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Amerigo Announces Renewal of Share Repurchase Program

VANCOUVER, BRITISH COLUMBIA -- Nov. 10, 2006 /CNW/ - Amerigo Resources Ltd. ("Amerigo", TSX:ARG) announced today its intention to renew its normal course issuer bid through the facilities of the Toronto Stock Exchange. Under this issuer bid, Amerigo's board of directors has authorized the acquisition of 2,612,815 of Amerigo's common shares during the one year period commencing on November 14, 2006 and ending on November 13, 2007.

As of November 10, 2006 Amerigo had 93,969,744 common shares issued and outstanding. The shares that may be repurchased under this issuer bid represent 3% of Amerigo's public float, which is estimated to be 87,093,841 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 186,100 of its common shares pursuant to the Normal Course Issuer Bid in place during the period from November 14, 2005 to November 13, 2006.

Amerigo is undertaking this issuer bid as it believes that the current 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:

Michael J. Kuta, General Counsel & Secretary

Amerigo Resources Ltd. (604) 697-6201

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.