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Amerigo Announces Financing

VANCOUVER, BRITISH COLUMBIA – Feb. 21 /CNW/ - Amerigo Resources Ltd. (TSX:ARG) ("Amerigo" or the "Company") has today entered into an agreement with a syndicate of underwriters led by Raymond James Ltd. and including MGI Securities Inc. and Salman Partners Inc., under which the underwriters have agreed to buy 6,000,000 common shares from Amerigo at an issue price of $2.60 per common share, representing an aggregate offering of $15,600,000. The Company will grant the underwriters an option, exercisable up until 48 hours prior to the closing date of the offering, to purchase up to an additional 1,000,000 common shares at the issue price. The Company expects to file a preliminary short form prospectus with the securities regulatory authorities to qualify the common shares for distribution. Closing is expected on or about March 14, 2006. The net proceeds from the Offering will be used for general corporate purposes.

The Offering is being made in British Columbia, Alberta, Manitoba, Ontario and Quebec, and is subject to the approval of regulatory authorities. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Amerigo Resources Ltd. is a Canadian copper and molybdenum producing company with 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.