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Options Plan Approved and Stock Options Issued

04.02.2003

AMERIGO RESOURCES LTD. reported today that the Board of Directors has approved a stock option plan providing for the issuance of options to purchase up to 340,000 common shares of Amerigo.  Subject to TSX Venture Exchange approval, the Board approved the issuance of options to purchase 340,000 common shares to directors and senior officers of the Company exercisable at $0.36 for five years.

Amerigo Resources Ltd. is a Canadian junior exploration company with properties in Ontario and Quebec.  Amerigo has the option to acquire Minera Valle Central, a Chilean Copper Producer, and is exploring for Olympic Dam style copper-gold deposits on four properties in the Sault Ste. Marie area of Ontario.

For further information, please contact:    

Jeffrey Giesbrecht, Secretary    (604) 641-2779

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.