Casablanca Mining Signs Agreement to Acquire New Gold Property in Chile

SAN DIEGO--()--CASABLANCA MINING (OTCQB: CUAU) announced today that its wholly-owned subsidiary, Santa Teresa Minerals, S.A., signed an agreement to acquire interests in a hard rock gold mine in Rancagua, Chile. Once the transaction is completed, Santa Teresa Minerals will own 70% of the mining rights to the property. The transaction has been submitted to local mining authorities for approval and recording and completion of the transaction is subject to certain other conditions. The name of the property will be announced once the transaction is complete.

Juan Carlos Camus Villegas, CEO of Casablanca Mining and Santa Teresa Minerals, stated, “We continue to add shareholder value by increasing our gold mining portfolio.” He added, “We intend to begin mining the new gold property in the fourth quarter using additional investments made by Angelique de Maison and other investors.”

Zirk Engelbrecht, President of Casablanca Mining, added, “We are very happy with the price and terms we negotiated for this mining property. We continue to implement our strategy of creating joint ventures with families in Chile and employing more Chileans while continuing to increase our shareholder value. We are giving the families that own these properties the opportunity to unlock the potential wealth in the mineral rights they own, while gaining majority ownership for Casablanca Mining.”

About Casablanca Mining, Ltd.:

Casablanca Mining (OTC: 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 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. Santa Teresa Minerals also owns a 60% equity position of Sociedad Sulfatos Chile S.A., a copper sulfate production project that owns the Anica Copper Mines, and 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.

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 filed with the Securities and Exchange Commission on April 18, 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.

Contacts

Casablanca Mining, Ltd.
Zirk Engelbrecht, President
619-717-8047
zirk@casablancamining.com

Contacts

Casablanca Mining, Ltd.
Zirk Engelbrecht, President
619-717-8047
zirk@casablancamining.com