South American Gold and Copper Company Limited Announces Closing of Private Placement and Assay Results of its First Shipments of Concentrates

    TORONTO, Sept. 10 /CNW/ - South American Gold and Copper Company Limited
(the "Company") (TSX: SAG) reported today that it has closed its previously
announced (August 13, 2008) non broker private placement, The amount raised
totalled $1,913,791 consisting of 38,275,822 Units. Three Directors, two of
whom are also officers of the Company purchased 22,000,000 Units of the
private placement. Each Unit was priced at $0.05. Each Unit consists of one
common share and one-half warrant. Each whole warrant is exercisable a period
of two years from the date of closing at an exercise price of $0.07. Proceeds
of the financing will be used to supplement working capital and for mine
expansion at the Company's wholly owned Pimenton gold mine.
    The Company also announced that Pimenton is making today its second
shipment of 1.5 tons of Knelson gold concentrate and 39 tons of copper
concentrate to the Codelco smelter at Ventanas, Chile.
    The Company also reported that Pimenton's first shipment 1.98 tons of
Knelson gold concentrate graded 1,329 grams of gold per ton and 212.6 grams of
silver per ton and that its first shipment of 14.58 (dry) tons of copper/gold
concentrate graded 14.8 per cent copper per ton and 95 grams of gold per ton
and 140 grams of silver per ton as reported to it by the assay laboratory at
the Codelco smelter.
    Assay method used for gold was by fire assay.

    South American Gold and Copper Company Limited is a minerals producing,
exploration and development company with properties and activities currently
focused in Chile.

    "Cautionary Statement Regarding Forward-Looking Information. Except for
statements of historical fact, all statements and information in this press
release, including without limitation, statements and information regarding
the Pimenton gold mine, forecasted production, future plans, financing
requirements, objectives and results constitute forward-looking information
within the meaning of applicable Canadian securities legislation, which
involve risks, uncertainties and assumptions, many of which are beyond our
control. All such forward-looking information is based on certain assumptions
and analyses made by us in light of our experience and perception of
historical trends, current conditions and expected future developments, as
well as other factors we believe are appropriate in the circumstances. Actual
results, performance or achievements could differ materially from those
expressed in, or implied by, such forward looking information and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking information will transpire or occur, or if any of them do
so, what benefits will be derived there from. Except as required by law, South
American Gold and Copper Company Limited and its subsidiaries, expressly
disclaim any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or
    The forward-looking information contained herein is expressly qualified
by this cautionary statement."

For further information:

For further information: Registered Office: 100 WELLINGTON STREET WEST,
SUITE 500, TORONTO, ONTARIO, M5K 1H1, CANADA; New York Representative Office:
420 MADISON AVENUE, NEW YORK, NY, 10017, (212) 751-0083; Santiago Office: LA
56-2-264-2295; For further information, contact: Stephen W. Houghton, Chief
Executive Officer, E-Mail:, Telephone: 56-2-264-2295,

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