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News

$262,000 Private Placement


December 20, 2002

Further to Amerigo’s November 26, 2002 news release, Amerigo Resources Ltd. has amended the private placement and is pleased to announce that it has signed a letter of intent with Canadian Gold and Diamonds Limited Partnership for the private placement of 450,000 flow-through common shares of Amerigo priced at $0.23 per share. The common shares will be subject to a four-month hold. Amerigo 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 $0.23 equal to 15% of the units
being subscribed for. The finder’s fee is payable to Golden Capital Securities Ltd.

The Company is also pleased to announce a second private placement of up to 450,000 flow-through units at a price of $0.23 per unit. Each unit will consist of one flow-through share and one-half non-flow-through share purchase warrant. One whole warrant will entitle the holder to purchase one additional common share for a period of 24 months at a price of $0.25 per share. Amerigo 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 $0.23 equal to 15% of the units being subscribed for. The finder’s fee is payable to Golden Capital Securities Ltd.

The funds from both proposed private placements will be used to explore the Company’s properties located in Ontario.

These proposed private placements are subject to acceptance by the TSX Venture Exchange.

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.

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