LL Canada Rare Earth Corp

Largo Resources Ltd. (TSX VENTURE:LGO) is pleased to announce that the
Environmental State Council of Bahia, the Conselho Estadual de Meio Ambiente
("CEPRAM") has granted the Localization License ("Licenca de Localizacao" or
"LL") for its Maracas Vanadium Project, in Bahia State, Brazil. The approval was
confirmed today by publication in the Official Gazette of the state of Bahia.


Stated Mark Brennan, President and CEO of Largo Resources, "I am very proud of
our technical team for achieving this milestone. The team has taken an asset
with a non-compliant resource and has received the critical permit within two
and a half years. " He added, "The Company will now explore financing
opportunities and complete the required work for obtaining the Installation
License."


There are three licenses issued by CEPRAM that are necessary to bring a mine
into production in the state of Bahia (Brazil).


The Localization License ("LL") is the most critical license. Receipt of this
license allows the rest of the licensing process to proceed, and confirms that
the project can be "located" (hence "localization license"), developed and
operated as proposed. The Environmental Impact Assessment (EIA) and
Environmental Impact Report (RIMA) are completed as part of this process. The
process for obtaining the LL involved the participation of the public and any
NGOs who wished to participate through public meetings. The Instituto do Meio
Ambiente (IMA), the Bahia state environmental agency, hosted these meetings in
February 2009 in Maracas and Porto Alegre, which are two towns located in the
vicinity of the project site. Following this, IMA submitted the project to
Conselho Estadual de Meio Ambiente (CEPRAM), an independent body, who at their
April 2009 monthly meeting endorsed IMA's recommendation that the LL be granted.
The LL is a very critical step in the environmental permitting process and
concludes the active participation of the public.


The Installation License (LI) involves an approval process involving only Largo
and the aforementioned government agencies. The process includes the submission
of more details of the project and a detailed description of the proposed
environmental management system that was outlined in the LL documentation
previously submitted.


The Operating License (LO) is granted during the final stages of commissioning
and involves a site inspection by IMA, with the likely participation of CEPRAM,
to confirm that the project has been constructed as planned and in accordance
with the LI.


In addition, Largo announces that it has granted a total of 4,225,000 options to
various officers, directors, consultants and employees under the stock option
plan of the Company. The exercise price for the options will equal the closing
price for Largo common shares on the TSX Venture Exchange on May 15, 2009. The
options will have a five-year term and will vest immediately subject to the four
month regulatory hold period. The grant of options remains subject to regulatory
approval.


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. 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

This press release contains forward-looking statements under Canadian securities
legislation. Forward-looking statements include, but are not limited to,
statements with respect to Largo's development potential and timetable of the
Maracas project; the ability of Largo to receive the remaining licences and
permits, Largo's ability to raise additional funds necessary to complete the
project; the future price of ferrovanadium and vanadium pentoxide; 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; costs of production; 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. Estimates regarding the anticipated
timing, amount and cost of mining at the Maracas project are based on
assumptions underlying mineral reserve and mineral resource estimates and the
realization of such estimates; detailed research and analysis completed by
independent consultants; research and estimates regarding the timing of delivery
for long-lead items; knowledge regarding the factors involved in building a mine
in Brazil and other factors that will be described in the technical report
summarizing the Feasibility Study that will be filed under the profile of the
Company on SEDAR.

Capital and operating cost estimates are based on extensive research of the
Largo and independent consultants, recent estimates of construction and mining
costs and other factors that are set out in the Feasibility Study. Production
estimates are based on mine plans and production schedules, which have been
developed by the Largo's personnel and independent consultants. 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 risks
related to: unexpected events and delays during construction, expansion and
start-up; variations in ore grade and recovery rates; receipt and revocation of
government approvals; timing and availability of external financing on
acceptable terms; actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of
ferrovanadium; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the mining industry.
Although management of the 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. The Largo
does not undertake to update any forward-looking statements, except in
accordance with applicable securities laws.

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