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MVC Preliminary Due Diligence Reports Positive

AMERIGO RESOURCES LTD. reported today that it has received preliminary legal, accounting and tax due diligence reports on Minera Valle Central S.A. (MVC).  The legal report was prepared by the firm of Carey y Cia Ltda. of Santiago, Chile, and the tax and accounting report was prepared by PricewaterhouseCoopers.  Whilst there are a certain outstanding issues yet to be finalised, neither report has revealed any material due diligence concerns at this stage.

Amerigo has the option to purchase 100% of the outstanding shares and debt of MVC until June 30, 2003.  Due diligence is ongoing.


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