Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

April 19, 2011 08:17 ET

Largo Resources Engages Promon to Engineer and Build Maracas Vanadium Project, Bahia, Brazil

- Basic Engineering work has commenced for targeted production of vanadium in Q1 2013

- Investor conference call today at 11:00 am EDT

TORONTO, ONTARIO--(Marketwire - April 19, 2011) -Largo Resources Ltd. (TSX VENTURE:LGO)("Largo") is pleased to announce that it has appointed Promon Engenharia Ltda. ("Promon") of Sao Paulo, Brazil to carry out the basic engineering work and the subsequent implementation of its Maracás Vanadium Project (the "Project") located in Bahia State, Brazil. Promon will execute the work out of its office located in Rio de Janeiro, Brazil.

Promon has an outstanding reputation in Brazil for its detail focused engineering process. Its portfolio of large-scale projects include: processing and mining plants, oil refineries, petrochemical plants, maritime terminals, hydroelectric, thermal and nuclear power plants, power transmission systems, steel mills, automotive and aeronautical manufacturing plants, and commercial buildings. Promon's excellent track record for the on-time and on-budget execution of assignments in all areas of its business including the Mining and Metals sector will be integral to the successful development of the Project.

The engineering work has already commenced and is being supervised by Mr. Les Ford in his capacity as Technical Director of Brazilian Operations for Largo Resources, and Mr. Rodrigo Costa, Project Manager of the Maracás Vanadium Project. Production is targeted to commence in Q1 2013.

Mark Brennan, President of Largo stated: "We are delighted to be working with Promon and benefiting from their extensive experience in the design and implementation of mines and industrial plants. We are very much looking forward to a timely and cost effective execution of the Maracas Project"

The Maracás vanadium property hosts the highest grade known vanadium deposit in the world based on a review of all known vanadium deposits. To date, Largo has completed extensive work on the property including a Definitive Feasibility Study (DFS) estimating a combined proven and probable mineral reserve at 13.1 million tonnes grading 1.34% V2O5, upon which it is projected that the Maracas project will produce 155 million pounds of vanadium contained in FeV produced over the life of the project (see press release dated August 12, 2008).

Largo is also pleased to announce that it will host a shareholder conference call today, Tuesday April 19, 2011 at 11:00am EST.

Call-in numbers are as follows:
International:+1 416-340-2216
Toll Free:+1 866-226-1729
Toronto area:416-340-2216

About Promon

Promon is a Brazilian company dedicated to providing infrastructure solutions to the economy's key industries, such as electric power, oil and gas, process industries, chemical and petrochemical, mining and metallurgy, logistics and transportation. Its portfolio of completed infrastructure projects, one of the largest achieved by any company in Brazil, includes oil refineries, petrochemicals plants, maritime terminals, hydroelectric, thermal and nuclear power plants, power transmission systems, steel and mining units, automotive and aircraft factories, office buildings, and major rail, road and urban transit projects.

In its 50 years of activity, Promon has amassed experience in more than 30 countries. The excellence featured in everything that the company does is evidenced in the superior ratings ascribed to Promon in customer satisfaction surveys and by awards such as the Project Management "Top of Mind" granted by the Project Management Institute – PMI.

For more information please refer to Promon's website at www.promon.com.br

About Largo Resources

Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. The Company holds 90% interest in the Maracás Vanadium Project, 100% interest in the Currais Novos Tungsten Tailings Project, and a 100% interest in the Campo Alegre de Lourdes Iron, Titanium and Vanadium project all of which are located in Brazil. Additionally, Largo holds a 70% 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 July, 2011. Largo has a very skilled management team both in Canada and Brazil with the ability to advance these projects.

Largo is a publicly listed company on the TSX Venture Exchange under the symbol LGO.

For more information please refer to Largo's website: www.largoresources.com

Mr. Tim Mann, P.Eng., an officer of the Company, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical disclosure in this press release. Mr. Mann has reviewed the scientific and technical information in this press release.

Disclaimer

This press release contains forward-looking statements under Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Largo's development potential and timetable of the Maracas project; Largo's ability to raise additional funds necessary; the future price of ferrovanadium and vanadium pentoxide; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. 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 Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks described in the annual information form of the Company. 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.

To view the Concession Map Maracás Vanadium Project Bahia, Brazil, please visit the following link: http://media3.marketwire.com/docs/LGO_0419.pdf

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