Investors

35% copper production increase in 2007

Earnings from operations of US$24M in 2007 vs. US$31M in
2006 substantially due to higher energy costs and lower copper prices

Project initiated to become substantially energy
self-sufficient by mid-2008

VANCOUVER, BRITISH COLUMBIA – February 27/Amerigo Resources Ltd. (TSX:ARG) (“Amerigo” or the “Company”) reported today results for the year ended December 31, 2007. Significant events are as follows:

• Cash flow from operating activities was $31,282,155 or 33¢ per share in 2007, compared to $26,753,168 or 29¢ per share in 2006 due to reduced cash outflows to meet working capital obligations.

• Earnings from operations in 2007 were $24,282,354 compared to $30,753,306 in 2006. Net earnings after tax in 2007 were $24,282,354 compared to $39,283,683 in 2006, which included a $8,530,377 gain on sale of investment. Despite higher production, earnings declined in 2007 due to an increase of $19,992,177 in power costs and lower copper prices.

• The Company took the strategic decision to become substantially energy self-sufficient and to limit its exposure to high power costs through the purchase of two used 10 megawatt generators. The project has an estimated cost of $10.3M and, pending receipt of environmental approvals, is scheduled to be operational by mid-2008.

• The Company recorded $4,395,767 as other comprehensive income in 2007 from the fair value appreciation of two strategic investments during the year. Other comprehensive income is not a component of net earnings.

• Earnings per share for the year were 26¢, compared to earnings per share of 42¢ in 2006. The gain on sale of investment represented earnings per share of 10¢ in 2006.

• Production in 2007 was 33.21 million pounds of copper and 639,020 pounds of molybdenum, a copper production increase of 35% from 2007 due to the normalization of tailings flow to MVC. Molybdenum production decreased 5% due to lower molybdenum content in fresh tailings.

• In Q4-2007, MVC commenced processing old tailings in the amount of 10,000 to 12,000 tonnes per day. It is planned to further increase tailings throughput in 2008 in accordance with MVC’s contractual arrangements.

• Gross copper selling price in 2007 was $3.10/lb after settlement adjustments, compared to $3.33/lb in 2006. Realized copper price (copper revenue net of smelter, refinery and other charges, including settlement adjustments to prior year sales divided by copper pounds sold in the year) was $2.72/lb.

• 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 $1.50/lb in 2007, compared to $1.20/lb in 2006. The increase in cash cost was caused by higher power costs and lower by-product credits, mitigated by higher production levels and a significant reduction in smelter and refinery costs pursuant to the terms negotiated for 2007.

• Total cost (the aggregate of cash cost, El Teniente royalty, MVC stock-based compensation, depreciation and accretion) for the year ended December 31, 2007 was $2.20/lb compared to $1.80/lb in 2006. The increase in total cost was driven fundamentally by higher cash costs and affected to a lesser degree by higher royalties to El Teniente and higher amortization charges.

• Capital plant increased $18,431,165 in 2007, including costs related to the self-generation power project, mill refurbishing, old tailings capital expenditures and a higher asset retirement obligation asset. Cash payments for capital expenditures in 2007 were $17,307,167, funded from operating cash flow.

• Investments – Amerigo acquired strategic investments in Candente Resource Corp. and Los Andes Copper Ltd. at a cost of $15,795,314.

• Dividends – On February 24, 2007 the Company declared a dividend of $5,286,918 or Cdn 6.5¢ per share that was paid on April 4, 2007 to shareholders of record as of March 27, 2007. On July 30, 2007 the Company declared a dividend of $5,802,371or Cdn 6.5¢ per share that was paid on August 31, 2007 to shareholders of record as of August 22, 2007.

• Cash balance was $16,712,630 at December 31, 2007 after $17,307,167 of cash payments for capital expenditures, $15,795,314 for corporate investments and $11,089,289 in dividend payments.

The information in this news release and the Selected Financial Information contained in the following page should be read in conjunction with the audited Consolidated Financial Statements and Management Discussion and Analysis for year ended December 31, 2007, which will be available at the Company’s website at www.amerigoresources.com and at www.sedar.com.

Amerigo Resources Ltd. is a Canadian 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

Certain of the information and statements contained herein that are not historical facts, constitute “forward-looking information” within the meaning of the Securities Act (Ontario) and the Securities Act (Alberta) (“Forward-Looking Information”). Forward-Looking Information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend”; statements that an event or result is “due” on or “may”, “will”, “should”, “could”, or might” occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information contained herein includes, without limitation, information concerning future tailings production volumes and the Company's copper and molybdenum production, all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information; including, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, the supply of tailings from El Teniente and extraction of tailings from the Colihues tailings impoundment, the achievement and maintenance of planned production rates, the evolving legal and political policies of Chile, the volatility in the Chilean economy, military unrest or terrorist actions, metal price fluctuations, favourable governmental relations, the availability of financing for activities when required and on acceptable terms, the estimation of mineral resources and reserves, current and future environmental and regulatory requirements, the availability and timely receipt of permits, approvals and licenses, industrial or environmental accidents, equipment breakdowns, availability of and competition for future mineral acquisition opportunities, availability and cost of insurance, labour disputes, land claims, the inherent uncertainty of production and cost estimates, currency fluctuations, expectations and beliefs of management and other risks and uncertainties, including those described under Risk Factors in the Company’s Annual Information Form dated March 27, 2007, and in each subsequent Management’s Discussion and Analysis. Such Forward-Looking Information is based upon the Company’s assumptions regarding global and Chilean economic, political and market conditions and the price of metals, including copper and molybdenum, and future tailings production volumes and the Company's copper and molybdenum production.. Among the factors that have a direct bearing on the Company’s future results of operations and financial conditions are changes in project parameters as plans continue to be refined, interruptions in the supply of fresh tailings from El Teniente, further delays in the extraction of tailings from the Colihues tailings impoundment, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.

AMERIGO RESOURCES LIMITED
SELECTED FINANCIAL INFORMATION

YEARS ENDED DECEMBER 31, 2007 AND 2006
All figures are in US Dollars

Consolidated Statements of Cash Flows