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Santiago Office Guardia Vieja No. 293, Of. 402 PROVIDENCIA, SANTIAGO, CHILE Telephone: 56 2 232 5578 Fax: 56 2 233 1037	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 - November 22, 1999

South American Gold and Copper Company Announces Favorable Ruling of Arbitration Proceeding

Toronto, Ontario, Canada- South American Gold and Copper Company Limited ("SAGC")(TSE Symbol SAG) announced today that arbitration proceedings filed against its wholly owned Chilean subsidiary, Compañía Minera Vizcachas, in the amount of US $2,000,000 by Thyssen Mining S.A., a Chilean-based mining contract firm, have been judged to be without merit.

Stephen W. Houghton, President and CEO of SAGC, stated that receipt of this favorable ruling confirms management's strong belief that there was no basis for this lawsuit and that the Company had met its full obligations to Thyssen Mining S.A. The favorable ruling will also improve SAGC's financial position by removal of this contingent liability from future Notes to its Financial Statements.

SAGC is a mineral exploration company with gold and industrial mineral properties in Chile. Its common shares are listed on the Toronto Stock Exchange under the symbol SAG.

For further information, Stephen W. Houghton, President and CEO; William C. O'Donnell, EVP and CFO. Telephone: (212) 751-0083; fax: (212) 751-0319; and visit our website at http://www.sagc.com.