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Results of Island Copper Drilling Program

Amerigo Resources Ltd. wishes to announce results of the fall drilling program on the Island Copper Property, located north of Sault Ste. Marie, Ontario. The results are from a four hole, 992-meter program carried out during November and December of 2002. Extensions to the mineralization outlined by historical drilling were investigated, and coincident gravity and chargeability anomalies were tested.

The drilling program succeeded in extending the known mineralization both to the northwest and to the southeast of the historical drilling, and the mineralization remains open in both directions. Hematite altered brecciated granite gneiss intersected in hole IC02-4 indicates that the hydrothermal system extends more than 500 meters west of the limits defined by the previous drilling. Intersections of copper and gold mineralization associated with hematite, sodium-rich brecciated granite and potassium feldspar alteration are all indicative of Olympic Dam-style mineralization.

The first three holes were drilled on a northwest-southeast section along the western edge of the historical drilling. The best results came from hole IC02-1 which intersected a nearsurface interval of 1.5% Cu and 0.2 g Au/t over eight meters that included 4.4% Cu and 0.5g Au/t over two meters. The copper occurs mainly as chalcopyrite veins and disseminations in the matrix of brecciated albite granite. Specular hematite also occurs as veins and occasional disseminated grains throughout the matrix. The granite clasts are composed predominantly of albite and contain hematite and potassium feldspar alteration. Hole IC02-2, collared 100 meters south of IC02-1, intersected a similar style of mineralization in brecciated albite granite that graded 0.35% Cu over one meter. Hole IC02-2 also intersected a 13.36-meter section of mineralized quartz feldspar porphyry that may represent a feeder dyke to the albite granite. The dike shows hematite and potassium feldspar alteration and contains a three-meter section of intense bleaching.

Hole IC02-3 was collared 200m north of IC02-1 and intersected 0.53% Cu over 1.5 meters. Chalcopyrite, pyrite and pyrrhotite occur as veins and disseminated grains together with specular hematite in brecciated albite granite. Potassium feldspar and calcite are the main alteration minerals. Hematite altered, brecciated granite gneiss was intersected over 37.72 meters in hole IC02-4, drilled 526 meters west of Hole IC02-1 to test a coincident gravity and chargeability anomaly.

The highlights of the drilling appear below.

Hole No.From To Width Cu Au meters meters meters % g/t

IC02-1 3 11 8 1.5 0.2

including 3 5 2 4.44 0.5

56.22 62.59 6.37 0.2 -

86.25 87.25 1 0.27 -

90.25 93.0 2.75 0.2 -

IC02-2 80 81 1 0.35 -

IC02-3 7.5 9 1.5 0.53 -

IC02-4 No Significant Values

Samples of a half to three meters in length were taken from halved BQ size core and submitted to Actlabs of Ancaster for analysis of Cu by ICP-OES following a four acid digestion and for Au by instrumental neutron activation analysis (INAA). Actlabs is an ISO Guide 25 accredited laboratory. Check assays are currently being performed for samples containing over 0.5% Cu. Work was completed under the supervision of Roger Moss, P.Geo. and QP for the project.

Amerigo is integrating the recent drilling data with the historical work to plan a 2003 exploration program for the property. The Company is earning a 55% interest in Island Copper from Falconbridge Limited.

Amerigo Resources Ltd. is a junior exploration company with properties in Ontario and Quebec. The company is actively exploring for Olympic Dam-style deposits on four properties in the Sault Ste. Marie area of Ontario.

For further information, please contact:

Roger Moss, President, Tel: (416) 516-6050 E-Mail:

Ian E. Gallie, Director, Tel: (250) 598-9091 E-Mail:

or visit our website at:

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