Largo Appoints Project Manager; Strengthens Local Team to Develop Maracas Vanadium Project (Brazil)

TORONTO, ONTARIO, Aug 21, 2008 (MARKET WIRE via COMTEX News Network) --

Largo Resources Ltd. (TSX VENTURE: LGO) Mr. Tim Mann, VP Engineering, is pleased to announce the appointment of Rodrigo Costa as Project Manager for Maracas and the formation of its Owner's Team that will be responsible for the future construction and operation of the Maracas Vanadium Project, in Bahia State, Brazil.

Rodrigo brings extensive Brazilian experience to Largo. Most recently he was the Metallurgy Manager with a major mining company with operations in Brazil. His previous experience includes commissioning and constructing mines as well as acting as General Manager with one of Brazil's largest private mining companies.

The Owner's team will be led by Tim Mann and Kurt Menchen who have guided the project through the Definitive Feasibility Study phase into the implementation phase with basic engineering already in progress for long-lead items. This will provide important continuity during the next phase. A brief outline of the key members of the Owner's Team is provided below:

- Vice President of Engineering - Tim Mann - with extensive international development and management experience in mine engineering, mine development and mine operations.

- General Manager of Brazilian Operations - Kurt Menchen - former Jacobina Mine Manager, Brazil. An accomplished mining engineer with over 30 years of experience including Anglo Gold and Desert Sun Mining.

- Project Manager (General Manager of Maracas) - Rodrigo Costa - mining engineer with credentials from Bahia State University as well as an M.Sc. from Queens's University in Kingston, Ontario. Rodrigo recently held the position of metallurgical manager for a major gold producing mining company. He gained construction experience at the Jacobina Mine with previous operators, Desert Sun Mining and subsequently Yamana. Prior experience includes assignments at Votorantim involving a magnesia sinter plant.

- Mining Engineer - Mauricio Coletti - mining engineer formerly with Desert Sun Mining.

- Electrical Engineer - Mauro Raimudo da Silva - a seasoned manager with 25 years experience in the mining industry. He has previously worked for Anglo Gold, Caraiba, Vale, Desert Sun Mining and Yamana in Brazil.

- Administration Manager - Dulcinea Maria Miranda Oliveira - Manager and Lawyer with 20 years of experience with Valencia Ventures, Desert Sun Mining and subsequently with Yamana.

- Controller - Tarcizio Mendes Dias - a Chartered Accountant with 30 years of experience with Anglo Gold and subsequently with Yamaha.

Other professionals to be hired in the near future will include a Purchasing Superintendent, Safety and Environmental Engineer and other technical staff.

Mark Brennan stated "Largo has been able to recruit seasoned, professional expertise of a very high calibre for the implementation phase and operation of the Maracas Vanadium Project. In the near future, Largo will be providing details of the engineering, procurement and construction management team for the project that will include specific vanadium experts from the Republic of South Africa. This team is designed to provide the support and specialized expertise required to ensure successful implementation after project financing is in place".

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

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; the Largo's ability to attract and retain skilled personnel; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital and operating expenditures; 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. Estimates regarding the anticipated timing, amount and cost of mining at the Maracas project are based on assumptions underlying mineral reserve and mineral resource estimates and the realization of such estimates; detailed research and analysis completed by independent consultants; research and estimates regarding the timing of delivery for long-lead items; knowledge regarding the factors involved in building a mine in Brazil and other factors that will be described in the technical report summarizing the Feasibility Study that will be filed under the profile of the Company on SEDAR. Capital and operating cost estimates are based on extensive research of the Largo and independent consultants, recent estimates of construction and mining costs and other factors that are set out in the Feasibility Study. Production estimates are based on mine plans and production schedules, which have been developed by the Largo's personnel and independent consultants.

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 risks related to: unexpected events and delays during construction, expansion and start-up; variations in ore grade and recovery rates; receipt and revocation of government approvals; timing and availability of external financing on acceptable terms; actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of ferrovanadium; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Although management of the 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. The Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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: [email protected] Largo Resources Ltd. Tony LaMantia VP, Corporate Development (416) 861-5882 Email: [email protected] Website: www.largoresources.com

SOURCE: Largo Resources Ltd.

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