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Private Placement and Units for Debt Settlement Announced

05.14.2002

Amerigo Resources Ltd. announces it intends to complete a private placement of up to250,000 units at $0.20 per unit. Each unit consists of one common share in the capital of the Company and one share purchase warrant exercisable into one common share at $0.20 for a period of two years from the date of issuance. The common shares will be subject to a four-month hold period.

In addition, Amerigo Resources Ltd. announces it intends to settle a $50,738 debt with Welcome Opportunites Ltd. for units in the Company. Each unit consists of one common share in the capital of the Company at a price of $0.20 per share and one share purchase warrant exercisable into one common share at $0.20 for a period of two years from the date of issuance. The common shares will be subject to a four-month hold period.

Both the private placement and the units for debt settlement are subject to the approval of the TSX Venture Exchange.

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.