Amerigo Resources Ltd

Published : September 29th, 2015

Amerigo Announces Management and Board Changes

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Amerigo Announces Management and Board Changes

M E M O R A N D U M



September 29, 2015

N.R. 2015-12


Amerigo Announces Management and Board Changes


VANCOUVER, BRITISH COLUMBIA - September 29, 2015/Amerigo Resources Ltd. (TSX:ARG) ('Amerigo' or the 'Company') announces the following changes to its management team effective October 1, 2015:


  • Dr. Klaus Zeitler is to retire as Chief Executive Officer and remain Executive Chairman

  • Rob Henderson, currently the Company's President and Chief Operating Officer, is to assume the role of Chief Executive Officer

  • Aurora Davidson is to be appointed as Executive Vice President in addition to continuing to act as Chief Financial Officer

  • Christian Cáceres is to be appointed as General Manager of Minera Valle Central S.A. ('MVC'), the Company's operating subsidiary in Chile


Dr. Klaus Zeitler stated 'These management changes are part of the Company's succession plan. Rob joined the Company in 2012 and together with Christian has played a significant role implementing the Cauquenes project in less than six months from closing of the project's debt financing facilities. Aurora has been the Company's CFO since 2003 and was instrumental in securing the bank financing for the project. Christian has built a strong operating and management team at MVC since 1994, most recently as Assistant General Manager.'


Dr. Zeitler continued 'Given the prolonged period of low metal prices and market volatility, the Company has implemented additional measures to reduce costs. This operating cost savings program at MVC is having a positive effect on operating results, as MVC's August cash cost was at the lowest level since November 2011. The Company is also reducing overhead costs and in this context, it was decided to reduce the Company's board membership from 8 to 5 directors, and reduce director's compensation by 10%. Messrs. Ruston Goepel, Miguel Grau and Geoff Castle have agreed to resign from the Company's board effective September 30, 2015. The Company intends to continue to pursue opportunities to reduce costs, including management's compensation at Amerigo and MVC, and to enhance shareholder value.'


Dr. Zeitler added 'On behalf of Amerigo and the Company's board members I would like to express my appreciation to Raúl Poblete de la Cerda, MVC's retiring General Manager, for his 25 years of dedication to the development and operating growth of MVC. I would also like to thank Rusty, Miguel and Geoff for their dedication and valuable contributions to Amerigo over the years, and to wish them all the best in their future endeavors.'



Amerigo Resources Ltd. produces copper under a long term tolling agreement 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



Page 2


For further information, please contact:

Dr. Klaus Zeitler, Executive Chairman


(604) 218-7013

Amerigo Resources Ltd.

(604) 697-6203

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.

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Amerigo Resources Ltd

PRODUCER
CODE : ARG.TO
ISIN : CA03074G1090
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Amerigo Res. is a copper and molybdenum producing company based in Canada.

Its main asset in production is MINERA VALLE CENTRAL in Chile.

Amerigo Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 282.5 millions as of today (US$ 225.8 millions, € 197.8 millions).

Its stock quote reached its lowest recent point on February 21, 2003 at CA$ 0.08, and its highest recent level on April 27, 2007 at CA$ 2.77.

Amerigo Res. has 175 440 000 shares outstanding.

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Financings of Amerigo Resources Ltd
3/26/2015Closes Bank Financing for Cauquenes Expansion
3/19/2015Secures Cauquenes Bank Financing Without Dilution to Shareho...
2/14/2009Closing of Private Placement
2/7/2009Non-brokered Private Placement
8/28/2008Acquisition of Common Shares and Warrants of Los Andes Coppe...
Nominations of Amerigo Resources Ltd
6/5/2012Pleased to Announce New Appointments
Financials of Amerigo Resources Ltd
8/6/2013Announces Q2-2013 Financial Results
5/9/2013Announces Q1-2013 Financial Results
11/8/2012Announces Q3-2012 Financial Results
8/3/2012Announces Q2-2012 Financial Results
5/7/2012Announces Q1-2012 Financial Results
3/5/2012Announces 2011 Financial Results
8/11/2011Announces Q2-2011 Financial Results
6/14/2011Announces Q1-2011 Financial Results
7/28/2008Q2-2008 Financial Results
Project news of Amerigo Resources Ltd
10/15/2013Announces Q3-2013 Production Results
7/12/2013Announces Q2-2013 Copper Production Results
7/12/2013Announces Q2-2013 Copper Production Results
4/15/2013Announces Q1-2013 Copper Production Results
1/16/2013Q4-2012 and Full Year Production Results Exceed Guidance
7/17/2012Announces Q2-2012 Production Results
4/18/2012Announces Record Q1-2012 Copper Production Results
1/27/2012Announces Q4 2011 Production Results and Provides 2012 Produ...
7/21/2011Announces Q2 2011 Production Results
6/7/2011Provides Production Update
5/5/2011Announces Record Q1 2011 Production Results
1/30/2009 Q4 2008 Production Results
7/15/2008Announces Q2 2008 Production Results Copper Production 7.08M...
4/21/2008Announces Q1 2008 Production Results
Corporate news of Amerigo Resources Ltd
5/3/2016Amerigo Announces Results of AGM
4/14/2016Amerigo Announces 2016 First Quarter Production Results
11/4/2015Amerigo Announces Q3-2015 Financial Results
10/20/2015Amerigo Announces Q3-2015 Production Results
9/29/2015Amerigo Announces Management and Board Changes
9/24/2015Amerigo Announces Successful Start-up of Phase 1 of Cauquene...
8/12/2015Amerigo Announces Q2-2015 Financial Results
7/22/2015Amerigo Announces Results of AGM
7/17/2015Amerigo Announces Q2-2015 Production Results
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3/19/2015Amerigo Secures Cauquenes Bank Financing Without Dilution to...
2/23/2015Amerigo Announces 2014 Financial Results
2/5/2015Amerigo Announces Q4-2014 and Full Year Production Results
11/6/2014Amerigo Announces Q3-2014 Financial Results
10/16/2014Amerigo Announces Q3-2014 Production Results
8/7/2014Amerigo Announces Q2-2014 Financial Results
7/18/2014Amerigo Announces Q2-2014 Production Results
7/14/2014Amerigo Announces Receipt of Environmental Approval for Cauq...
5/8/2014Amerigo Announces Q1-2014 Financial Results
4/24/2014Amerigo Announces Filing of NI 43-101 Technical Report
4/22/2014Amerigo and Codelco/El Teniente Sign Agreement Extending Tai...
10/30/2013Executes Mandate Agreement With BBVA to Arrange Project Debt...
9/30/2013Announces Management Changes
7/22/2013Announces Cauquenes Approval and Contract Extension to 2037
1/24/2013Announces 2013 Operations and Capital Guidance
10/16/2012Reports Strong Q3-2012 Production Results: Year to Date Copp...
5/26/2011Announces Dates for Release of Q1 2011 Results and Investor ...
3/28/2011Declares Semi-Annual Dividend
3/1/2010Update on Chilean Earthquake
12/29/2008New Debt Facilities and Cost Reductions
12/16/2008Announces Shareholder Rights Plan
11/7/2008Cash flow from operations of US$7.6M in Q3-2008
7/15/2008on Amerigo Q2 Power Costs
7/7/2008Announces Release of Q2 2008 Results
5/7/2008Q1 08 Results
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