Largo announces final assay results from the resource expansion drill program at its Maracas Vanadium Project in Bahia, Brazil

Symbol: LGO (TSX.V)
www.largoresources.com

• Intersected 27 metres grading 1.07% V₂O₅  on the Novo Amparo Norte  Zone
  
  
• Intersected 20.00 metres grading 1.13% V₂O₅ on the Novo Amparo Norte Zone
  
  
• Intersected 12 metres grading 1.05% V₂O₅  on the Sao Jose West  Zone
  
  
• Intersected 12 metres grading 1.03% V₂O₅  on the Gulcari "A" North Zone

TORONTO, March 29, 2012 /CNW/ - Largo Resources Ltd. (TSXV:LGO) ("Largo" or the "Company") is pleased to announce the final assay results from the final 25 drill holes totalling 3,981 meters from the recently completed drill program at its Maracas Vanadium Project in Bahia, Brazil. The below stated results are from the Novo Amparo Norte, Sao Jose West and Gulcari "A" North zones, located north of the Gulcari "A" deposit which hosts all the previously reported resources on the Maracas property (see Figure 1).

Significant results include (these are all true thickness):

• Hole FNAN10 - 27.00 metres grading 1.07% V₂O₅, including 21.00 metres grading 1.18% V₂O₅ (Novo Amparo Norte Zone)
  
  
• Hole FNAN15 - 20.00 metres grading 1.13% V₂O₅ (Novo Amparo Norte Zone)
  
  
• Hole FGAN06 - 7.00 metres grading 1.09% V₂O_5, including 3.00 metres grading 1.18% V₂O₅ (Gulcari "A" North Zone)
  
  
• Hole FGAN15 - 12.00 metres grading 1.03% V₂O₅ (Gulcari "A" North Zone)
  
  
• Hole FGAN17 - 9.00 metres grading 1.10% V₂O₅ (Gulcari "A" North Zone)
  
  
• Hole FSJ21 - 12.00 metres grading 1.05% V₂O₅ (Sao Jose West Zone)

The current drill holes are step out holes testing new zones north and east from the Gulcari "A" deposit (see Figure 1). The complete results are presented below in Table 1.

Andy Campbell, P.Geo., Vice President, Exploration of the Company commented:  "I am very pleased with the results that the recently completed drill program has produced and anticipate that this program will lead to a significant increase in the global resources at the project. We targeted specific stepout holes away from the Gulcari "A" deposit which have led to some of what we believe are considerable extensions to the existing resource. With the drill program completed we are now focused on incorporating these new results into our database and updating our geological model in order to produce a new mineral resource for the project."

Table 1
Drill Results:

Hole Number	From	To		True thickness (m)	V2O5 (%)
						Pd	Pt
			Interval (metres)			(g)	(g)	Zones
FGAN06	169.00	176.00	7.00	6.00	1.09			Gulcari "A" North zone
including	172.00	175.00	3.00	3.00	1.18	0.46	0.46
FGAN07	177.00	184.00	7.00	6.00	1.05	0.41	0.44	Gulcari "A" North zone
FGAN08	138.00	143.00	5.00	5.00	0.88			Gulcari "A" North zone
and	204.00	207.93	3.93	3.50	0.95
FGAN09	89.30	97.50	8.20	8.00	0.87	0.11	0.58	Gulcari "A" North zone
FGAN10	26.00	29.00	3.00	3.00	0.73			Gulcari "A" North zone
and	86.00	89.00	3.00	3.00	0.52	0.41	0.28
FGAN11	34.00	38.00	4.00	4.00	1.04			Gulcari "A" North zone
and	48.00	52.00	4.00	4.00	1.00
and	110.00	112.00	2.00	2.00	0.56	0.56	0.34
FGAN12	106.00	110.00	4.00	4.00		0.47	0.55	Gulcari "A" North zone
FGAN13	82.50	86.50	4.00	4.00	0.50	0.33	0.33	Gulcari "A" North zone
FGAN14	31.00	34.30	3.30	3.30	1.06			Gulcari "A" North zone
and	90.00	95.10	5.10	5.00	1.00
FGAN15	60.00	63.00	3.00	3.00	1.00			Gulcari "A" North zone
and	104.75	116.25	12.50	12.00	1.03
FGAN16	109.00	112.00	3.00	3.00	1.08			Gulcari "A" North zone
FGAN17	77.00	79.20	2.20	2.00	1.07			Gulcari "A" North zone
and	104.25	106.40	2.15	2.00	1.00
and	137.00	146.00	9.00	8.00	1.10
FSJ18	44.00	50.00	6.00	6.00	1.00			Sao Jose West Zone
FSJ20	21.00	29.00	8.00	8.00	0.93			Sao Jose West Zone
and	53.00	57.40	4.40	4.40	0.82
FSJ21	77.00	89.90	12.90	12.50	1.05			Sao Jose West Zone
including	83.00	89.90	6.90	6.50	1.23
and	112.00	115.20	3.20	3.00	0.71
FSJ22	12.00	23.00	11.00	11.00	0.67			Sao Jose West Zone
FSJ24	9.00	12.00	3.00	3.00	1.00			Sao Jose West Zone
FSJ25	31.00	34.00	3.00	3.00	0.94			Sao Jose West Zone
FNAN09	102.00	106.80	4.80	4.50	0.84			Novo Amparo Norte
FNAN10	106.45	134.45	28.00	27.00	1.07			Novo Amparo Norte
including	112.45	134.45	22.00	21.00	1.18
and	144.45	152.00	7.55	7.00	0.83
including	149.45	152.00	2.55	2.00	0.93	0.80	0.48
FNAN11	190.00	200.00	10.00	9.00	0.95			Novo Amparo Norte
including	197.00	200.00	3.00	2.50	0.93	1.00	0.42
FNAN12	72.00	84.00	12.00	12.00	1.02			Novo Amparo Norte
and	123.00	135.00	12.00	11.00	0.90
including	133.00	135.00	2.00	2.00	1.03	1.38	0.69
FNAN15	203.00	224.35	21.35	20.00	1.13			Novo Amparo Norte
and	260.65	273.40	12.75	11.50	0.84
including	268.00	273.40	5.40	5.00	0.94	0.81	0.47
FNAN16	78.50	94.70	15.50	15.00	0.90			Novo Amparo Norte
including	86.00	94.70	8.70	8.50	1.09
including	88.00	94.70	6.70	6.50	1.15	1.56	0.76
FNAN17	86.00	88.00	2.00	2.00		1.46	0.72	Novo Amparo Norte

