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Santiago Office Guardia Vieja No. 293, Of. 402 PROVIDENCIA, SANTIAGO, CHILE Telephone: 56 2 232 5578 Fax: 56 2 233 1037	Registered Office: SUITE 800, PURDY'S WHARF 1959 UPPER WATER STREET, TOWER 1 HALIFAX, NOVA SCOTIA B3J 2X2
	New York Representative Office: 369 LEXINGTON AVENUE NEW YORK, NEW YORK 10017 Telephone: (212) 983-9300 Fax: (212) 983-9314 Website: http://www.sagc.com

Toronto,Ontario - April 22, 1999

South American Gold and Copper Company Limited Announces That It Has Successfully Completed Cdn. $1,500,000 Private Placement.

Toronto, Ontario, Canada - South American Gold and Copper Company Limited (TSE symbol SAG) announced today that it has completed its previously announced private placement of Cdn. $1,500,000 at Cdn. $0.05 per share. The private placement had been conditionally approved, subject to shareholder approval from non-participating shareholders, which was received at its Annual General Shareholders Meeting on March 31, 1999. At the time of receipt of conditional approval for the private placement from the Toronto Stock Exchange, the Company's shares were trading below Cdn. $0.05 per share.

Stephen W. Houghton, President and CEO stated that the private placement fully satisfies its Cdn. $4,000,000 Debenture holders' requirement that the Company raise at least Cdn. $925,000 in order to complete documentation for exchanging the outstanding Debentures, plus past due interest and accrued interest to April 15, 1999, in the amount of Cdn. $660,178 for a new 5 year Convertible Debenture in the principal amount of Cdn. $4,660,178 at a conversion price of Cdn. $0.20 per share. Following the issuance of the Convertible Debentures and the completion of this private placement, the Company, on a fully diluted basis, will have 109,906,809 shares outstanding.

"The Company is now in a position to proceed with discussions relating to several industrial mineral projects which it has identified and plans to move forward from development through to production. We expect to report on one of these projects in the near future.

"IBK Capital Corp., a Toronto-based investment banking firm, acted as placement agent on this private placement."

SAGC is a mineral exploration company with gold and industrial mineral properties in Chile. Its common shares are listed on The Toronto Stock Exchange under the symbol SAG.

For further information, Stephen W. Houghton, President and CEO; William C. O'Donnell, EVP and CFO. Telephone: (212) 751-0083, fax: (212) 751-0319; and visit our website at http://www.sagc.com.