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Amerigo Resources Ltd. Announces Results for the Quarter Ended June 30, 2007

08.01.2007

Q2-2007 cash flow from operations of US$12.4M up 20% from $10.3M in Q2-2006

Copper production up 42% to 9.31M lbs

US$5.8M dividend or Cdn6.5¢ per share declared

Q2-2007 earnings of US$10.3M from earnings of US$12.4M in Q2-2006

Strategic investment of 10% in Candente Resource Corp.

VANCOUVER, BRITISH COLUMBIA - August 1/Amerigo Resources Ltd. (TSX:ARG) (“Amerigo” or the “Company”) reported today results for the quarter ended June 30, 2007 (“Q2-2007”). Significant events are as follows:

• Cash flow from operating activities was $12,409,777 or 13¢ per share in Q2-2007, compared to $10,347,913 or 11¢ per share in Q2-2006.

• Production in Q2-2007 was 9.31 million pounds of copper and 204,647 pounds of molybdenum, the highest quarterly copper production in the Company's history. Production increased 42% in copper and 1% in molybdenum from Q2-2006 as the full flow of fresh tailings was re-established in the first week of April.

• Dividend - On July 30, 2007 the Company declared a dividend of $5,776,565 or Cdn 6.5¢ per share payable on August 31, 2007 to shareholders of record as of August 22, 2007.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.

• Net earnings after tax for Q2-2007 were $10,332,687, 17% lower than earnings of $12,444,608 in Q2-2006 as a result of higher cost of sales overall primarily related to higher power costs in Chile and lower copper prices.

• Earnings per share for the quarter ended June 30, 2007 were 11¢ fully diluted, compared to fully diluted earnings per share of 13¢ in Q2-2006.

• Gross copper selling price was $3.27/lb after settlement adjustments, compared to an LME average price of $3.47/lb during the quarter. Realized copper price (copper revenue net of smelter and refinery charges and including settlement adjustments to prior quarter sales divided by copper pounds sold in the quarter) was $2.97/lb.

• Cash costs (the aggregate of smelter, refinery and other charges, production costs net of molybdenum-related net benefits, administration and transportation costs) before El Teniente royalty were $1.19/lb in Q2-2007, compared to cash costs of $0.90/lb in Q2-2006. The increase in cash costs was caused by lower molybdenum by-product credits and higher power costs, mitigated by higher production levels and a significant reduction in smelter and refinery costs pursuant to the rate negotiated for 2007.

• Total costs (the aggregate of cash costs, El Teniente royalty, MVC stock-based compensation, depreciation and accretion) for Q2-2007 were $1.85/lb compared to $1.51/lb in Q2-2006. The increase in total costs was driven fundamentally by higher cash costs and higher El Teniente royalties due to higher prices.

• Investment in Candente - Amerigo acquired just below 10% of the issued and outstanding shares of Candente Resource Corp. (“Candente”) at a cost of $8,581,681 in Q2-2007.

• Capital plant additions in Q2-2007 were $1,440,804, for ongoing mill refurbishing, Colihues engineering studies and civil works. Cash payments for capital expenditures in the quarter were $1,688,749 funded from operating cash flow.

• Cash balance was $28,567,850 at June 30, 2007 after an investment of $8,581,681 in Candente, dividend payments of $5,286,918 and payments of $7,217,147 for capital expenditures on a year-to-date basis.

The information in this news release and the Selected Financial Information contained in the following page should be read in conjunction with the unaudited Consolidated Financial Statements and Management Discussion and Analysis for the quarter and six months ended June 30, 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 junior 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

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The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.Statements contained in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results.Such risks and uncertainties are detailed in the Company's filings with the TSX and on SEDAR.Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made.The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

AMERIGO RESOURCES LIMITED
SELECTED FINANCIAL INFORMATION

QUARTERS ENDED JUNE 30, 2007 AND 2006
All figures are in US Dollars