Table 2
Hole Locations:

Hole Number	Northing	Easting	Elevation	Azimuth	Dip	Depth (m)
FGAN 06	8,486,501	318,658	305	290	-45°	189.30
FGAN 07	8,486,644	318,695	307	290	-45°	198.10
FGAN 08	8,486,896	318,728	307	290	-45°	216.65
FGAN 09	8,486,382	318,562	301	290	-45°	130.75
FGAN 10	8,486,458	318,581	305	290	-45°	130.45
FGAN 11	8,486,520	318,612	312	290	-45°	122.48
FGAN 12	8,486,605	318,620	304	290	-45°	131.40
FGAN 13	8,486,676	318,620	310	290	-45°	117.60
FGAN 14	8,486,814	318,629	312	270	-45°	118.30
FGAN 15	8,486,926	318,652	319	290	-45°	121.85
FGAN 16	8,487,009	318,710	312	290	-45°	128.50
FGAN 17	8,487,116	318,711	316	290	-45°	161.35
FSJ 18	8,488,656	319,059	338	290	-45°	156.40
FSJ 20	8,488,425	318,957	327	290	-45°	132.20
FSJ 21	8,488,344	318,997	322	290	-45°	180.65
FSJ 22	8,488,346	318,899	319	290	-45°	153.85
FSJ 24	8,488,260	318,812	321	290	-45°	153.80
FSJ 25	8,488,196	318,800	319	290	-45°	156.00
FNAN 09	8,492,303	319,981	339	290	-45°	170.80
FNAN 10	8,492,400	319,978	339	290	-45°	175.80
FNAN 11	8,492,885	320,117	352	290	-45°	223.10
FNAN 12	8,492,756	320,048	354	290	-45°	196.95
FNAN 15	8,492,536	320,051	365	290	-45°	286.90
FNAN 16	8,492,361	319,900	350	290	-45°	113.20
FNAN 17	8,492,448	319,934	351	290	-45°	114.35

Quality Assurance and Quality Control

Analytical work was carried out by SGS Minerals in Belo Horizonte, Brazil.  The scientific and technical information in this press release has been conducted, reviewed and approved by Andy Campbell, P.Geo., Vice President of Exploration to Largo and a Qualified Person as defined by National Instrument 43-101

About Largo

Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company.  Largo currently holds a 90% interest in the Maracás 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 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada.  The immediate goal of the Company is to develop the Maracás Vanadium Project bythe end of summer 2013 and continue to produce WO₃ concentrate from the reprocessing of tungsten tailings from Currais Novos.  Largo's skilled management team both in Canada and Brazil, are confident in their 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, statements with respect to completion of the private placement, Largo's development potential and timetable of the Maracas and Northern Dancer projects; Largo's ability to raise additional funds necessary; the future price of tungsten and molybdenum; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. 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.

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Image with caption: "Figure 1 Property Map (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120329_C8958_PHOTO_EN_11732.jpg

Darcie Ladd
Manager Business Development
416-861-9406
[email protected]