Largo Resources Ltd. (TSX VENTURE: LGO) ("Largo") has completed a new block model and updated mineral resource estimate for the Northern Dancer deposit located in the south-central region of the Yukon Territory in north-western Canada, incorporating results of the recent 2007 drilling program (8,500 metres of drilling in 26 drill holes) as well as all previous drilling results.

The updated mineral resource for the deposit at a cut-off grade of 0.06 % WO3 is estimated at 140.8 million tonnes grading 0.10% WO3 and 0.026% Mo classified as Indicated containing 319.3 million pounds of WO3 and 81.6 million pounds of Mo, respectively. Inferred resources totaled 253.2 million tonnes grading 0.10% WO3 and 0.022 % Mo containing 540.5 million pounds of WO3 and 123.4 pounds of Mo, respectively. This new resource has been substantially increased over that reported in 2007 (see press release of April 2, 2007) and represents a 100% increase in the Indicated category while still slightly increasing the resource in the Inferred category.

The 2007 drilling program provided much better definition of the higher-grade tungsten zone which is estimated to contain 17.1 million tonnes grading 0.17% WO3 and 0.029 % Mo classified as Indicated and 18.7 million tonnes grading 0.16% WO3 and 0.023 % Mo classified as Inferred, reported at a 0.14% WO3 cut-off grade. Drilling indicates that the higher grade tungsten zone averages 50 metres in width, extends along strike for approximately 1200 metres and extends from surface to an average depth of 350 metres. This higher grade zone is consistently mineralized over the full extent drilled to date and is open along strike to the southwest and at depth. Soil geochemical work indicates that the mineralized system likely extends for at least a further 400 metres along strike.

Largo President and CEO Mark Brennan commented: "This new resource estimate is a significant milestone for the Northern Dancer project because it has not only confirmed and upgraded higher-grade tungsten and molybdenum zones, but it did so while expanding the size of the deposit to significant proportions. Work on a scoping study, including metallurgical testing, is in progress."

Andy Campbell, Vice-President, Exploration for Largo stated: "Clearly the 2007 drill program was successful in upgrading the resource and confirming significant higher-grade tungsten and molybdenum zones at Northern Dancer. Drill holes were planned based on preliminary pit modeling to eliminate gaps in previous drill coverage and ensure a sufficient density of drilling in the core of the deposit to outline a substantial indicated resource. We also improved our geological understanding of the overall deposit, especially the controls on the higher grade tungsten zone. Plans are at an advanced stage for a proposed 2008 drill program and I expect that this work will bring the resource base to a stage where a pre-feasibility study could be supported."

The updated mineral resource estimate for the Northern Dancer Deposit is presented in Table 1 below for the overall deposit at different cut-off grades for each resource category, as well as for the higher grade tungsten and molybdenum zones included within the overall resource. The cut-off grade was determined based on comparison to similar deposit types that are being mined or planned to be mined by open pit methods, but has not been confirmed by appropriate economic studies. The mineral resource estimate has been prepared in accordance with National Instrument NI 43-101 standards.

Table 1: Mineral Resources in the Northern Dancer Deposit, as at March 31,
2008(i).
-----------------------------------------------------------------------
Cut-off
Grade      Million                                 WO3               Mo
%WO3        Tonnes     %WO3      %Mo      Million lbs.     Million lbs.
-----------------------------------------------------------------------
                                  Northern Dancer Deposit
-----------------------------------------------------------------------
                               Indicated Mineral Resource
-----------------------------------------------------------------------
0.05         158.2     0.10    0.026             340.3             91.3
-----------------------------------------------------------------------
0.06         140.8     0.10    0.026             319.3             81.6
-----------------------------------------------------------------------
0.07         123.4     0.11    0.026             294.3             71.5
-----------------------------------------------------------------------
0.08         103.2     0.11    0.026             261.0             59.7
-----------------------------------------------------------------------
0.09          81.9     0.12    0.026             221.0             47.8
-----------------------------------------------------------------------
0.10          62.2     0.13    0.027             179.7             36.9
-----------------------------------------------------------------------
0.15          12.3     0.18    0.030              48.8              8.1
-----------------------------------------------------------------------
                      Mineral Resource within Porphyry Mo-rich zone(ii)
-----------------------------------------------------------------------
                               Indicated Mineral Resource
-----------------------------------------------------------------------
0.024% Mo     27.6     0.06    0.048              39.2             29.3
-----------------------------------------------------------------------
                            Mineral Resource of High grade WO3 zone(ii)
-----------------------------------------------------------------------
                               Indicated Mineral Resource
-----------------------------------------------------------------------
0.14% WO3     17.1     0.17    0.029              64.3             11.2
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Cut-off
Grade      Million                                 WO3               Mo
%WO3        Tonnes     %WO3      %Mo      Million lbs.     Million lbs.
-----------------------------------------------------------------------
                                  Northern Dancer Deposit
-----------------------------------------------------------------------
                                Inferred Mineral Resource
-----------------------------------------------------------------------
0.05         291.6     0.09    0.022             587.2            137.0
-----------------------------------------------------------------------
0.06         253.2     0.10    0.022             540.5            123.4
-----------------------------------------------------------------------
0.07         219.0     0.10    0.023             491.3            109.6
-----------------------------------------------------------------------
0.08         170.9     0.11    0.023             412.0             88.5
-----------------------------------------------------------------------
0.09         132.9     0.12    0.024             340.7             69.8
-----------------------------------------------------------------------
0.10          98.1     0.12    0.024             267.9             51.4
-----------------------------------------------------------------------
0.15          12.0     0.17    0.023              45.9              6.1
-----------------------------------------------------------------------
                      Mineral Resource within Porphyry Mo-rich zone(ii)
-----------------------------------------------------------------------
                                   Inferred Mineral Resource
-----------------------------------------------------------------------
0.024% Mo      5.1     0.07    0.042               8.2              4.7
-----------------------------------------------------------------------
                            Mineral Resource of High grade WO3 zone(ii)
-----------------------------------------------------------------------
                                   Inferred Mineral Resource
-----------------------------------------------------------------------
0.14% WO3     18.7     0.16    0.023              67.1              9.4
-----------------------------------------------------------------------
Notes: (i)Mineral resources that are not mineral reserves do not have
demonstrated economic viability. The above mineral resource
classifications conform to CIM Definition Standards for Mineral Resources
and Mineral Reserves referred to in National Instrument 43-101. Although
0.06% WO3 is considered a likely cut-off grade for this deposit based on
comparisons with other similar deposit types it has not been confirmed by
the appropriate economic studies. Totals may not add up exactly due to
rounding.
(ii)Higher grade Mo and WO3 zones are included within the overall mineral
resource.

