SOUTH AMERICAN GOLD AND COPPER COMPANY LIMITED

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
William C. O’Donnell, EVP
Telephone: (212) 751-0083
Fax: (212) 751 0319
Website: http://www.sagc.com

FOR IMMEDIATE RELEASE – May 24, 2005

South American Gold and Copper Company Limited Announces Drill Hole PMDD1 Completed and Drilling of Drill Hole PMDD2 Has Been Started.

Toronto, Ontario, Canada – South American Gold and Copper Company Limited (“the Company”) (Toronto Stock Exchange Symbol SAG) announced today that diamond Drill Hole PMDD1, drilled on the Pimenton porphyry copper deposit by the Company and Rio Tinto Exploration Ltd. (“Rio Tinto”) under the terms of an agreement with Rio Tinto, was extended beyond the originally projected 650 meter length at 61º to a total length of 958 meters (3,142 feet).
The drill pad for drill hole PMDD2 has been completed and drilling is in progress. This drill hole is currently projected to be drilled to a length of 850 meters.
Drill core from drill hole PMDD1 has been split and sent to Santiago, Chile, for sample preparation. Pulps from the samples will be sent to a separate laboratory for assaying. The Company does not expect assay results to be available before mid-June 2005.
Stephen W. Houghton, President and Chief Executive Officer stated that effective May 1, 2005 Pimenton has been operating in accordance with its winter operations procedures plan. As a result, the speed at which drill hole PMDD2 can be drilled will depend on winter conditions at Pimenton.
See the Company’s new release dated March 29, 2005, for more information on the agreement between the Company and Rio Tinto.
South American Gold and Copper Company Limited is a minerals producing, exploration and development company with properties and activities currently focused in Chile.
Certain information contained in this press release constitutes “forward looking statements” within the meaning of securities laws Forward-looking statements may relate to the future outlook of the Company and anticipated events or results In particular, statements regarding the Company’s future operating results and economic performance are forward-looking statements. Forward-looking statements are made on management’s belief as well as assumptions made and information currently available to, management of the Company.While such beliefs and assumptions are considered reasonable by the Company, they are inherently subject to significant business, economic and competitive uncertainties and contingencies or they may prove to be incorrect. These issues can affect the Company’s actual results and could cause its actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance, and should not place undue reliance on them. The Company expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in expectations with regard thereto or any changes in events, conditions or circumstances on which any statement is based.