Casablanca Mining Announces Constitution of Claims on Free Gold Property
SAN DIEGO--(BUSINESS WIRE)-- CASABLANCA MINING (OTCQX: CUAU) announced today that its wholly-owned subsidiary, Santa Teresa Minerals, S.A., has completed the "Sentencia Constitutiva" (constitution) of mining claims Tauro 1, 2, 3 (655 acres). The Company is now authorized to solicit the exploitation of these 3 properties at Free Gold. They will continue the claim perfection process at Estero 1, 2, 3, 4, 5 (1,235 acres) and are pursuing exploitation permits from Conaf (Corporación Nacional Forestal), Sernageomin (Servicio Nacional de Minería y Geología) and DGA (Dirección General de Aguas). The Company will solicit property access rights in order to begin the exploitation phase after the constitution is published in Chile.
The link below will provide photos from the property during the exploration phase in June 2012:
Additionally, a detailed review of the mineral exploration and development activities at the Company's Free Gold Property ("the Property") in the Marga Marga river basin can be found in the link below. The work was conducted under the supervision of Michael Thompson, HBSc, P. Geo. and Caitlin Jeffs, HSBc, P. Geo. with Fladgate Exploration and is detailed in a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report on the Property.
The results of Santa Teresa Mineral's exploration pits program have confirmed the general location and tenor of the mineralization in 1991 pits and trenching program. Samples were taken and passed through a wash plant (sluice boxes), and weighed the gold produced from each sample. The grade associated with each sample location was observed and recorded and the sampling was extended to the bedrock whenever possible. A detailed record of this program, its results and the area covered by the sampling forms the central part of this report. These results show gold concentration ranging from 0.124 to 1.356 grams per cubic meter, and the mean values were 0.599 grams per cubic meter.
Juan Carlos Camus, CEO, said, "We will continue to explore on our Free Gold property and decide the best area to initiate exploitation on our newly constituted claims. The Company will continue to pursue constituting and perfecting all remaining claims and access rights at the Free Gold property."
The Qualified Person and author for this report is Caitlin Jeffs, Vice President of Fladgate and a professional geologist in good standing with the Association of Professional Geoscientists of Ontario (APGO #1488). Ms. Jeffs has 9 years' experience in the mineral exploration industry, specializing in GIS and geological 3D modeling and program management. She completed a site visit to the property in April of 2011 and wrote portions of all sections of this report.
The report is co-authored by Michael Thompson, Fladgate's President and Principal Geologist, and a professional geologist in good standing with the Association of Professional Geoscientists of Ontario (APGO # 1521). Mr. Thompson has more than 13 years of experience in the mineral exploration industry, specializing in the structural interpretation of Archean terranes. He has written, or co-written, technical reports, including NI 43-101 compliant independent technical reports. Mr. Thompson completed a site visit to the Free Gold project in April of 2011 and contributed to the interpretations, conclusions and recommendations sections of this report.
About Casablanca Mining, Ltd.:
Casablanca Mining (OTCQX: CUAU), through its wholly owned subsidiary Santa Teresa Minerals, S.A., engages in the acquisition, exploration, development, and operation of precious metal properties in South America. Its gold mining operations are based near Santiago, Chile. Santa Teresa Minerals currently has, directly and indirectly through various equity interests, mining rights in exploration projects, "Free Gold", the "Casuto Project," consisting of Los Azules 1-3, Tauro 1-6, Los Chipi 1-22 and the "New Gold Project," consisting of Los Pinos 1-30 and Teresita 1-20. These projects include more than 80 different mining and mineral exploration properties. The Company also has a 50/50 revenue-share at the now operational "Las Dichas" alluvial gold mine.
FORWARD LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results and estimates that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results or estimates expressed or implied by this press release. Such risk factors include, among others: whether Casablanca Mining can successfully execute its operating plan, including mining and exploration projects; results of exploration, project development and capital costs of mineral properties; volatility of market prices for gold, copper and copper sulfate; Casablanca Mining's ability to integrate acquired companies and technology; Casablanca Mining's ability to retain key employees; general market conditions; and other factors discussed under "Risk Factors" in its annual report on Form 10-K for the fiscal year ended December 31, 2011. Actual results may differ materially from those contained in the forward-looking statements in this press release. Casablanca Mining does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Casablanca Mining, Ltd.
Thomas Ronk, President
KEYWORDS: United States North America South America Chile California
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