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. – Press Release