Casablanca Mining Secures Additional Funding for Its Los Pinos Hard Rock Gold Property

SAN DIEGO--()--CASABLANCA MINING (OTCQX: CUAU) announced today that it has signed a definitive agreement for the funding necessary to complete construction at its Los Pinos hard rock gold project in Rancagua, Chile.

A 4km access road to the mine has been completed, the staging platform is complete and the company is currently preparing the entrance to the mine. Once this is complete, it is anticipated that the mining operation will begin.

Photos of the property and operations can be seen by clicking here:

http://www.buyins.com/lospinos.zip (25MB so please be patient downloading)

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.

Casablanca Mining CEO, Juan Carlos Camus, said, “We intend to do both the surface and interior geology of the mine once we have entered the mine through a new tunnel. When we complete the entrance and stabilize the surrounding area, we will begin to exploit the mine.”

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. Santa Teresa Minerals also owns a 60% equity position in a company with the rights to a revolutionary mining technology that extracts 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 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.

Contacts

Casablanca Mining, Ltd.
Thomas Ronk, President
619-717-8047
tom@casablancamining.com

Contacts

Casablanca Mining, Ltd.
Thomas Ronk, President
619-717-8047
tom@casablancamining.com