February 23, 2015

N.R. 2015- 02

Amerigo Announces 2014 Financial Results

 Revenues of $119.6 million

 Operating cash flow of $14.8 million

VANCOUVER, BRITISH COLUMBIA - February 23, 2015/Amerigo Resources Ltd. (TSX:ARG) ("Amerigo" or the "Company") reported today results for the year ended December 31, 2014. All dollar amounts referred to in this release are in US dollars. The Company reported revenue of

$119.6 million and generated $14.8 million in operating cash flow in fiscal 2014.
Amerigo's Chairman and CEO, Dr. Klaus Zeitler, stated "We are pleased to announce that, despite challenging market conditions, in 2014 Amerigo once again recorded positive operating cash flow and continued to make progress on the expansion of the operations of MVC, the Company's
operating subsidiary
in Chile.
MVC has
secured all construction and other permits
for the
Cauquenes project and has incurred $16 million in project capex, including $8.9 million incurred in
2014 in respect of expenses for the owner's team, engineering and procurement of long delivery
items such as pumps, pipes and electrical equipment.
The Company will complete the expansion
in phases, with the initial phase enabling MVC to extract the high grade Cauquenes tailings for processing in its existing operations. Capex budget for phase one is $71 million, and is expected
to result
in an increase in MVC's copper
production
to an average annual rate of 70 million
pounds.
After completion of this initial phase, MVC will upgrade its existing plant and operations
resulting in further increases to MVC's copper and molybdenum production."
Dr. Zeitler continued "Management believes that a phased approach decreases project
risk by
enabling MVC to complete the part of the expansion investment and to reduce its debt exposure."
expected to
provide the highest return on

Comparative Annual Overview

Page 2

2014

Years ended December 31,

2013

Change

Financial results

 Revenue was $119.6 million compared to $146.3 million in 2013. Revenues decreased 17%

due to lower copper and molybdenum sales and lower copper prices.

 Cost of sales was $113.0 million, compared to $137.6 million in 2013, a decrease of 18%, driven by lower production, El Teniente royalty and depreciation costs.

 Gross profit was $6.6 million, compared to gross profit of $6.0 million in 2013.

 Net loss was $10.7 million

compared
to net profit of $1.0 million in 2013. Items
affecting
financial performance in 2014 included non-cash charges
of $8.1 million for change in
estimates resulting from the extension of the Company's rights to process El Teniente tailings from 2021 to 2037 upon the signing of the Master Agreement, and approximately $5.7 million for deferred income tax expense resulting from tax reform enacted in Chile in 2014.

 In 2014, the Company generated cash flow from operations before changes in non-cash working capital of $14.8 million (2013: $19.1 million).

Production

 The Company produced 41.0 million pounds of copper, 10% lower than the 45.7 million pounds produced in 2013.

 Molybdenum production was 0.6 million pounds, produced in 2013.

25% lower than the
0.8 million
pounds

 Copper production in 2014 was affected by low grades and low sulphide content in old tailings.

Molybdenum production was affected by low grades. In 2014
MVC's mine plan progressed

Page 3 through the zone of lower grade tailings deposited by DET in Colihues while it made launder repairs in 2006-2007.

Revenue

 Revenue decreased to $119.6 million

from $143.6 million in
2013. The
Company's
copper
selling price fell from $3.32/lb in 2013 to $3.14/lb and its molybdenum selling price increased from $10.13/lb to $11.34/lb. Copper and molybdenum sales volume decreased 10% and 28%,
respectively, from 2013 levels.

Costs

 Cash

cost (a non-GAAP measure equal to the
aggregate
of smelting,
refining and other
charges, production costs
net of inventory adjustments, administration
and transportation
costs, net of by-product credits) before El Teniente royalty was $2.08/lb, the same as in 2013.

 Total cost (a non-GAAP measure equal to the aggregate of

cash cost, El Teniente royalty,
depreciation and accretion) was $3.02/lb compared to $3.22/lb in 2013, as a result of lower El
Teniente royalties and depreciation charges.

