Largo Resources Ltd.

Largo Resources Ltd.

July 18, 2007 13:39 ET

Largo Reports Additional Positive Drill Results From Maracas Vanadium-PGM Project (Brazil)

- 2.42% V2O5 over 68m - highest grade hole reported to date - PGMs continue to be a significant component of the mineralization

TORONTO, ONTARIO--(Marketwire - July 18, 2007) - Largo Resources Ltd. (TSX VENTURE:LGO) is pleased to provide an additional update on the exploration drilling program in progress on its 2,000 hectare Maracas Vanadium-PGM property located 250 kilometres west of Salvador, Bahia, Brazil.

To date, 43 diamond drill holes totalling 10,620 metres have been completed. 37 of 43 holes have intersected massive magnetite layers which host the Vanadium-PGM mineralization and the previously announced inferred mineral resource of 15.0 million tonnes grading 1.37% Vanadium Pentoxide (V2O5) (see press release of November 22, 2006). Largo has received results from an additional three (3) drill holes and one previously reported hole (FGA68) that has undergone some additional sampling, totalling 234 samples. Significant results are shown in Table 1. More assay results will be released as they become available.

Highlights from the new drill results include:

- FGA68 - A second deeper zone 47.0 metres true width at 1.64% V2O5 and 0.50 g PGM/t (0.28 g Pt/t and 0.22 g Pd/t)

- FGA69 - 68.0 metres true width grading 2.42% V2O5, and 0.65 g PGM/t (0.53 g Pt/t and 0.12 g Pd/t)

- FGA71 - 40.0 metres true width grading 2.07% V2O5, and 0.32 g PGM/t (0.24 g Pt/t and 0.08 g Pd/t)

Andy Campbell, P.Geo., Vice President, Exploration commented: "Three of the four new drill holes substantially exceed the average deposit grade (1.37% V2O5) and true average width (25 metres). Hole FGA69 is the highest grade and widest intersection found to date on the property. Also, the results continue to report very significant and consistent PGM values across the massive magnetite zones."

The deposit as outlined from historic drilling extends 325 metres in length to a vertical depth of 150 metres with true widths ranging from 11 to 100 metres with an average width of about 25 metres. The current program has already extended the mineralized zone for a strike length of 400 metres to a vertical depth of over 300 metres; the zone remains open along strike and down dip. On several sections a second layer of massive magnetite has been intersected and this has significantly increased the overall width of the mineralized zone in deeper holes.

Analytical work was carried out by SGS Minerals in Belo Horizonte, Brazil, an ISO 9001-2000 certified laboratory. 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 Northern Dancer Tungsten-Molybdenum deposit in the Yukon and the Maracas Vanadium-PGM deposit in Brazil. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador; one of which, the 5,000 hectare Macuchi property, is under option to Aur Resources Inc. The company is listed on the TSX Venture Exchange under the symbol LGO.

For more information please refer to Largo's website:


Statements in this release that are not historical facts are "forward-looking statements" within the meaning of applicable securities laws. Readers are cautioned that any such statements are not guarantees of future performance and those actual developments or results may vary materially from those in these "forward-looking statements".

Table 1: Summary of Significant Assay Results - Maracas Property, Brazil

Hole V2O5 Pt Pd PGM Interval thickness
Number From To % (g/t) (g/t) (g/t) (metres) (m)
FGA68 168.00 217.00 1.64 0.28 0.22 0.50 49.00 47.00
FGA69 44.26 112.73 2.42 0.53 0.12 0.65 68.00 68.00
FGA70 23.00 36.00 2.15 0.21 0.09 0.30 13.00 13.00
FGA71 151.22 193.20 2.07 0.24 0.08 0.32 41.98 40.00

Table 2: Drill hole Information - Maracas Property, Brazil

Hole Number Northing Easting Elevation Azimuth Dip
FGA68 8,486,111 318,405 297.73 290 degrees -65 degrees
FGA69 8,486,133 318,319 302.71 290 degrees -45 degrees
FGA70 8,486,053 318,213 302.74 290 degrees -45 degrees
FGA71 8,486,097 318,453 300.84 290 degrees -65 degrees


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