Registered Office New York Representative Office
SUITE 800, PURDY’S WHARF 420 MADISON AVENUE
1999 UPPER WATER STREET, TOWER 1 NEW YORK, NEW YORK 10017
HALIFAX, NOVA SCOTIA B3J 2X2
For further information, contact:
Stephen W. Houghton, President
William C. O’Donnell, EVP
Telephone: (212) 751-0083
Fax: (212) 751 0319
Website: http://www.sagc.com

FOR IMMEDIATE RELEASE – March 3, 2005

South American Gold and Copper Company Limited Announces Two Drill targets on Pimenton Porphyry Copper Deposit.

Toronto, Ontario, Canada – South American Gold and Copper Company Limited (“the Company”) (Toronto Stock Exchange Symbol SAG) announced that two well defined porphyry copper molybdenum drill targets (prospect areas) have been identified within the Pimenton claims blocks on which the Company’s Pimenton gold mine is now in production.
Dr. David R. S. Thomson, Executive Vice President and Director of Exploration, with more than forty years of exploration experience in Chile and Peru, reported that one drill target lies within the Cerro Pimenton prospect at Pimenton which is located 800 meters south of the Pimenton mine camp and was tested recently by two Mobile Metal Ion (MMI) traverses. These MMI traverses defined an area of strongly anomalous copper molybdenum mineralization up to 400 meters across which agrees very closely with surface geological data. An additional traverse to further check the extension of this copper molybdenum mineralization has just been completed and samples are being prepared for shipment to SGS/Lakefield Laboratories, Toronto, Canada, for MMI analysis. Based on surface geological information the additional MMI analysis may show the indicated mineralization extends for 500 meters at right angles and central to the 400 meters described above. This mineralization is thought to represent the upper part of deeper seated mineralization. Newmont Mining drilled five shallow diamond drill holes in this area 15 years ago during its gold exploration program at Pimenton before shutting down all exploration in Chile due to an unfriendly takeover attempt at that time. Values encountered were as follows:
Intercept in meters

Drill Hole

In addition, a 240 meter adit on the 3,190 level of the Maria Elena gold/copper vein sector of Pimenton, which lies within the Cerro Pimenton prospect area, was channel sampled during this current exploration season. This adit is located 150 meters south of the location of the above described drill holes and gave the following values:

The above drill hole and channel samplings were assayed by Acme Laboratories, Santiago, Chile, whose parent company, Acme Laboratory, Ltd., is located in Vancouver, B.C., Canada
The Pimenton Central prospect is the second drill target area and starts 800 meters north of the Pimenton mine camp and extends to the north for over 2500 meters. In the northern part of the prospect there are two 300 by 300 meter well defined drill targets. These coincide with strong copper molybdenum gold geochemical talus fines values as well as strong stockworking with relic chalcopyrite within intrusive affected by silicification and potassic alteration. Newmont Mining drilled two diamond drill holes in the northernmost part of the two areas of the intrusive areas discussed above which cut an average 0.18 per cent copper in disseminated chalcopyrite together with some molybdenum over 100 meters. The two targets may represent the upper expression of wide deeper seated copper molybdenum mineralization.
Two MMI traverses together totaling over five kilometers have just been completed over the Pimenton Central prospect. The samples from this area together with those from the Cerro Pimenton prospect are currently being prepared for shipment to SGS Lakefield Laboratories, Toronto, Canada, for MMI analysis.
Geologists of a major international company with whom SAGC has been in contact agree very closely with the Company’s findings.
Pimenton is located within the central porphyry belt of Chile which hosts the Andina and El Teniente mines of CODELCO, the Disputada de Los Condes mine of Anglo American and the Las Pelambres mine of Antofagasta PLC.
The Company’s Board of Directors is currently reviewing this new geological information. A decision will be taken in the near future with respect to the Company’s option of entering into a joint venture at this time or to first conduct its own drill program which, if successful, could significantly enhance the value of the porphyry deposit in future joint venture discussions.
South American Gold and Copper Company Limited is a minerals producing, exploration and development company with properties and activities currently focused in Chile.
Certain information contained in this press release constitutes “forward looking statements” within the meaning of securities laws Forward-looking statements may relate to the future outlook of the Company and anticipated events or results. In particular, statements regarding the Company’s future operating results and economic performance are forward-looking statements. Forward-looking statements are made on management’s belief as well as assumptions made b, and information currently available to, management of the Company. While such beliefs and assumptions are considered reasonable by the Company, they are inherently subject to significant business, economic and competitive uncertainties and contingencies or they may prove to be incorrect. Important factors which could cause actual results to differ materially from those projected in the forward-looking statements include fluctuations in the market price of gold, changes in government legislation in the countries in which the Company operates, business opportunities which may be presented to or pursued by the Company, contests over title to properties, general and environmental risks and hazards associated with gold mining. Many of these issues can affect the Company’s actual results and could cause its actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance, and should not place undue reliance on them. The Company expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in expectations with regard thereto or any changes in events, conditions or circumstances on which any statement is based.