Nov 03, 2008 16:05 ET

Largo Provides Update on Maracas

TORONTO, ONTARIO--(Marketwire - Nov. 3, 2008) - Largo Resources Ltd. (TSX VENTURE:LGO) would like to inform shareholders that it intends to make the US$5 million milestone payment on the Maracas vanadium project (Brazil) but due to financial market conditions it will opt to take advantage of a 30 day cure period clause in the definitive Purchase and Sale Agreement. In consideration for making the US$5 million payment, Largo is entitled to receive an additional 35% interest in the Maracas property, which will bring its total interest to 80% of the project. Largo intends to use the cure period to try to secure funding on more favorable terms. The milestone payment was scheduled to be made by November 1, 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. 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, availability of financing on acceptable terms, terms of the definitive purchase and sale agreement, and exploration plans and budgets. 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 and ability to economically mine such deposits, 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.

For more information, please contact

Largo Resources Ltd.
Mark Brennan
President & CEO
(416) 861-5886
Email: mbrennan@largoresources.com
Website: www.largoresources.com

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