Largo Resources Ltd.
TSX VENTURE : LGO

Largo Resources Ltd.

June 09, 2011 07:00 ET

Largo Submits Application for Construction License for the Maracas Vanadium Project in Bahia, Brazil

Approval Will Provide Final Permit for Construction at Maracas

TORONTO, ONTARIO--(Marketwire - June 9, 2011) -Largo Resources Ltd. (TSX VENTURE:LGO) ("Largo" or the "Company") is pleased to announce that, further to its press release dated June 2, 2011, it has submitted its application for an Installation License ("LI" or "Construction License") for the Maracas Vanadium Project in Bahia, Brazil. The Installation License is the final stage of permitting for construction and development of mining projects in Brazil and, once approved by the environmental authority of the State of Bahia, Brazil (Instituto do Meio Ambiente), the license will provide Largo with final approval to move forward with the construction of the processing facility at Maracas.

Mark Brennan, President and Chief Executive Officer of Largo stated: "Following the successful completion of the recent $115 million equity financing, this is another significant step towards development and production at the Maracas Vanadium Project. We have worked rigorously over the past months to ensure that the application and all necessary supporting documentation could be filed immediately following the receipt of the final pending land rights acquisition, as was announced in a press release on June 2nd, 2011. We expect to receive approval on our application by September, 2011 and in advance of our targeted timelines for development and construction at the project site."

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 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 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, statements with respect to the receipt of the installation license and the Company's expectations for the Maracas project and the expected effect of the project on the Company's performance. 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.

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