Investors

Record production: 27% increase in copper and 70% increase in molybdenum from Q3-2007

VANCOUVER, BRITISH COLUMBIA – November 7/Amerigo Resources Ltd. (TSX:ARG) (“Amerigo” or the “Company”) reported today results for the quarter ended September 30, 2008. Significant events are as follows:

• In Q3-2008 the Company had an operating profit of $1,152,222 and a net loss of $10,407,427, compared to operating profit of $8,508,794 and net earnings of $6,581,887 in Q3-2007. In the three months ended September 30, 2008, the Company recorded an unrealized write-down of investments to fair value of $12,237,741; the Company also had negative settlement adjustments to prior quarters’ copper sales of $3,049,900 and has expensed a signing bonus of $1,753,160 paid to MVC workers on completion of a four-year collective labour agreement.

• Cash flow from operating activities was $7,638,590 or 8¢ per share in Q3-2008, compared to $4,797,409 or 5¢ per share in Q3-2007.

• The write-down of investments of $12,237,741 was recorded in earnings in accordance with accounting standards due to the material decline in fair value of the Company’s long-term investments in Candente Resource Corp. (“Candente”) and Los Andes Copper Ltd. (“Los Andes”) at September 30, 2008 and to the assessment that, under current financial market conditions, a recovery in the fair value of these investments may not occur in the short-term. The write-down of investments is a non-cash transaction as the Company did not sell any of its holdings in Candente or Los Andes.

• Production in Q3-2008 was a record 10.22 million pounds of copper and 261,234 pounds of molybdenum, an increase of 27% in copper production and 70% in molybdenum production from Q3-2007, due to higher flow and grades of fresh tailings, continued processing of old tailings and more efficient recoveries in the molybdenum plant.

• The Company’s copper selling price before smelter, refinery and other charges in Q3-2008 was $2.81/lb. Notwithstanding record production levels, revenues were affected by declining copper prices during the quarter and by $3,049,900 of negative settlement adjustments to prior quarters’ sales.

• Cash cost (the aggregate of smelter, refinery and other charges, production costs net of molybdenum-related net benefits, administration and transportation costs) before El Teniente royalty was $1.60/lb in Q3-2008, compared to $1.78/lb in Q3-2007. Cash costs declined in Q3-2008 as a result of higher molybdenum by-product credits, partially offset by higher unit costs for labour and grinding balls, including one-time labour costs of $0.17/lb. Excluding one-time labour costs, cash cost in Q3-2008 was $1.43/lb.

• Total cost (the aggregate of cash cost, El Teniente royalty, MVC stock-based compensation, depreciation and accretion) in Q3-2008 was $2.40/lb compared to $2.49/lb in Q3-2007. The decrease in total cost was driven fundamentally by lower cash costs, mitigated by higher royalties to El Teniente ($0.65/lb) and higher amortization charges. It is expected that the El Teniente royalty will be substantially lower in Q4-2008 as it is calculated on average monthly copper prices.

• Power costs in Q3-2008 were $8,723,416 ($0.17/kwh) compared to $7,781,476 ($0.21/kwh) in Q3-2007. Power costs continue on a downward trend since the peak of $0.33/kwh recorded in Q1-2008. It is expected that power costs will be lower once the two 10-megawatt generators purchased by the Company are commissioned.

• Net earnings in the nine months ended September 30, 2008 were $2,194,029, compared to $22,465,856 in the comparative period.

• Cash flow from operating activities in the nine months ended September 30, 2008 was $17,972,440, compared to $24,488,459 in the comparative period.

• In Q3-2008, cash payments for capital expenditures were $5,985,103, funded from operating cash flow. The Company also made an additional investment in Los Andes of $1,883,600 and paid a second semi-annual dividend of $5,784,475 or Cdn 6.5¢ per share.

• Cash balance was $4,258,600 at September 30, 2008 after $18,527,776 of cash payments for capital expenditures, $11,802,999 in dividend payments and corporate investments of $4,013,581 in the nine months ended September 30, 2008.

• Due to the sharp decline in metal prices subsequent to September 30, 2008, the Company expects to post negative settlement adjustments, the amount of which will depend on copper and molybdenum prices over the next three months.

The information in this news release and the Selected Financial Information contained in the following page should be read in conjunction with the Unaudited Consolidated Financial Statements and Management Discussion and Analysis for quarter ended September 30, 2008, which will be available at the Company’s website at www.amerigoresources.com and at www.sedar.com.

Amerigo Resources Ltd. is a Canadian junior company producing copper and molybdenum from its MVC operations near Santiago, Chile. Tel: (604) 681-2802; Fax: (604) 682-2802; Web: www.amerigoresources.com; Listing: ARG:TSX

For further information, please contact:
Dr. Klaus Zeitler, President	(604) 681-2802
Amerigo Resources Ltd.	(604) 218-7013

The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. Statements contained in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company’s filings with the TSX and on SEDAR. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.

AMERIGO RESOURCES LTD.
SELECTED FINANCIAL INFORMATION

QUARTERS ENDED SEPTEMBER 30, 2008 AND 2007
All figures expressed in US Dollars

AMERIGO RESOURCES LTD.
SELECTED TRAILING DATA

All figures expressed in US Dollars