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Results of Detailed Aeromagnetic Survey


March 7, 2003

Amerigo Resources Ltd. wishes to announce the results of a detailed aeromagnetic survey over its four properties in the Sault Ste. Marie region of Ontario. The properties cover an area of about 50 square kilometers, in three separate blocks, and are considered to have potential for iron oxide copper-gold deposits of the Olympic Dam-type.

A total of 825 line kilometers at a line spacing of 100 metres was flown over the Coppercorp property. Results indicate that mineralization in the Coppercorp mine area and known occurrences to the north are associated with linear northwest-southeast trending magnetic anomalies. The anomalies, some of which are offset by faults, extend for 4.3 km and are sub-parallel to strike. A spring program of prospecting, geological mapping and sampling will be undertaken to follow up these anomalies. A large regional magnetic anomaly, measuring approximately 3 km by 3 km, to the east of the old minesite is partly coincident with Proterozoic aged felsic intrusive rocks that are locally brecciated. This anomaly has not been tested using modern exploration techniques, and will be the focus of an aggressive exploration program designed to define first stage drill targets.

The portion of the survey that covers the Island Copper Property indicates a 2 km long approximately east " west trending linear magnetic anomaly that is partly coincident with a known residual gravity anomaly. Coincident gravity and magnetic anomalies are common targets in the search for Olympic Dam style deposits. Several discoveries have been made through drilling such targets, including the Olympic Dam deposit itself. Amerigo is earning a 55% interest in the Island Copper property from Falconbridge Limited, and is currently planning a 2003 work program for the property.

The Bellevue property, 100% owned by Amerigo, and adjoining Island Copper to the East, covers a large (approximately 3km by 3km) magnetic anomaly. The source of the anomaly is unknown. Amerigo is planning a first stage exploration program consisting of geological mapping and sampling to follow up on the anomaly.

Visit the Amerigo Resources Booth - number 2318 PDAC Conference, March 9 and 10 at the Metro Toronto Convention Centre

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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