Casablanca Mining Announces Significant Advances at Its Los Pinos Hard Rock Gold Property
December 19 2012 - 8:30AM
Business Wire
CASABLANCA MINING (OTCQX: CUAU) announced today that it has made
significant advances in the construction of its Los Pinos hard rock
gold project in Rancagua, Chile.
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 100 meters into the mountain and there are 80 meters
remaining to reach the front. 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 220 meters into the
mountain and there are 100 meters remaining to reach 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 of the progress we have made at Los Pinos. We expect to begin
production as early as February 2013.”
Level 2 tunnel video of the Los Pinos mine can be seen by
clicking here:
http://youtu.be/3cXiv6EiUyU
Level 3 tunnel photos can be seen by clicking here:
http://www.buyins.com/lospinos/level3photos.zip
Here is a photo montage of progress in 2012:
http://www.buyins.com/lospinos/photos.zip
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 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.