SAN DIEGO--(BUSINESS WIRE)--USD ENERGY CORP. (OTCBB: UEGY) announced today that the company has changed its name to Casablanca Mining, Ltd. The name change reflects the company’s primary focus on gold and copper mining through its wholly owned subsidiary, Santa Teresa Minerals. “We believe the name, Casablanca Mining, Ltd., is much more representative of the company we have become as we acquire companies, properties and technologies in the mining sector,” said Zirk Engelbrecht, President. The company is currently applying for a new trading symbol that is expected to be issued within the next two weeks.
About Casablanca Mining, Ltd.:
Casablanca Mining’s wholly owned subsidiary, Santa Teresa Minerals, engages in the acquisition, exploration, development, and operation of precious metal properties in South America. Its gold and copper mining operations are based near Santiago, Chile. Santa Teresa Minerals currently has, directly and indirectly through various equity interests, mining rights in a producing gold mine, “Free Gold,” and in an exploration project, the “Casuto Project,” consisting of Los Azules 1-3, Tauro 1-6, and Los Chipi 1-16. These projects include 30 different mining and mineral exploration properties including gold, copper and copper sulfate.
Free Gold operates a producing alluvial gold mine and is preparing for expansion with a plant planned to scale its operations. The Casuto Project area has been subject to numerous historical studies over the past two centuries, indicating that the site may have significant resources of alluvial material. Santa Teresa Minerals commissioned a geological study by Consultores Geologicos Asociados on the property in February 2010, which concluded that a further geological assessment study was warranted. Los Azules, Tauro Cinco/Seis and Los Chipi will be discussed in greater detail when survey results are available.
Santa Teresa Minerals also owns 60% of Sociedad Sulfatos Chile S.A., a copper sulfate production project. Sociedad Sulfatos owns the Anico Copper Mines, which have been exploited since 2008, extracting an average of approximately 400 tons of raw material per month with an average copper grade of approximately 3% per cubic ton. Casablanca Mining has raised $800,000 through the sale of its common stock to begin funding the construction of an estimated $6.2 million copper sulfate production facility that extracts both copper and copper sulfate from raw material either purchased in bulk or extracted from the mines.
Additionally, Santa Teresa Minerals owns a 60% equity position in a company with the rights to a revolutionary mining technology that extracts gold, silver and copper from raw mining materials using a proprietary and patented electrolysis method of electromining. Patents have been filed in the following countries: Chile, USA, China, South Africa, Canada, Australia, Brazil, and Peru. This electromining technology is capable of extracting copper from raw mining material faster than current mining technology with substantial cost savings.
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 our current report on Form 8-K filed with the Securities and Exchange Commission on January 7, 2011. Furthermore, estimates of mineralized material are based upon estimates made by us and our consultants. Until mineralized material is actually mined and processed, it must be considered an estimate only. 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.