The Northern Dancer deposit is considered to be one of the world's largest known tungsten-molybdenum porphyry systems. The mineralization is hosted in fractures, veinlets and veins associated with a northeast-trending sheeted vein structure hosted in calc-silicate (skarn) rocks and spatially related to a felsic intrusion (quartz-feldspar porphyry). The deposit, which has been tested by drilling for 1,200 metres along strike, 500 metres vertically and 600 metres in width, remains open along strike to both the northeast and southwest as well as at depth. The updated mineral resource estimate (Table 1) confirms and expands the 2007 resource estimate of an Inferred 242.0 million tonnes grading 0.10% WO3 and 0.047% MoS2 (0.028% Mo) at a 0.05 % WO3 cut-off grade.

At Northern Dancer, tungsten and molybdenum mineralization are concentrated in two zones which partially overlap. In the core of the deposit, there is a higher grade molybdenum zone where molybdenite occurs within and adjacent to the felsic intrusion. Surrounding and partially overlapping the molybdenum zone is a much more extensive tungsten zone where scheelite occurs in northeast-trending sheeted quartz veins structure. The mineral resource estimate was generated using lithological, mineralogical, MoS2 and WO3 assay data from 95 drill holes totalling 24,003 m of drilling. The deposit was modeled into several estimation domains using Gemcom mining software. Grades were capped at 1.06% for WO3 and 0.54% for MoS2 for all domains. Samples were composited over 5 m intervals. MoS2 and WO3 grades were interpolated into estimation domains using Ordinary Kriging.

The mineral resource estimate has been prepared by Largo, and reviewed and validated by Dr. Warwick S. Board; P.Geo., Senior Consultant with Snowden Dr. Board is a qualified person as defined under NI 43-101 and is independent of Largo. The resource estimation and classification parameters and procedures used will be outlined in detail in a technical report that will be prepared by Snowden and filed on SEDAR within 45 days of this press release. Dr. Board has verified the technical information contained in this news release.

The Scoping Study now in progress is being carried out by Snowden. Mr. John Fox of Laurion Consulting Inc. has been retained by Snowden to oversee the metallurgical and process engineering aspects of the Study. Mr. Fox directed metallurgical testwork and flowsheet development for the Tiberon Minerals, Nui Phao Project feasibility study.

SGS Lakefield (SGS) is carrying out a program of metallurgical testwork involving grindability investigations, sulphide flotation, and fluorspar flotation and gravity separation. Mineralogical testwork using XRD and QEMSCAN methods to evaluate the liberation and deportment of the minerals is being carried out by SGS on a composite of drill core samples. Additional mineralogical work is being carried out by Professor Lee Groat and Ms. Allison Brand of the University of British Columbia (UBC).

Assaying was carried out by Acme Analytical Laboratories Ltd. in Vancouver, British Columbia. The samples are crushed to 70% passing 10 mesh, split to 250 g and pulverized to 95% passing 150 mesh. A 5 g split is analyzed for Mo and W using a phosphoric acid leach followed by ICP-emission spectrometry. A second 5 g split is analyzed for 36 elements by ICP-mass spectrometry using a hot (95 degrees C) Aqua Regia leach. Routine check assays are performed on sample rejects by SGS.

The total of 800 QA/QC samples were taken by Largo as duplicates, blanks and standards and sent to Acme Laboratory to verify the 2007 assay data. QA/QC samples were inserted at a frequency of one every 30 metres. A total of 180 samples were sent to the Eco Tech Laboratory in Kamloops, B.C. for density testing.

Largo knows of no environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues that may materially affect the mineral resource estimate presented in this press release, however there can be no assurance that such issues will not materially affect the estimates contained herein in the future.

Mr. Andy Campbell, P.Geo. is the Qualified Person as defined under NI 43-101 responsible for the scientific and technical work on the program. Mr Campbell verified drillhole locations, downhole survey data, assay QAQC data and database integrity.

About Largo

Largo Resources is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador. 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

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations, production levels and costs, estimates regarding mineral resources, projections regarding mineral prices, anticipated revenues and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

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

Contacts: Largo Resources Ltd. Mark Brennan President & CEO (416) 861-5886 Email: mbrennan@largoresources.com Largo Resources Ltd. Tony LaMantia VP, Corporate Development (416) 861-5882 Email: tlamantia@largoresources.com Website: www.largoresources.com

SOURCE: Largo Resources Ltd.

mailto:mbrennan@largoresources.com mailto:tlamantia@largoresources.com http://www.largoresources.com