SOUTH AMERICAN MINERALS, INC. Completes Placement of 1,070,000 Shares of Investment Stock NEW YORK and GEORGETOWN, Guyana, Nov. 13 /PRNewswire-FirstCall/ -- SOUTH AMERICAN MINERALS, INC. (OTC Pink Sheets: SAMM) today reported that the Company has completed a Placement of 1,070,000 shares of restricted stock sold at $.10 per share ($107,000) to a group of investors headed by Summerland Group of Edmonton Canada. No commissions were paid in connection with this placement. The Company is seeking additional capital. A portion of the proceeds of the offering are being used to prepare and file a Form 10-SB Registration Statement under the Securities and Exchange Act of 1934 with the Securities and Exchange Commission. Legal and accounting services have already been retained to assist in the filing which is expected to be made in early 2004. Once the Company's Exchange Act registration is complete, the Company plans to seek a broker-dealer to act as a market maker and to file an application for resumption of quotation of the Company's common stock on the OTC Bulletin Board. Additional funds are being utilized for general corporate purposes including completion of repairs of equipment used in the gold dredging operation conducted by the Company's subsidiary in the Republic of Guyana. Upon completion of such repairs a total of four dredges will be in operation of which, two are wholly owned by the subsidiary and 2 are owned by a joint venture in which the Company owns a 65% interest. The Company has also announced that Joshua Summerland has been elected to the Company's Board of Directors. Mr. Summerland, age 47, is currently a member of the Registered Professional Accountants Association of Alberta, Canada. Mr. Summerland is expected to be an active participant in the Company's operations in the future. He has had many years of experience in providing financial and management expertise to various businesses and the Company looks forward to his contributions in the future. Mr. Summerland is currently in Guyana reviewing the Company's operations. The Company is excited about gold trading at a seven year high and looks forward to record production levels in 2004. We will continue to provide you with important information as soon as it becomes available. Except for the historical information herein, certain matters discussed in this release include forward looking statements that may involve a number of risks and uncertainties, which projections and statements are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual risks may vary significantly based on a number of factors, including but not limited to: risks in production relating to weather and the prices of fuel and gold on the world market. DATASOURCE: SOUTH AMERICAN MINERALS, INC. CONTACT: SOUTH AMERICAN MINERALS, INC., +1-212-668-0842, or +1-212-344-2785, fax, +1-212-344-4537 Web site: http://www.southamericanminerals.com/

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