/NOT TO BE DISTRIBUTED OR DISSEMINATED IN THE U.S./
TORONTO, March 29 /CNW/ - South American Gold and Copper Company Limited
(the "Company") is pleased to announce that a major shareholder and Director
of the Company, has agreed, subject to Toronto Stock Exchange (TSX) approval,
to purchase a private placement of securities of the Company in the amount of
US $1,400,000. It is currently contemplated to issue shares of the Company at
Cdn $0.05 and one full warrant to purchase one additional share of common
stock attached exercisable at Cdn $0.07 for a period of three years from the
date of issuance. Proceeds of private placement will be used to substantially
pay off existing creditors of the Company's wholly owned subsidiary Compania
Minera Pimenton and the balance will be applied to a partial reduction of the
loan from Overseas Private Investment Corporation and for working capital.
Stephen W. Houghton, President and Chief Executive Officer stated "this
is an extraordinary effort by this major shareholder and Director to show his
conviction of the future prospects for the Company and its wholly owned
subsidiary, Compania Minera Pimenton."
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: Stephen W. Houghton, President and CEO,
Telephone: (212) 751-0083, Website: www.sagc.com