'Giant' magnetoresistance ratios have been measured at room temperature in as-deposited, single layer Co-Ag alloy thin films sputtered from a composite target. The effect has been observed over a broad range of Co concentrations (from 0.25 to 0.56 atom fraction Co, x) with a maximum magnetoresistance ratio of > 17% found at x = 0.43. In the as-deposited state these Co-Ag films are very fine grained single phase fcc polycrystalline alloys which exhibit essentially superparamagnetic M - H loops.