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Amerigo announces lower smelting and refining terms for 2004; year end change

AMERIGO RESOURCES LTD. is pleased to announce the conclusion of a new concentrate sales contract with ENAMI, the state-owned Chilean smelting and refining company, for the calendar year 2004.

This contract will result in savings to Minera Valle Central (MVC), Amerigo's Chilean copper production subsidiary, of more than 2 cents/lb of refined copper in the coming year compared to the 2003 smelting and refining terms.

Production expansion plans remain on track with stage 1 to achieve an annualized rate of production of 15,000 tonnes of refined copper by the first quarter of 2004.

Amerigo would also like to advise that it has received regulatory approval to change its current February year end to the more conventional December 31 date, with effect for the period ended December 31, 2003. The company's next quarterly reporting period will however remain the 3 months to November 30, 2003 and the company expects to make that release before the calendar year end.

Amerigo Resources Ltd. is a Canadian junior copper production company. Amerigo is currently expanding production at its long life, low cost MVC operations near Santiago, Chile. Tel: (604) 681-2802; Fax: (604) 682-2802; Web:; Listing: ARG:TSX-VEN

For further information, please contact: Jeffrey Giesbrecht, Secretary (604) 697-6201

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements contained in this news release that are not historical facts are forward- looking statements as that term is defined in 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 securities regulators.