SAN DIEGO--(BUSINESS WIRE)--CASABLANCA MINING (OTCQX: CUAU) announced today that it has begun production at its Los Pinos hard rock gold project in Rancagua, Chile. Photos of the production are available by clicking here:
The company has completed road improvements, platform terrace, tunnel entrances and has opened 2 separate tunnels (Level 2 and Level 3) that enter the mine. The Level 2 tunnel (see video below) has advanced 200 meters into the mountain, reached the front and is in production. There are mine railways and mine cars inside Level 2 for the transportation of mining materials. The Level 3 tunnel (see photos below) is already 300 meters into the mountain has reached the front. The company will also be mining Level 1 (the surface area around the mine).
Casablanca Mining CEO, Juan Carlos Camus, said, “We are very proud to announce that we have begun production at our Los Pinos gold project. We expect to ramp up quickly.”
Level 2 tunnel video of the Los Pinos mine can be seen by clicking here:
Level 3 tunnel photos can be seen by clicking here:
Here is a photo montage of progress in 2012:
The mining property includes 300 hectares called, “Los Pinos 1-30” and 100 hectares called “Teresita 1-20.” The properties are in the Valley of Cachapoal, on the plateau that lies to the West of the village of Coltauco, 700 meters above sea level, a distance of 55 km from the city of Rancagua, approximately 150 km from Santiago.
This mine was mined in the late 1940s until 1949 when, due to a landslide, it was capped and abandoned. In the 1980s it was rediscovered, and is now constituted and current on its claim maintenance requirements.
The mine covers an area of 400 hectares and corresponds to a first vein which shows significant potential for gold. The expectations for the mine are derived from the altered area and the knowledge of a second parallel vein, which shows more potential than the surface gold anomalies of the first vein, and increases the mine’s potential reserves substantially.
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 now operational “San Jose Las Dichas” alluvial gold mine.
Investors are cautioned that the potential quantities indicated above, which the Company has not been able to verify, are not necessarily indicative of the mineralization on the Las Palmas Property, nor does it comply with the current NI 43-101 standard. It has been provided only for illustration purposes. At this time, there is insufficient public information to verify the information.
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.