News - 2002

$200,000 Flow-through Private Placement

Amerigo Resources Ltd. announces that it intends to complete a private placement of 800,000 flow-through shares at $0.25 per share. The common shares will be subject to a four-month hold. The Company has agreed to pay a cash finder's fee equal to 7.5% of the gross proceeds as well as issue warrants exercisable for a period of two years into one common share at a price of $0.25 equal to 15% of the units being subscribed for. The finder's fee is payable to Golden Capital Securities Ltd.

The funds will be used to carry out exploration work on the Company's properties.

The private placement is subject to TSX Venture Exchange approval.

Amerigo Resources Ltd. is a Canadian junior exploration company with properties in Ontario and Quebec. Amerigo is currently exploring for Olympic Dam style copper-gold deposits on four properties in the Sault Ste. Marie area of Ontario, including the Island
Copper Project where a 1,000-metre drill program is about to begin.

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.