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Amerigo Resources to Commence Drilling at Island Copper Project

11.21.2002

Amerigo Resources Ltd. (ARG.TSX Venture) is pleased to announce a minimum 1,000 metre diamond drill program at the Island Copper property near Sault Ste. Marie, Ontario. The program, expected to commence on or about the 26 November 2002, will test the depth extent of previously outlined copper and gold mineralization, as well as coincident chargeability and residual gravity anomalies.

The target of exploration at Island Copper is Olympic Dam style copper–gold mineralization associated with brecciated albite granite. Copper-rich mineralization, dominated by chalcopyrite with minor pyrite, has been delineated over an areal extent of 430 metres by 290 metres at surface and is contained within a larger area, measuring about 300 metres by 1,000 metres, of hematite-dominated mineralization.

Drilling on the Island Copper property in the 1960s and early 1970s resulted in several noteworthy intersections including: 6.22% Cu and 1.7 g/tonne Au over 3.05 metres within a 9.5 metre intersection grading 4.02% Cu and 1.03 g/tonne Au, and 0.83% Cu
over 15.98 metres.

Recent work by Falconbridge Limited indicates coincident chargeability and residual gravity anomalies that extend for over a kilometer to the west of the historical work. These anomalies have yet to be tested by drilling. Amerigo is earning a 55% interest in the Island Copper project from Falconbridge Limited over a three-year period. 

Amerigo Resources Ltd. is a Canadian Junior exploration company with properties in Ontario and Quebec. Amerigo is currently exploring for Olympic Dam style deposits on four properties in the Sault Ste. Marie area of Ontario, including the recently acquired Coppercorp Property.

For further information, please contact:

Roger Moss, President, Tel: (416) 516-6050 E-Mail:  roger.moss@sympatico.ca

Ian E. Gallie, Director, Tel: (250) 598-9091 E-Mail: gallie@horizon.bc.ca

or visit our website at: www.amerigoresources.com

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