Largo Outlines Upcoming Milestones

- Economic results of feasibility study for Maracas (Brazil) vanadium deposit expected to be released during the week of August 11th

TORONTO, ONTARIO, Jul 24, 2008 (MARKET WIRE via COMTEX News Network) --

Largo Resources Ltd. (TSX VENTURE: LGO) would like to outline milestones on both the Maracas Vanadium-PGM project in Brazil and the Northern Dancer Tungsten-Molybdenum project (Yukon).

Maracas Feasibility Study

The economic results of the Maracas feasibility study being led by Aker Solutions are expected to be released during the week of August 11, 2008.

Maracas Regional PGM Exploration Program

To date, Largo's team at Maracas has completed seven holes comprising 1,700 metres. Six (6) holes have been logged, split and sent to SGS Belo Horizonte for analysis, with results from the first batch of samples expected mid- to late-August.

As announced on June 2, 2008 and updated on July 8, 2008, a drill rig has been mobilized on the Maracas property to undertake an expected minimum 5,000-metre exploration drill program to test a number of PGM targets. A total of 20 to 25 holes will be drilled.

Northern Dancer Program

To date, seventeen (17) holes have been completed (totaling 5757 metres); nine (9) holes have been logged; six (6) holes have been split and sent to ACME laboratories in Vancouver for analysis. Results from the first batch of samples are expected mid- to late-August.

As announced June 24 and updated July 8, 2008, Largo is undertaking a diamond drill program on the Company's 1,500 hectare Northern Dancer Tungsten-Molybdenum project, straddling the Yukon-British Columbia border 290 kilometres east of Whitehorse. The program's goal is to further define the extent of the higher-grade tungsten and molybdenum zones intersected in previous programs.

Northern Dancer Scoping Study

The Northern Dancer Scoping Study by Snowden Mining Industry Consultants Inc. (Snowden) is expected towards the end of August 2008.

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. 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.

Andy Campbell, the Vice President Exploration of Largo and a Qualified Person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.

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 (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization, projected expenditures and estimated timelines for work completion. 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, reliance on consultants, 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

Copyright 2008 Market Wire, All rights reserved.