SOUTH AMERICAN GOLD AND COPPER COMPANY LIMITED

Registered Office: 100 WELLINGTON STREET WEST, SUITE 500 TORONTO, ONTARIO M5K 1H1 CANADA	New York Representative Office: 420 MADISON AVENUE NEW YORK, NY 10017 (212) 751-0083
Santiago Office: LA CONCEPCION 266, OF. 704 PROVIDENCIA, SANTIAGO, CHILE Telephone : 56-2-264-2295 E-Mail: sagc@sagchile.cl	For further information, contact: Patrick Esnouf, President David R. S. Thomson E.V.P., Exploration Telephone: 56-2-264-2295 Website: www.sagc.com

NOT TO BE DISTRIBUTED OR DISSEMINATED IN THE U.S.

FOR IMMEDIATE RELEASE – January 15, 2008

South American Gold and Copper Company Announces Progress on Restarting Operations at the Pimenton Gold Mine, the Election of a New Director and Start Date of Drilling of Porphyry Copper Deposit at Pimenton.

Toronto, Ontario, Canada - South American Gold and Copper Company Limited (the Company) announced the following:
1. The Company has been successful in employing key mine, plant and maintenance personnel for the Pimenton gold mine and is making satisfactory progress on its plans to restart operations in May 2008. The plant equipment is now free of the snow damaged roof and engineering designs for the new roof have been substantially completed. Repair and refurbishment of the plant equipment has started. Work on the Esperanza crosscut which is 50 meters below the existing workings has been reinitiated. This tunnel will be driven an additional 350 meters from the 297 meters previously completed and will not be affected by future avalanches.
2. The Company has elected John J. Selters, P.E., a Director of the Company. He has more than 40 years of mine operating experience in Peru and Chile. Mr. Selters is a resident of Santiago, Chile, and is a qualified person under N.I. 43-101. He is a graduate mining engineer of the Colorado School of Mines
3. The Company has been informed by Empresa Minera de Mantos Blancos S.A., a wholly owned subsidiary of Anglo American plc, that it expects to commence drilling on the Porphyry Copper Gold deposit at Pimenton on or about January 20, 2008. The diamond drill hole which was scheduled to commence drilling in December 2007 was delayed by the drill contractor due to equipment shortages. This second Mantos diamond drill hole of 1,000 meters will be placed midway between Rio Tinto’s holes 4 and 6, and will have the same northeasterly azimuth and the inclination of about 80 degrees. Rio Tinto’s diamond drill hole 4 cut 279 meters of 0.40 per cent copper and 0.43 per ton gold. This hole showed a tendency for the grade of copper to increase with depth. Rio Tinto’s diamond drill hole 6 cut 70 meters of 0.46 per cent copper and 0.49 grams per ton of gold. Mantos drill hole will check for higher grades at depth. Mantos also plans to carry out further surface work on other target zones at Pimenton during the coming summer season.
South American Gold and Copper Company Limited is a minerals producing, exploration and development company with properties and activities currently focused in Chile.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.