Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

December 21, 2006 09:17 ET

Largo Resources Begins Scoping Study at Maracas, Brazil

Micon International Limited engaged to conduct scoping study at the Maracas Vanadium-PGM district, Brazil

TORONTO, ONTARIO--(CCNMatthews - Dec. 21, 2006) - Largo Resources Ltd. (TSX VENTURE:LGO) is pleased to announce that it has appointed Micon International Limited to conduct a Scoping Study on its Maracas Vanadium Project in Brazil. The work emanating from this project will culminate in a technical report that is compliant with National Instrument 43-101.

Work will commence immediately and is scheduled for completion prior to the end of the 1st Quarter of 2007.

The scope of the Maracas Project includes the production of both vanadium pentoxide and ferro-vanadium. Sodium sulphate is likely to be produced as a by-product. The study will identify and evaluate options for the development of the Project and provide guidelines for future geological and engineering work that will be required to bring the Project to the feasibility stage.

Largo President and CEO, Mark Brennan, remarked "Tim Mann, Largo's new VP of Engineering, will be directing Micon's work in Brazil in the weeks ahead. I'm pleased with the rapid progress we've made at Maracas and look forward to advancing this asset in the New Year."

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: www.largoresources.com.

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".

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