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Amerigo Announces Renewal of Share Repurchase Program

VANCOUVER, BRITISH COLUMBIA -- Nov. 8, 2007 /CNW/ - Amerigo Resources Ltd. ("Amerigo", TSX:ARG) announced today its intention to renew its normal course issuer bid. Under this issuer bid, Amerigo's board of directors has authorized the acquisition of up to 2,000,000 of Amerigo's common shares during the one year period commencing on November 14, 2007 and ending on November 13, 2008. All purchases will be made through the facilities of the Toronto Stock Exchange.

Pursuant to TSX policies, daily purchases made by the Company will not exceed 110,274 common shares or 25% of the average daily trading volume of 441,094 common shares on the TSX, subject to certain prescribed exceptions.

As of November 5, 2007 Amerigo had 94,532,744 common shares issued and outstanding. The shares that may be repurchased under this issuer bid represent approximately 2.2% of Amerigo's public float, which is estimated to be 87,657,243 common shares.

The actual number of shares that may be purchased during the one year period and the time of such purchases will be determined by Amerigo. All shares purchased under the issuer bid will be cancelled.  During the 12 month period prior to the date of this press release, Amerigo purchased 526,500 of its common shares at an average price of $1.79 per share pursuant to the Normal Course Issuer Bid in place during the period from November 14, 2006 to November 13, 2007.

Amerigo is undertaking this issuer bid as it believes that from time to time the market price of its common shares does not reflect the underlying value of Amerigo.

Amerigo Resources Ltd. is a Canadian junior company producing copper and molybdenum from its MVC operations near Santiago, Chile.  Tel: (604) 681-2802; Fax: (604) 682-2802; Web:; Listing: ARG:TSX

For further information, please contact:    

Dr. Klaus Zeitler, President              (604) 681-2802, (604) 218-7013
Amerigo Resources Ltd.

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.