South American Gold and Copper Company Limited announces the Extension of its
Outstanding Warrants and Broker Warrants Issued on December 18, 2008

/NOT TO BE DISTRIBUTED OR DISSEMINATED IN THE UNITED STATES/

TORONTO, Dec. 10 /CNW/ - South American Gold and Copper Company ("SAGC" or the "Company") (TSX-SAG) announces the extension of the term of the Company's 7,561,800 outstanding common share purchase warrants and the increase to the exercise price (the "Warrants") which are due to expire on December 18, 2010, all of which were issued in connection with a private placement on December 18, 2008.

Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of CDN $0.045 until 5:00 p.m. (Toronto time) on December 18, 2010 (the "Expiry Time"). No insider of the Company is a holder of these Warrants and no public market exists for such warrants.

The Warrants have been amended effective immediately prior to the Expiry Time, to extend the Expiry Time until 5:00 p.m. (Toronto time) on June 18, 2011 and to increase the exercise price to CDN $0.06 per common share. All other provisions of the Warrants remain un-amended.  The Toronto Stock Exchange (the "TSX") has approved the amendments subject to receipt by the TSX of standard documentation.

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

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer of securities for sale in the United States or Canada or the solicitation of an offer to buy securities in the United States or Canada, nor shall there be any sale of the securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful.

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