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: Stephen W. Houghton, C.E.O. 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 29, 2008

South American Gold and Copper Company Limited Announces Start of Drilling on Porphyry Deposit at Pimenton.

Toronto, Ontario, Canada - South American Gold and Copper Company (“SAGC” or the “Company”) (TSX-SAG) announced today that Anglo American Norte S.A., formerly known as Empresa Minera de Mantos Blancos S.A. a wholly owned subsidiary of Anglo American plc, has begun drilling on the Porphyry Copper deposit at Pimenton.

This second diamond drill hole by Anglo American is scheduled for 1,000 meters and will be placed midway between Rio Tinto holes 4 and 6 and will have an azimuth of 70 degrees and the inclination of about 80 degrees. Rio Tinto’s drill hole 4 was drilled to a total depth of 591 meters and cut 279 meters of 0.40% copper and 0.43 grams gold per ton with a tendency of the grade of copper to increase with depth. Rio Tinto’s drill hole 6 was drilled to a total depth of 170 meters and cut 70 meters of 0.46% copper and 0.49 grams of gold per ton.

The results of the drilling by Anglo American will be published when obtained which is expected to be in late March to mid April 2008.

Pictures of the Anglo American drill rig at Pimenton will be posted on the Company’s website www.sagc.com in the near future.

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.