Symbol: LGO (TSX.V)

• Intersected 20 metres grading 1.00% V₂O₅ including 15 metres grading 1.11% V₂O₅ on the Novo Amparo Norte Zone
  
  
• Completes 13,401 metre drill program

TORONTO, Feb. 15, 2012 /CNW/ - Largo Resources Ltd. (TSXV:LGO) ("Largo" or the "Company") is pleased to announce that it has completed drilling and is releasing assay results from an additional nine (9) drill holes from its Maracas Vanadium Project in Bahia, Brazil, including five (5) holes which demonstrate the discovery of a new high grade zone; Novo Amparo Norte. The new zone is located 6.5 kilometres north of the Gulcari "A" deposit which hosts all of the current reported resources on the Maracas property (see Figure 1).

The Novo Amparo Norte zone has been delineated by 17 recently drilled holes (see Figure 2). The completed drilling indicates the zone's dimensions to be 600 metres along strike to a vertical depth of 200 metres but also remains open in all directions as well as at depth, with mineralization varying in thickness from 6 to 25 metres. Assay results for the first five-drill holes are included in the table below and assays remain pending for an additional 12 holes from this zone.

Significant results from Novo Amparo Norte include (all assay results reported in true thickness):

• Hole FNAN01 - 20.00 metres grading 1.00% V₂O_5, including 15.00 metres grading 1.11% V₂O₅
  
  
• Hole FNAN03 - 18.00 metres grading 0.92% V₂O₅, including 10.00 metres grading 1.08% V₂O₅
  
  
• Hole FNAN06 - 13.00 metres grading 0.98% V₂O₅, including 7.00 metres grading 1.25% V₂O₅

All the drill results presented below are drill holes that are step out holes testing other zones both to the north and east of the Gulcari "A" deposit (see Figure 2). The complete results are presented below in Table 1.

Andy Campbell, P.Geo., Vice President, Exploration of the Company commented:  "Novo Amparo Norte represents the northernmost drilling we have completed at the project and is possibly the most significant discovery made during the recent drill program. We have made some significant step-outs from the Gulcari "A" deposit which has led to some exciting new discoveries. We are very pleased with the culmination of the drill program and the positive results that it continues to produce." He continued, "The drill program is now complete and we are finishing the last of the logging and sampling.  We expect the results over the next few weeks after which we can incorporate the results into our database and update our resource model for the project. "

Table 1: Assay Results

Table 2: Drill Hole Information

Largo has now completed its drill program at the project totalling 13,401 metres. It now awaits final assay results for an additional 25 drill holes in order to update the database and geological model and complete the corresponding technical report. The objective of this drill program was to significantly increase the mineral resources on the property.  Step out holes drilled in order to further define the limits of the mineralization have resulted in several new zones being identified along the Gulcari "A" and the Gulcari "B" trend for over 6.5 kilometres north to Novo Amparo Norte Zone.

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 by Q1 2013 and 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 statements with respect to the effect of these results on the Company's understanding of the project, the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; and success of exploration activities. 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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