Toronto, Ontario - February 5th, 2003

FOR IMMEDIATE RELEASE

South American Gold and Copper Company Limited Announces Appointment of Manager of Mine Operations for its Pimenton Gold Mine

Toronto, Ontario, Canada - South American Gold and Copper Company Limited ("the Company")(TSX Symbol SAG) is pleased to announce the appointment of Mr. Hector A. Araya as Manager of Mine Operations for the Company’s 100% owned Pimenton gold mine.

Mr. Araya is a graduate of Santiago Univeristy with a degree in Civil Mining Engineering. He also holds a diploma in Mine Economics Technology from the Camborne School of Mines, Camborne, Cornwall, England, and a Masters Degree in Environmental Engineering from Columbus University, New Orleans, Louisiana, USA. His career spans more than thirty years’ experience working in underground vein mining operations in Chile, including the El Salvador mine; where he held positions of Shift Foreman, Section Foreman and then Planning Engineer; Compañía Minera El Indio, where he was Operations Vice President and General Manager of the El Indio mine which at the time was the largest producing gold mine in Chile and at the El Bronce and Fachinal mines of Coeur D’Alene Mines Corp., where he was Senior Vice President and General Manager of that Company’s Chilean operating subsidiaries.

Stephen W. Houghton, President and CEO, stated, "We are very pleased that Mr. Araya has agreed to join our management team. His leadership skills and substantial experience in managing underground mining operations will make a significant contribution to the Company’s planned operations at its Pimenton gold mine."

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.