Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

April 24, 2007 16:05 ET

Largo Reports Additional Strong Platinum and Palladium Values From Maracas Deposit in Bahia, Brazil

TORONTO, ONTARIO--(CCNMatthews - April 24, 2007) - Largo Resources Ltd. (TSX VENTURE:LGO) -

- Hole FGA43 returned 9.0 metres grading 1.08 g Pt/t, including 4.00 metres grading 1.73 g Pt/t

- Interval values are as high as 4.24 g Pt/t over 1 metre

- All 10 additional holes sampled returned PGM values ranging from 0.42 g/t and 1.13 g/t over intervals of true thickness between 9.0 and 32.0 metres

Largo Resources Ltd. (TSX VENTURE:LGO) is pleased to announce that it has received additional strong and consistent results for platinum and palladium from its systematic sampling program of previous drill core drilled by Odebrecht and Caemi (CVRD). Significant results from this batch of 308 samples are summarized in Table 1. Highlights include:

- FGA43 - 9.00 metres grading 1.08 g Pt/t and 0.05g Pd/t including 4.00 metres grading 1.73g Pt/t and 0.07g Pd/t

- FGA23 - 9.00 metres grading 0.86g Pt/t and 0.42g Pd/t including 4.00 metres grading 1.14g Pt/t and 0.64g Pd/t

The systematic core sampling program of the previous drill core is designed to confirm the platinum group metals (PGM) values obtained during the initial due diligence process (see press release dated October 16, 2006). A total of 1250 samples have been collected from 36 drill holes of which this current release reports the results available from 308 samples in 10 additional drill holes. Results from the initial 455 samples in 10 holes were previously reported on March 20, 2007. All drill core from the previous work is stored on site and is in excellent condition.

All 10 additional holes sampled returned significant PGM values ranging between 0.42g/t and 1.13g/t over intervals varying in true thickness between 9.00 and 32.00 metres. Individual 1.0 metre sample intervals returned values as high as 4.24 g Pt/t.

Largo is also pleased to announce that Dr. Reid Keays has been retained to review and assist in the evaluation of the platinum and palladium mineralization at Maracas. Dr. Keays is a well known expert in platinum group element (PGE) geochemistry and the development of genetic models and exploration techniques for Ni-Cu-PGE sulphide deposits. He has worked on a wide range of ore deposits including platiniferous PGE horizons in the Bushveld, Stillwater and Great Dyke layered complexes, Ni-Cu-PGE mineralization associated with komatiites (Kambalda, Cape Smith Fold Belt) and the giant Sudbury (Canada) and Noril'sk Ni-Cu-PGE camps. Dr. Keays will be making an initial trip to the Maracas project in May.

As previously reported, platinum group metals values from the original due diligence program of a total of 123 samples in 8 drill holes indicate that in the magnetite-rich zone, PGM's average between 0.52g/t and 1.24g/t over widths of 4.00 metres to 20.00 metres with a Pt:Pd ratio of 4:1. The highest PGM values found thus far correlate with the high-grade vanadium-magnetite zone.

Andy Campbell, P.Geo., Vice President, Exploration commented: "The PGM results continue to be very significant and with a very high platinum-palladium ratio. Once all the sample results are received we will have sufficient data to allow estimation of a PGM resource for the deposit. We are also very pleased to have Dr. Keays assisting us in further evaluating the PGM's at Maracas. It is very possible that the PGM's may have been re-distributed from an original sulphide melt by a later stage hydrothermal event. If this is the case, there could be excellent potential for other areas of significant PGM mineralization; we have initiated petrographic and microprobe work to better understand the nature of the PGM mineralization and provide criteria to aid further exploration."

The Maracas deposit is hosted within lower sequence of gabbros and pyroxenites of the 2.64 billion-year-old, Jacare River mafic-ultramafic intrusion. This sheetlike linear intrusion extends for 70 kilometres along a north-south strike averaging about 1.2 kilometre in width. There are a number of striking similarities to the Great Dyke including age, rock types, platinum and palladium ratio and style of intrusion as well as host rock that it intrudes. The PGMs found thus far are associated with disseminated to massive bodies of titano-magnetite in pyroxenites. This massive, titano-magnetite mineralization at Maracas ranges from 2.0 to 90 metres in thickness with an average true width of 25 metres.

Analytical work was carried out by SGS Minerals in Belo Horizonte, Brazil. Platinum and palladium values were determined by fire assay technique with an ICP finish using a 30 gram-sample. Andy Campbell, M.Sc., 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.

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.

Disclaimer

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".



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

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Pt + Pd Interval
Hole Number From To Pt (g/t) Pd (g/t) (g/t) (metres)
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FGA10 70.50 100.00 0.44 0.06 0.50 29.50
FGA16 121.00 131.29 0.31 0.18 0.48 10.29
FGA23 46.00 55.00 0.86 0.42 1.28 9.00
Including 46.00 50.00 1.14 0.64 1.78 4.00
FGA25 46.00 65.00 0.74 0.11 0.85 19.00
FGA37 98.00 108.00 0.54 0.25 0.79 10.00
FGA42 105.90 116.00 0.39 0.03 0.42 10.10
FGA43 96.00 105.00 1.08 0.05 1.13 9.00
Including 101.00 105.00 1.73 0.07 1.80 4.00
FGA48 47.00 79.00 0.34 0.18 0.52 32.00
FGA51 124.00 136.00 0.35 0.27 0.62 12.00
FGA54 96.00 112.00 0.26 0.21 0.47 16.00
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All holes are shallow depth (less than 100 metres) and the reported
intervals reflect true thickness. Core size is BQ.

Table 2: Collar Coordinates and Orientation of Diamond Drill Holes

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Hole Number Northing Easting Elevation Azimuth Dip
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FGA10 8,486,183 318,332 307.01 284 degrees -59 degrees
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FGA16 8,486,071 318,251 304.76 284 degrees -60 degrees
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FGA23 8,486,160 318,236 314.84 108 degrees -78 degrees
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FGA25 8,486,165 318,293 311.13 284 degrees -44 degrees
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FGA37 8,486,098 318,319 302.07 292 degrees -50 degrees
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FGA42 8,486,162 318,390 295.75 284 degrees -60 degrees
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FGA43 8,486,108 318,372 295.71 286 degrees -70 degrees
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FGA48 8,486,058 318,300 298.45 293 degrees -50 degrees
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FGA51 8,486,033 318,355 298.00 296 degrees -50 degrees
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FGA54 8,486,113 318,345 295.93 288 degrees -50 degrees
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