/NOT TO BE DISTRIBUTED OR DISSEMINATED IN THE U.S./
TORONTO, March 27 /CNW/ - South American Gold and Copper Company Limited
(the "Company") is pleased to announce today that its wholly owned subsidiary,
Companma Minera Pimenton (CMP) has won its arbitration case and has been
awarded a total of U.S. $826,767 under its claims against the insurance
company which underwrote the insurance on CMP. Of this amount, US $237,600 was
in payment of damages to the plant roof and the balance, less deductible of
$67,637, was for business interruption and damages to equipment at the main
portal entrance to the mine plus additional expenses.
While the business interruption claim for 4 months (the maximum allowable
under the insurance policy) was upheld by the arbitrator, the amount awarded
was less than CMP had hoped to receive. The material damage claim was in line
with CMP's expectation and the additional expenses award was an unexpected
bonus for CMP
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