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Santiago Office Concepcion No. 266, Of. 701 PROVIDENCIA, SANTIAGO, CHILE Telephone: 56 2 264 2295 Fax: 56 2 264 2309	Registered Office: SUITE 800, PURDY'S WHARF 1959 UPPER WATER STREET, TOWER 1 HALIFAX, NOVA SCOTIA B3J 2X2
	New York Representative Office: 420 MADISON AVENUE, SUITE 901 NEW YORK, NEW YORK 10017-1107 Telephone: (212) 751-0083 Fax: (212) 751-0083 Website: http://www.sagc.com

Toronto,Ontario - April 30, 2002

FOR IMMEDIATE RELEASE

South American Gold and Copper Company Limited Announces Completion of Claims Acquisition and Initial Drill Program at Meseta

Toronto, Ontario, Canada - South American Gold and Copper Company Limited ("SAGC")(TSE Symbol SAG) announces the conclusion of its mineral claims acquisition program on the Meseta copper prospect in which it holds a 100% interest and plans for an initial drill program.

Stephen W. Houghton, President and Chief Executive Officer, stated, "We are very pleased to have successfully accomplished our previously reported objective of substantially increasing the Company’s claims position on Meseta, located in the north central region of Chile. Preparation is now actively in progress for an initial drill program which is scheduled to commence drilling during the first days of May. The company has contracted Acme Analytical Laboratories S.A., of Santiago, Chile, and Vancouver, B.C., to supervise the sampling program at Meseta and to conduct the assaying of drill hole results. The Company will maintain duplicates of all samples assayed for future use."

Dr. David R. S. Thomson, Executive Vice President and Director of Exploration, stated, "The initial program is designed as a ‘scout’ drill program for the purpose of establishing potential grades and widths of mineralization. Eight holes are planned to be drilled over an extended distance with each drill hole spaced approximately 500 meters apart. Should the program prove successful, it will provide further information for planning a more closely spaced patterned drill program which will be designed to more definitively block out resource mineralization. Watts, Griffis and McOuat Limited, headquartered in Toronto, Canada, have been engaged to visit the drill site while drilling is in progress and to review the drill hole assaying results as they are reported. Watts, Griffis and McOuat will also prepare a Verification Report on completion of the drill program. With no unforeseen equipment or drilling problems, we would expect to complete the initial program at Meseta in eight weeks."

Dr. Thomson further stated, "We do not currently anticipate announcing drill hole results until completion of all or a substantial part of the drill program and receipt of the Verification Report from Watts, Griffis and McOuat."

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.