Largo Resources Ltd, a Canadian natural resource development and exploration company, has signed an agreement with Companhia Baiana de Pesquisa Mineral (CBPM), a Bahia state owned exploration company, to acquire 100% working interest in the Campo Alegre de Lourdes Fe-Ti-V property owned by CBPM. CBPM put the property out for tender in June 2008. The property located in the municipality of Campo Alegre de Lourdes, State of Bahia, Brazil, consists of seven concessions totalling 9,275 hectares. The 9,275-hectare property is located 650km NW of Salvador, the capital of Bahia State. The widespread Fe-Ti-V mineralization on the property occurs as wide zones of massive titanomagnetite and ilmenite that has been traced for eleven kilometres along strike and two kilometres wide and are characterized by 11 deposits aligned roughly north-south as 11 elongated hills. The property has had a significant amount of work done in the past. This work has resulted in a reported historical mineral resource, estimated by CBPM to be 133 million tonnes of 50% Fe, 21% TiO2, and 0.75% V2O5 to a vertical depth of less than 6m. Upon the signing of an acquisition agreement, Largo shall acquire a 100% interest in the Property.