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News

Salman Partners and CIBC World Markets Appointed To Lead Private Placement


May 2, 2003

AMERIGO RESOURCES LTD. is pleased to announce the appointment of Salman Partners Inc. and CIBC World Markets Inc. to act as its agents and Co-Lead to a private placement offering of approximately $42 million on a best efforts basis.  The private placement will be comprised of common shares and share purchase warrants.

The proceeds of the financing will be used to fund the previously announced acquisition of Minera Valle Central S.A. (“MVC”) and to fund planned expansion of copper production at MVC, subject to satisfactory completion of due diligence.

Completion of the private placement is subject to TSX Venture Exchange acceptance and the approval of the majority of the shareholders of the Company.

Amerigo Resources Ltd. is a Canadian junior exploration company with properties in Ontario and Quebec.  In addition to the option to acquire MVC, Amerigo 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 common shares and warrants and any securities which may be issued thereunder have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the U.S. or to a U.S. person in the absence of such registration or an exemption therefrom.

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

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