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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 - March 26, 2002

FOR IMMEDIATE RELEASE

South American Gold and Copper Company Limited Announces Completion of Second Private Placement Financing

Toronto, Ontario, Canada - South American Gold and Copper Company Limited (the "Company")(TSE Symbol SAG) is pleased to announce that it has closed in escrow a Cdn. $1,440,000 private placement consisting of 24,000,000 units, each unit comprised of one common share and one-half of one common share warrant, at a price of Cdn. $0.06 per unit. Each whole warrant will entitle the holder thereof to subscribe to one additional common share at a price of Cdn. $0.08 per common share for a period of 24 months from the date of issue.

Proceeds of the financing will be released from escrow following shareholders approval to increase the Corporation’s authorized share capital which is expected to be approved at its Annual and Special Shareholders Meeting on March 27, 2002. The proceeds of this financing will be used for drilling on the Company’s Meseta Project and working capital. IBK Capital Corp., Toronto, Canada, served as agent for the private placement.

Stephen W. Houghton, President and Chief Executive Officer of the Company, stated that this private placement was initiated on January 25, 2002, following receipt of price protection from the Toronto Stock Exchange. Proceeds of this financing and the previously announced Cdn. $990,000 private placement closed in February 2002 will provide total gross proceeds to the Company of Cdn. $2,430,000 during the two months ended March 31, 2002. Following the closing of this private placement financing, the Company will have approximately 210,000,000 shares outstanding.

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.