Toronto, Ontario - April 2, 2003

 FOR IMMEDIATE RELEASE

South American Gold and Copper Company Limited Announces Recent Exploration Results at Pimenton

Toronto, Ontario, Canada - South American Gold and Copper Company Limited ("the Company")(TSX Symbol SAG) is pleased to announce results of its recently completed summer exploration program at its 100% owned Pimenton gold mine.

Dr. David R. S. Thomson, Executive Vice President and Director of Exploration and a "qualified person," stated "Recently conducted surface examination over one and one-half square kilometers to the southeast of the Lucho-Leyton-Michelle veins sector, as well as along 2,600 meters of the Pimenton ridge immediately to the north of the same vein sector in rugged terrain ranging in elevation from 3,500 to over 4,000 meters, has located forty-six (46) steep and strongly leached vein structures trending north-south to north-east. These directions are the same as for the Lucho-Leyton-Michelle veins which carry the existing ore reserves at Pimenton. Some of these recently identified structures are within known geochemical gold anomalies, while others are located where there is no geochemical data as yet available. Thirty-seven of the structures are typical surface expressions of Pimenton veins. Most can be followed for 10 to 20 meters, several over 100 meters, and one, the previously reported Carmela vein, has now been identified to extend over 350 meters.

"Thirty-five (35) of the sixty-seven (67) samples of strongly leached outcrop taken on the 46 vein structures trending north-south to north-east exceed 100 ppb gold, of which 8 samples graded 1.00 to 2.00 grams gold per ton and 7 samples graded above 2.00 grams gold per ton. The assays were conducted by the fire assay method by Acme Laboratories, Santiago, Chile, an independent laboratory whose headquarters and principal laboratory are located in Vancouver, Canada.

"Our experience with leach vein outcrops at Pimenton has been favorable and we believe the above results are encouraging for finding additional mineral resources at Pimenton. The Carmela vein, located 800 meters southeast of the Lucho vein system, is a good example. Four meters below a leached outcrop, a 13 meter drift, with cut assays taken every 1.50 meters, averaged 19.40 grams ton gold, 75.59 grams ton silver and 4.24% copper over a width of 0.55 meters. Assaying was by Acme Laboratories, Santiago, Chile, using the fire assay method."

Dr. Thomson further stated, "The newly discovered structures expand the area in which veins occur to 3 by 3 kilometers, emphasizing the potentially large extent of the Pimenton mineral system. All of Pimenton’s proven and probable reserves, and inferred mineral resources, totaling 67,800 tonnes of proven and probable reserves and 208,000 tonnes of inferred mineral resources grading an average of 19.09 grams gold per ton and 1.57% copper per ton, adjusted for mining dilution, are located in less than 10% of the above 3 by 3 kilometer area.

"Pimenton shows the characteristics of the upper part of a porphyry copper system and is located within the porphyry copper belt of central Chile, approximately 180 kilometers northeast of Santiago, Chile."

The recently completed exploration work conducted at Pimenton and earlier work on the Carmela vein was under the direction of Dr. Thomson.

As previously announced, the Company is currently seeking financing to re-start mining operations at Pimenton.

Information relating to the geology and mineralization at Pimenton is contained in the Company’s Annual Information Form of its year ended September 30, 2002, which has been filed on SEDAR.

South American Gold and Copper Company is a mineral exploration and development company with properties and activities currently focused in Chile. Its common shares are listed on the Toronto Stock Exchange under the symbol SAG.