Casablanca Mining Announces March Production Update at Los Pinos Gold Mine
SAN DIEGO--(BUSINESS WIRE)-- CASABLANCA MINING (OTCQX: CUAU) announced today its mine manager, German Mieres, has provided a March 2013 production update at its Los Pinos hard rock gold mine in Rancagua, Chile. Click here to read the Spanish version of the document and see pictures:
Tunnel 1 is 100% operative with 170 meters of fortified depth along with 4 vertical ventilation shafts, 30 meters each, which are under construction. 1,200 tons of non-gold bearing raw material has been removed during this phase of construction. In March 2013 150 tons of gold bearing raw material was extracted with vein samples averaging 58.32 Au (g/T):
And surrounding non-vein samples were taken averaging 0.27 Au (g/T):
Tunnel 2 is 75% operative with 220 meters of depth with some additional fortification still required. 2 vertical ventilation shafts of 22 and 15 meters are under construction with 600 tons of non-gold bearing raw material being extracted.
Additionally top soil samples (alluvial) were taken outside the mine with an average of 1.23 Au (g/T)
The report also mentions 2 different Chilean mining businesses have approached the Company with indications of interest in purchasing or joint venturing on the Los Pinos project.
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 owns an option to acquire 80% of the Las Palmas gold mine, consisting of Keyla Uno 1-20 and Keyla Dos 1-34. The Company also has a 50/50 revenue-share at the "San Jose 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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