Toronto,Ontario - March 27, 2002

FOR IMMEDIATE RELEASE

South American Gold and Copper Company Limited Announces New Vein at Pimenton Toronto, Ontario Canada – South American Gold and Copper Company Limited (the "Company") (TSE Symbol SAG) is pleased to report that exploration during the current season at Pimenton has identified a new high grade vein, the Carmela vein, which averages 50 centimeters in width, assaying 21.3 grams of gold per tonne; 82.3 grams of silver per tonne and 4.82% copper per tonne over a distance of 13.5 meters with cut assays taken every 1.5 meters. The discovery is located 800 meters southeast of the Lucho vein system and extends the high grade vein area from 2kms by 1 km to nearly 3 km by 1 km. The results of the assays were reported by Acme Laboratories of Santiago whose headquarters and principal laboratory is located in Vancouver, Canada.Dr. David R.S. Thomson, Executive Vice President and Director of Exploration of the Company stated that further development work on the Carmela vein is planned for the next exploration season and in addition a magnetic survey will be conducted at Pimenton to bring into focus possible bulk tonnage targets for further exploration.Pimenton shows the characteristics of the upper part of a porphyry copper system and is located within the porphyry copper belt of Central Chile, approximately 180 kilometers northeast of Santiago. The prospect covers approximately 6,000 hectares.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.