Largo Resources Amends Information in Relation to Previously Announced Private Placement Financing and Closes Shares for Debt Settlement

• Press Release
• Source: Largo Resources Ltd.
• On 5:23 pm EST, Tuesday February 10, 2009

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2009) - Largo Resources Ltd. ("Largo" or the Company") (TSX VENTURE:LGO - News) is pleased to announce that it has closed its previously announced debt settlement by issuing 4,061,956 common shares in full settlement of $243,717 in outstanding net debt. These shares are subject to a statutory hold period that expires on June 11, 2009.

Related Quotes

Symbol	Price	Change
LGO.V	0.17	0.00

{"s" : "lgo.v","k" : "c10,l10,p20,t10","o" : "","j" : ""}

In addition, Largo would like to amend the information disclosed on February 5, 2009 in relation to its previously announced non-brokered private placement financing that closed on February 5, 2009. Largo has issued 41,152,827 common shares (not 39,319,493) at $0.06 per common share for total gross proceeds to the Company of $2,469,169.62 (not $2,359,170,74). The closing remains subject to receipt of applicable regulatory approvals including final approval of the TSX Venture Exchange.

Following the completion of this debt settlement and the private placement, Largo will have 194,114,458 common shares issued and outstanding.

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

Cautionary Note Regarding Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, the proposed use of the proceeds of the financing, the terms of the shares for debt settlement and receipt of regulatory approvals. Generally, forward looking information 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 state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the future financial or operating performance of the Company and its projects, the proposed use of the proceeds of the financing, the terms of the shares for debt settlement, the receipt of regulatory approvals, further financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; competition; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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