/NOT TO BE DISTRIBUTED OR DISSEMINATED IN THE U.S./
TORONTO, Jan. 15 /CNW/ - South American Gold and Copper Company Limited
(the Company) announced the following:
1. The Company has been successful in employing key mine, plant and
maintenance personnel for the Pimenton gold mine and is making
satisfactory progress on its plans to restart operations in May 2008.
The plant equipment is now free of the snow damaged roof and
engineering designs for the new roof have been substantially
completed. Repair and refurbishment of the plant equipment has
started. Work on the Esperanza crosscut which is 50 meters below the
existing workings has been reinitiated. This tunnel will be driven an
additional 350 meters from the 297 meters previously completed and
will not be affected by future avalanches.
2. The Company has elected John J. Selters, P.E., a Director of the
Company. He has more than 40 years of mine operating experience in
Peru and Chile. Mr. Selters is a resident of Santiago, Chile, and is
a qualified person under N.I. 43-101. He is a graduate mining
engineer of the Colorado School of Mines.
3. The Company has been informed by Empresa Minera de Mantos Blancos
S.A., a wholly owned subsidiary of Anglo American plc, that it
expects to commence drilling on the Porphyry Copper Gold deposit at
Pimenton on or about January 20, 2008. The diamond drill hole which
was scheduled to commence drilling in December 2007 was delayed by
the drill contractor due to equipment shortages. 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 the inclination of about 80 degrees. Rio Tinto's diamond drill
hole 4 cut 279 meters of 0.40 per cent copper and 0.43 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.
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.
For further information:
For further information: Patrick Esnouf, President, David R.S. Thomson,
E.V.P., Exploration, Telephone: 56-2-264-2295, Website: www.sagc.com