/NOT TO BE DISTRIBUTED OR DISSEMINATED IN THE UNITED STATES/
TORONTO, Feb. 7 /CNW/ - South American Gold and Copper Company (the "Company) (TSX-SAG) reported
that it has reached an all time high in results for its first fiscal
quarter ended December 31, 2010 compared with previous quarters in the
Revenues for the Company's first fiscal quarter ended December 31, 2010
were US $6,163,000 of which gold sales were US $5,482,000 and copper
and silver sales were US $681,000. This compares with the year ago
quarter ended December 31, 2009 with revenues of US $2,163,000 of which
gold sales were US $1,915,000 and copper and silver sales were US
Net earnings of the first quarter ended December 31, 2010 were US
$1,678,000 compared to a loss of US $1,020,000 for the comparable
quarter a year ago.
The Company reported a cash position of US $3,009,000 for the period
ended December 31, 2010 compared to US $1,470,000 for the comparable
period a year ago. The net current ratio was 1:05 to 1:00 in the
quarter ended December 31, 2010 compared to .80 to 1:00 a year ago.
Gold ounces sold during the quarter ended December 31, 2010 were 4,027
ounces compared to 1,688 ounces a year ago.
The cash cost per ounce of gold net of by-product credits was US $592
for the quarter ended December 31, 2010 compared to $1,194 for the
comparable quarter a year ago.
The Company's first fiscal quarter results ended December 31, 2010 are
available on the Company's web site: www.sagc.com and have been filed with SEDAR.
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.
SOURCE South American Gold and Copper Company Limited
For further information:
|Registered Office: ||Santiago Office: |
|79 WELLINGTON STREET WEST, SUITE 2300 ||LA CONCEPCION 266, Of. 704 |
|TORONTO, ONTARIO M5K 1H1 ||PROVIDENCIA, SANTIAGO, CHILE|
|CANADA ||Telephone: 56-2-264-2295|
| || |
|Toronto Office: ||For further information, contact:|
|67 Yonge Street, Of. 1201 ||Stephen W. Houghton, CEO|
|Toronto, Ontario M5J 1J8 ||David R. S. Thomson, EVP|
|CANADA ||E-Mail: email@example.com|
| ||Telephone: 56-2-264-2295|
| ||Website: www.sagc.com|