SAN DIEGO--(BUSINESS WIRE)--CASABLANCA MINING (“the Company”), listed on the OTCQX under the symbol “CUAU,” announced today that its wholly owned subsidiary, Santa Teresa Minerals, S.A., has provided the Company with results of its test mining at the Las Dichas gold property in Chile.
The Las Dichas property is a joint venture partnership between the Company and the mineral landowner. Gold production from Las Dichas is split equally (50/50) from the onsite alluvial process. The Company has deployed its mobile processing unit to the Las Dichas property, which is an efficient and expeditious method to wash alluvial gold deposits. In areas with high concentrations of alluvial gold, the Company can deploy its mobile processing unit to immediately take advantage of accessible ore deposits with no entry costs and a 50% allocation of produced gold.
Management is reviewing the initial months of production and will determine if it will keep its mobile processing at Las Dichas or relocate to a more profitable area. The Company’s operating model is an attractive alternative for smaller mines with alluvial deposits, and as a result, Casablanca has many options to deploy its asset in various mining regions around Chile.
“We are reviewing the results of our production in September and October to determine if we would consider leaving our mobile unit at the Las Dichas property or moving it to a more profitable area for the Company,” said Juan Carlos Camus, CEO of Casablanca Mining. As previously mentioned, the Company has many alternative locations where it could deploy its processing unit.
The production report shows Santa Teresa’s share of the mining results:
|
Date |
m3 Washed |
Au (g) |
Au g/m3 |
||||||||||||
| Week 1 Total | 530 | 55 | 0.1038 | ||||||||||||
| Week 2 Total | 1,053 | 82 | 0.0779 | ||||||||||||
| Week 3 Total | 1,317 | 140 | 0.1063 | ||||||||||||
| Week 5 Total | 1,183 | 40 | 0.0338 | ||||||||||||
| Week 6 Total | 740 | 124.4 | 0.1681 | ||||||||||||
| (2 days) | |||||||||||||||
| 10/19/2012 | 1,089 | 165.3 | 0.1557 | ||||||||||||
| (4 days) | |||||||||||||||
| Grand Total | 7,034 | 845.53 | 0.1202 | ||||||||||||
Click here for chart: http://www.buyins.com/images2/lasdichasresults10-28-12.jpg
The link below will show photos of the property and operations:
http://www.buyins.com/images2/lasdichas2.zip (28MB so please be patient downloading)
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 “Las Dichas” alluvial gold mine, which utilizes its mobile processing unit which facilitates washing of alluvial gold deposits.
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; 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.