 Power costs in 2014 were $23.0 ($0.0939/kwh) in 2013.

million ($0.0916/kwh)
compared
to $23.8
million

 Total El Teniente royalties were $25.3 million in 2014, compared to $33.8 million in 2013, due to lower production and copper prices.

Cash and Financing Activities

 Cash balance was $18.3 million at December 31, 2014 compared to $13.1 million at December

31, 2013.

Investments

 Cash payments for capital expenditures ("Capex") were $11.8 million compared to $13.4 million in 2013. Capex payments were funded from operating cash flow, cash at hand and El Teniente royalty deferrals.

 Capex incurred in 2014 totaled $13.2 million (2013: $10.4 million) and included $8.9 million for project investments in connection with the Cauquenes expansion (2013: $3.6 million) and $4.3 million for sustaining Capex projects (2013: $6.8 million).

 The Company's investments in Candente Copper Corp. and Los Andes Copper Ltd. had an aggregate fair value of $2 million at December 31, 2014 (December 31, 2013: $3.2 million).

Outlook

 MVC estimates 2015 production of 50 to 55 million pounds of copper at an annual cash cost of

$1.80 to $2.00/lb, including a significant increase in production and decrease in cash cost in the
fourth quarter once Cauquenes is in production. Copper production is expected to ramp up from
approximately 10 million pounds in Q1 to approximately 19 million pounds in Q4, and cash cost
is projected to be between $1.95/lb and $2.15/lb in Q1, decreasing to $1.60/lb to $1.75/lb in Q4.

Page 4

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's Discussion and Analysis for the years ended December 31, 2014 and 2013,
which will be available at the Company's website www.sedar.com.
at www.amerigoresources.com
and at

Amerigo Resources Ltd. produces copper and molybdenum under a long term partnership with the world's largest copper producer, Codelco, by means of processing fresh and old tailings from the world's largest underground copper mine, El Teniente 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, Chairman & CEO Amerigo Resources Ltd.

(604) 218-7013 (604) 697-6201

Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking information" within the meaning of the Securities Act (British Columbia), 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 financing and construction of the Company's proposed expansion of its operations in Chile, including the first and subsequent phases of such expansion, 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, 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 and in Management's Discussion and Analysis in the Company's financial

statements.

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, including estimated production increases and cost reductions expected to result from the planned expansion of the Company's Chilean operations. 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, financing and construction of, and estimated production increases and cost reductions expected to result from the planned expansion of, the Company's planned expansion of its Chilean operations, 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 LTD. SELECTED FINANCIAL INFORMATION

Page 5

YEARS ENDED DECEMBER 31, 2014 AND 2013

All figures expressed in thousands of US Dollars and presented under IFRS

Consolidated Statements of Financial Position

Cash and cash equivalents Property, plant and equipment Other assets

Total assets

Total liabilities

Shareholders' equity

December 31,

2014

$

18,308

133,359

28,488

180,155

68,662

111,493

December 31,

2013

$

13,148

116,601

56,360

186,109

64,370

121,739

Total liabilities and shareholders' equity

Consolidated Statements of Comprehensive Loss

Revenue

Cost of sales Other expenses Finance expense Income tax expense

(Loss) profit

180,155

Year ended

December 31,

2014

$

119,622 (113,047) (10,396) (237) (6,644)

(10,702)

186,109

Year ended

December 31,

2013

$

143,592 (137,556) (4,236) (626) (181)

993

Other comprehensive

Comprehensive loss

loss

(598) (11,300)

(11,504) (10,511)

(LPS) EPS - Basic and Diluted

(0.06)

0.01

Consolidated Statements of Cash Flows

Net cash provided by operating activities

Net cash used in investing activities

Net cash provided by (used in) financing activities

Net cash inflow

December 31,

2014

$

18,090 (11,739)

255

6,606

December 31,

2013

$

19,523 (13,391) (1,497)

4,635