Largo Resources Begins Exploration on New Project Areas Near Its Currais Novos Tungsten Project, Rio Grande De Norte, Brazil - Four Additional Tungsten Projects Secured in the Region Totalling 4,595 Hectares- Exploration Programs Have Begun at Acaua,

TORONTO, ONTARIO -- (Marketwire) -- 10/13/11 -- Largo Resources Ltd. (TSX VENTURE: LGO) ('Largo' or the 'Company') is pleased to announce that it has signed a definitive agreement with Emprogeo Ltda. ('Emprogeo'), which completes the acquisition of four additional tungsten properties (see press release dated January 25, 2011) totalling 4,595 hectares near its Currais Novos Tungsten Project, in Rio Grande do Norte, Brazil.

The newly optioned properties have interesting exploration potential to discover high grade tungsten mineralization. The four abovementioned properties are in close proximity to Largo's Currais Novos tailings project (see figure 1 below).

Mark Brennan, President and CEO, stated, 'After extensive due-diligence in reviewing several properties in the Currais Novos region, Largo believes that these properties have the potential to provide the best exploration opportunities. Largo hopes to extend the life of its current operation by amassing high grade underground resources to add to the existing tailings resource.'

He continued, 'Following equipment importation delays, Largo continues to ramp up production from its existing tailings operations. First commercial shipment is expected to commence in December.'

Overview of Properties and Exploration Program:

Acaua is a promising target from which initial sampling has indicated good potential for underground development in the future. Cafuca is a formerly producing mine that was owned and operated by Anglo American in the 1980s and was closed due to a decline in tungsten pricing, but which shows potential for further expansion and discovery. Galo is immediately adjacent to Cafuca, and demonstrates the down dip continuation of the mineralization from Cafuca. The Recanto property is a highly prospective early stage exploration target in the same belt.

A preliminary exploration program has begun at Acaua, Cafuca and Galo. This program includes linecutting, mapping, sampling, and ground geophysical surveys (magnetic and seismic). Initial sampling from underground at Acaua has returned 2.71%WO3 over 2.0 metres. This will be followed up with additional sampling.

Mr. Robert Campbell, Vice President of Exploration for Largo, stated: 'We are very excited about the exploration potential of these properties and that the exploration program will identify strong drill targets that we believe will further confirm this potential.'

Quality Control:

Mr. Robert Campbell, an officer of the Company, is the Qualified Person as defined under National Instrument 43-101 and is responsible for the scientific and technical disclosure in this press release.

About Largo

Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. The Company currently holds a 90% interest in the Maracas Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailing Project, a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project, all in Brazil, and a 1000% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada. The immediate goal of the Company is to develop the Maracas Vanadium Project by Q1 2013 and begin production of WO3 concentrate from the reprocessing of tungsten tailings from Currais Novos by December, 2011. Largo has a very skilled management team both in Canada and Brazil with the ability to advance these projects.

Largo 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 information under Canadian securities legislation. Forward-looking information includes, but is not limited to, the effect of the acquisition of these properties on the Company and its performance, the success of exploration work being conducted on the properties and its effect on the Company's understanding of the properties, the timing and amount of future exploration work to be conducted on the properties, and the timing of production at the Company's Currais Novos project. 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. 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 those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Although management of 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. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

To view Figure 1, please visit the following links: http://media3.marketwire.com/docs/lgo1013fig1.pdf.

NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:

Largo Resources Ltd.

Mark Brennan

President & CEO

(416) 861-5886
mbrennan@largoresources.com


Largo Resources Ltd.

Darcie Ladd

Manager Business Development

(416) 861-5938
dladd@largoresources.com
www.largoresources.com