Largo Resources completes $10 million private placement

On April 23, 2007, Largo Resources Ltd. announced that it had completed its previously announced private placement of units for aggregate gross proceeds to Largo of $10,009,975 based on the issue and sale of 18,199,955 Units at a price of $0.55 per Unit, including 9,099,955 Units that were issued pursuant to the exercise by the agency syndicate of an option to increase the size of the private placement. The offering was completed by a syndicate of agents led by Pacific International Securities Inc. and including PowerOne Capital Markets Limited and Fraser Mackenzie Limited.

The net proceeds raised in this offering will be used to further explore Largo's Northern Dancer Tungsten-Molybdenum deposit in the Yukon and the Maracas Vanadium-PGM deposit in Brazil.

Largo is a Canadian natural resource development and exploration company. The company is listed on the TSX Venture Exchange under the symbol LGO.

Largo was advised in this transaction by Rob Mason and Karoline Kralka (securities and mining) of Fasken Martineau.