Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

December 14, 2011 08:15 ET

Largo Resources Announces First Commercial Shipment From Currais Novos Tungsten Project

- Largo Appoints Dan Ioschpe to Board of Directors

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2011) - Largo Resources Ltd. (TSX VENTURE:LGO) ("Largo" or the "Company") announced today that it has completed its first commercial shipment of tungsten from its Currais Novos project in Rio Grande do Norte, Brazil. On December 5, 2011 the company shipped approximately 1,500 metric tonne units ("MTUs") of tungsten concentrate from Currais Novos to its US based client.

Tim Mann, Chief Operating Officer to Largo, stated: "We are pleased to announce this first commercial shipment from Currais Novos, which was completed prior to full commissioning of the plant. I congratulate the Currais Novos team in achieving this important milestone."

The process plant continues to ramp up its production capability and currently the ball mill required for full operation of the plant is being commissioned on site.

Production at Currais Novos will continue to ramp-up as the ball mill is commissioned and the throughput and recovery levels increase to the proposed target level of approximately 4 shipments per month.

Appointment of Director:

Additionally, Largo is very pleased to announce the appointment of Mr. Dan Ioschpe to its Board of Directors. Mr. Ioschpe is currently Chief Executive Officer of Lopche-Maxion, an international company operating in the automotive and railroad sectors.

Mr. Ioschpe joined the Lochpe-Maxion in 1986, where he held several positions up to 1996, when he left to become Chief Executive Officer of AGCO in Brazil. He returned to Lopche-Maxion in January 1998, taking office as Chief Executive Officer that same year. He has also been a director of Profarma Distribuidora de Produtos Farmacêuticos since 2006.

Mr. Ioschpe Graduated from the Federal University of Rio Grande do Sul, with a postgraduate degree from the School of Higher Education in Marketing & Communication Management in São Paulo. He also holds a Masters of Business Administration (MBA) from the Amos Tuck School at Dartmouth College (USA)

Mr. Ioschpe has been appointed as the nominee of Ashmore Investment Management Ltd. His appointment follows the resignation of Santiago Pardo of Ashmore Investment Management Ltd. The resignation of Mr. Pardo is to maintain correspondence with Ashmore's Corporate Governance policies regarding board membership in its portfolio companies. Ashmore will retain its position as a significant partner and shareholder in the company.

About Largo

Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. The Company 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 100% 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 December, 2011. Largo has a very skilled management team both in Canada and Brazil with the 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, the timing of construction at the Maracas project and associated costs, expectations regarding the future cash flows generated by the project and the effect of the Company's projects on the Company's future financial and operational success,, the timing and amount of future exploration work to be conducted on the properties, and the timing of production at the Company's Currais Novos project. 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.

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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