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Santiago Office Concepcion No. 266, Of. 701 PROVIDENCIA, SANTIAGO, CHILE Telephone: 56 2 264 2295 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: 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 - February 24, 2004

FOR IMMEDIATE RELEASE

South American Gold and Copper Company Limited Announces Start of Diamond Drill Program at the Pimenton Breccia Pipe Complex

Toronto, Ontario, Canada – South American Gold and Copper Company Limited ("the Company") (TSX Symbol SAG) announced today that it has initiated a diamond drill program at its breccia pipe complex at Pimenton.

The first drill hole will be drilled from a platform located at the base of steep cliffs hosting the protruding breccia pipe. This location is inaccessible for the conduct of the geophysical surveys which are currently in progress and are looking for possible extensions of the breccia pipe complex to the north of the protruding pipe.Connors S.A., a highly respected and well known drilling contractor in Chile, has been selected as the drill contractor. The first drill hole will be drilled at a 45º angle at a length of 400 to 600 meters. Acme Laboratories S.A., Santiago, Chile, with headquarters in Vancouver, B.C., has been selected to conduct the drill core assays and to monitor the drill core splitting and sampling procedures.The estimated cost of the first drill hole including road construction cost to the drill site, construction of the drill platform, drilling costs, core splitting and assaying are estimated at just under US $250,000 which does not include the cost of the geophysical program currently underway at Pimenton.Pimenton lies in the Central Porphyry copper belt of Chile which hosts CODELCO’s El Teniente and Andina mines, Anglo American’s Los Bronces mine and Antofagasta PLC’s Los Pelambres mine, all of which are major copper producing mines.The Company also announced that steady progress is being made in the reconstruction of the living quarters and related facilities at Pimenton. Installation of mill equipment in the plant at Pimenton has also been initiated.

South American Gold and Copper Company Limited 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".