Registered Office: New York Representative Office:
100 WELLINGTON STREET WEST, SUITE 500 420 MADISON AVENUE
TORONTO, ONTARIO M5K 1H1 NEW YORK, NEW YORK 10017
CANADA
For further information, contact:
Patrick Esnouf, President
Dr. David R.S. Thomson, EVP
Telephone: (562) 264-2295
Website: www.sagc.com
NOT TO BE DISTRIBUTED OR DISSEMINATED IN THE U.S.
FOR IMMEDIATE RELEASE – October 18, 2007
South American Gold and Copper Company Limited Announces Continued Drilling on the Pimenton Porphyry Copper Deposit
Toronto, Ontario, Canada - South American Gold and Copper Company Limited (“SAGC” or the ”Company”) (TSX-SAG) is pleased to announce that Empresa Minera de Mantos Blancos S.A. (Mantos), a wholly owned subsidiary of Anglo American plc, has informed the Company that it expects to commence drilling on the Porphyry Copper Gold deposit at Pimenton in the early part of December 2007.
Under the terms of the Letter of Understanding between Mantos and the Company, Mantos must drill a further 1,000 meters before electing to enter into a Joint Venture Agreement with the Company. This second Mantos diamond drill hole of 1,000 meters will be placed midway between Rio Tinto’s holes 4 and 6, and will have the same northeasterly azimuth and an inclination of 70 degrees. Rio Tinto’s diamond drill hole 4 cut 279 meters of 0.40 per cent copper and 0.43 grams per ton gold. This hole showed a tendency for the grade of copper to increase with depth. Rio Tinto´s diamond drill hole 6 cut 70 meters of 0.46 per cent copper and 0.49 grams per ton of gold. Mantos drill hole will check for higher grades at depth. Mantos also plans to carry out further surface work on other target zones at Pimenton during the coming summer season.
The Rio Tinto drilling results of drill holes 4 and 6 are contained on the Company’s website www.sagc.com under “Tech Reports” and the report is entitled “Rio Tinto Executive Summary Presentation.”
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.