualified Person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.

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 (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization, projected expenditures and estimated timelines for work completion. 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, reliance on consultants, 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.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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