South American Gold and Copper to consolidate shares on one-for-10 basis

South American Gold and Copper Company Ltd.  said Thursday it plans to consolidate shares on a one-for-10 basis and change its name to Cerro Grande Mining Corp.

The company said its number of shares currently outstanding dilutes the earnings per share and gold ounces produced per share to a level which makes it extremely difficult to obtain institutional investor interest.

South American also intends to change its TSX stock symbol to CEG.

Shareholders will vote on the proposed changes at the company's annual and special meeting on March 28.

South American Gold and Copper has several projects in Chile.

Shares in the company were up a penny at 7.5 cents on the Toronto Stock Exchange on Thursday.