/NOT TO BE DISTRIBUTED OR DISSEMINATED IN THE U.S./
TORONTO, Oct. 18 /CNW/ - 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
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.
For further information:
For further information: Patrick Esnouf, President, Dr. David R.S.
Thomson, EVP, Telephone: (562) 264-2295, Website: www.sagc.com