Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

November 14, 2006 16:05 ET

Largo Resources Completes Private Placement

- Company expects 43-101 resource reports for Maracas project in Brasil and Northern Dancer project in the Yukon shortly - Both projects to begin scoping studies by year end

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Largo Resources Ltd. (TSX VENTURE:LGO) is pleased to announce that it has completed a non-brokered private placement for gross proceeds of $1,060,000.20 through the issuance of 3,533,334 flow through units priced at $0.30 per flow through unit, including the purchase of 1,166,666 flow though units by partnerships administered by MineralFields Group. Each flow through unit consisted of one common share which qualifies as a flow-through share for the purposes of the Income Tax Act (Canada) (the "Flow Through Shares") and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share (a "Warrant Share") at a price of $0.60 until November 14, 2008.

The funds will be used to advance the company's Yukon-based Northern Dancer Tungsten-Molybdenum project, with the goal of completing a NI 43-101 compliant resource estimate by year end and commencing important scoping/pre-feasibility work.

Each of the Flow-Through Shares, Warrants, and Warrant Shares are subject to a hold period that will expire on March 15, 2007. Additionally, in connection with this financing the Company paid a finder's fee of $21,000 in cash.

In addition to the ongoing program at Northern Dancer, the company would like to update shareholders on progress at its recently acquired Maracas Vanadium-PGM property in Brazil. The company expects to file a NI 43-101 compliant resource estimate by the end of November and is planning a 5,000 metre drilling program to begin early in 2007. The purpose of the 5000-metre drill program is 1) to verify the high-grade nature of the vanadium, 2) infill drill to upgrade a significant portion of the resource into the indicated category, 3) undertake step-out holes to increase the inferred resource and 4) better understand the significance of the PGM mineralization in the deposit and its economic implications. There are 4 known vanadium prospects over a strike length of 8 kilometres on the property with significant platinum-palladium values.

Mark Brennan, President and CEO, stated "I'm pleased at the progress we've made this year in re-focusing the company and aggressively advancing our core assets. Our Macuchi gold property is currently in the very capable hands of Aur Resources, our joint venture partner in Ecuador. Northern Dancer and Maracas will remain our top priorities in the near-term, and we remain encouraged about the world-class potential of these assets against the backdrop of the current bull market for not only strategic metals (such as Tungsten, Molybdenum and Vanadium) but for precious metals (such as Platinum and Gold) as well."

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".

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

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