Arias Resource Capital Fund L.P. increases its position in Largo Resources
Ltd.

/FOR DISSEMINATION IN CANADA AND OVER CANADIAN NEWS SERVICES ONLY/

TORONTO, March 9 /CNW/ - Arias Resource Capital Fund L.P. (the "Fund"), announced that it acquired 13,636,364 special warrants of Largo Resources Ltd. (TSX-V: LGO) (the "Company") at a price of C$0.22 per special warrant (each a "Special Warrant"), by way of a non-brokered private placement transaction that closed on March 9, 2010. Each Special Warrant will entitle the holder to receive upon exercise or deemed exercise, one unit of the Company (a "Unit"). Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), subject to adjustment in certain events. Each Warrant is exercisable for one Common Share at an exercise price of C$0.35 for a period of twelve months following the closing date, subject to adjustment in certain events. The Special Warrants will be exercisable by the holders thereof at any time after the closing date for no additional consideration and all unexercised Special Warrants will be deemed to be exercised (for no additional consideration and with no further action on the part of the holder) on the date that is the earlier of: (a) the day that is four months and one day following the closing date; and (b) the fifth business day after a receipt is issued for the final qualification prospectus by the Securities Regulators in each of the qualifying jurisdictions qualifying the distribution of the Units and Warrants issuable upon the exercise of the Special Warrants.

Taking into account the closing of the private placement transaction and the exercise or deemed exercise of the Special Warrants, the Company now has 256,154,421 Common Shares issued and outstanding. The 13,636,364 Common Shares acquired by the Fund through the purchase of the Special Warrants represents 5.3% of such outstanding shares. The Fund now owns a total of 28,304,364 Common Shares representing approximately 11.0% of the issued and outstanding Common Shares. Through the exercise or deemed exercise of the Special Warrants, the Fund also owns an aggregate of 6,818,182 Warrants exercisable at a price of C$0.35 per Warrant for a period of twelve months following the closing date, subject to adjustment in certain events. Following the exercise or deemed exercise of the Special Warrants, the Fund's Common Shares and Warrants represent approximately 13.4% of the issued capital of the Company calculated on a partially diluted basis.

The Fund acquired the Common Shares and Warrants for investment purposes and may in the future increase or decrease its ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.

The dissemination of this release in the United States or to any United States news service may constitute a violation of U.S. securities laws.

For further information: Alberto Arias, Director, phone: [phone], fax: [phone], e-mail: [email protected]