Registered Office New York Representative Office
SUITE 800, PURDY’S WHARF 420 MADISON AVENUE
1999 UPPER WATER STREET, TOWER 1 NEW YORK, NEW YORK 10017
HALIFAX, NOVA SCOTIA B3J 2X2
For further information, contact:
Stephen W. Houghton,
President and CEO
Telephone: (212) 751-0083
Thomas K. Sills,
Chief Operating Officer
Telephone: (416) 527-0475
Michael Churchill,
EVP
Telephone: (416) 678-0928
Website: www.sagc.com
Not to be distributed or disseminated in the U.S.
FOR IMMEDIATE RELEASE – May 16, 2007
South American Gold and Copper Company Limited Announces Additional Directors
Toronto, Canada, South American Gold and Copper Company Limited (the
Company”), (TSX: SAG) is pleased to announce the appointment
of one new additional Director and one Advisory Director of the Company
who have extensive experience in the mining industry in Chile, Peru,
Brazil, Canada and other parts of the world. They are William Hill,
P. Eng., and Juan A. Proaño
From 1973 to the present Mr. Hill practiced as a principal of William Hill Mining Consultants Limited dealing with all aspects of the international mining industry. These included advising clients in industry, banking and the financial community. He has also performed extensive studies for acquisitions in North America and overseas. From 1968 to 1993 he was Senior Associate and Vice President of C. C. Huston & Associates, a prominent Toronto-based mining consulting firm.
His work as a consultant has included working with Atlas Consolidated Mining and Development Corporation, the Philippines, since 1968 in the design, planning and evaluation of both copper and gold divisions using various methods from selective stopping and open pit operations. This operation currently produces some 70,000 tons of low grade copper ore from two sources – 40% open pit and 60% block caving. Annual production is in the order of 190 million pounds of metal plus significant precious metals.
Mr. Hill has completed several in depth studies dealing with mining operations in Mexico, Chile, Colombia, Peru and Turkey for the International Finance Corporation and for the World Bank, both in Washington D.C. These studies have included direct site inspections and analysis of mining operations as the basis for major investment decisions by the International Finance Corporation and the World Bank.
He has been a principal consultant to Asamera Minerals, USA for a major feasibility study of this underground gold operation. He also was involved in a major long term planning study for the Lupin Mine owned by Echo Bay Mines Ltd. He acted as principal consultant to the Toronto Dominion Bank, Canada on several North American ventures during 1980’s covering gold base metals and uranium. He has also consulted for Northgate Exploration Ltd., Canada conducting several technical studies of the Company’s operations involving shaft design development, stope design and long term strategic planning. He has also consulted for Curragh Resources Inc. Canada; City Resources (Canada) Ltd.; The Government of Canada; Kenomac Limited, Kuwait and the Royal Bank of Canada.
Mr. Hill has also conducted technical studies for the Pampa Norte Mine (Radomiro Tomic) Codelco, Chile; the Collahuasi project in Chile and Empresa Minera Mantos Blancos in Chile. All three of these mine projects are now in production.
From 1963 to 1968 he was Director of Engineering and Mine Manager for Compañía Minera Santa Fe in Chile. From 1958 to 1963 he held various mine operating positions with Cerro de Pasco in Peru.
Mr. Hill also has experience as founder and director of at least ten mining and development companies which have listed on the Toronto Stock Exchange.
Mr. Hill holds a BASc. in Mining, University of Toronto and is a member of the Association of Professional Engineers of Ontario.
Mr. Hill has been elected a Director of the Company.
Most recently and to the present, Mr. Proaño has been a consultant to Compañía Minera Poderosa in geology, mining, mine safety and environmental engineering. Poderosa is an 800 tpd underground gold mine in Peru, producing approximately 100,000 gold ounces per year. From 2001 to early 2007 he was also a Director of Minera Poderosa. From 1995 to 2000 he was Director and General Manager of Sociedad Minera El Brocol S.A.A. in Peru which is a 3,000 tpd open pit mine producing lead, zinc and silver.
From 1992 to 1994 he was Principal Engineer of the Inter-American Investment Corporation, Washington, DC, responsible for technical and environmental aspects of projects financed with the private sector in Latin America and the Caribbean area and from 1982 to 1991 he was a Mining Specialist responsible for technical evaluation of mining projects financed by the Inter-American Bank in Washington, DC.
From 1977 to 1982 he was assistant to the Vice President of Exploration, St. Joe Minerals Corporation, responsible for supervision of projects in Latin America, Europe, Egypt and Australia. Prior to that, he was Vice President and Director of Compañía Minera El Indio, Chile, at that time owned by St. Joe Minerals Corporation and the largest producing gold mine in South America.
From 1972 to 1977 he was Consultant to the Department of Special Projects in the Amazon District of Brazil and prior to this Permanent Consultant to Servico Projecta Geologica Ltd. in Brazil.
Mr. Proaño started his career with Cerro de Pasco Corporation in Peru in 1961 and subsequently held the position of Assistant to the Director of Geology, supervising the mining geology departments of several mines of Cerro de Pasco, he was Project Manager of Toro Mocho., a copper porphyry deposit in Peru, and Division Geologist for the Yauricocha project, a producer of lead, zinc and silver ores. He holds degrees from Universidad National de Ingeniera, Lima, Peru; Stanford University School of Earth Sciences and Economic Geology, California, USA and University of Piura, Lima, Peru in Business Management.
Mr. Proaño has been elected an Advisory Director of the Company until the next shareholders meeting or unless a vacancy occurs on the Board of Directors of the Company.
Stephen W. Houghton, Chief Executive Officer of South American Gold and Copper Company Limited, stated, “We welcome these additional board members who both have had extensive experience in the Chilean mining industry as well as in other parts of the world. We are fortunate to have them.”
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.