SAN DIEGO--(BUSINESS WIRE)--CASABLANCA MINING (OTCQX: CUAU) announced today it has received the results of sample mineral testing provided from its subsidiary, Santa Teresa Minerals, SA, on its Los Pinos mine. MetalQuim LTDA, Labortorio Quimico, a leading chemical laboratory in Chile, has provided the Company with the results of eight mineral samples taken from the Los Pinos hard rock gold project in Rancagua, Chile.
During the last 18 months, the Company has been creating the infrastructure necessary to develop its Los Pinos mine. Along with creating an extensive easement to its claims, the Company has been tunneling into several known gold producing areas. These efforts have returned multiple intercepts containing ore grades above internal projections within the boundaries of the Company’s claims. The sample results, which are summarized below, can be found by clicking the link below:
Originally, the Company submitted eight samples to MetalQuim LTDA, who implemented standard protocols to achieve the following results, as determined by Jose Luis Barrera, Laboratory Chemist and Jorge Cifuentes P., Process Area Chemist:
The samples were taken by MetalQuim personnel and were based on standard deviations of the mining claims. Typically, excellent gold producing properties will produce between 5 to 10 grams of gold per ton. As the data above would indicate, the results from Casablanca’s Los Pinos Hard Rock Gold Mine far exceed the yields from above-average gold mines – the samples taken average 82.69 grams per ton are extraordinary based on comparative analyses.
Casablanca Mining CEO, Juan Carlos Camus, said, “To say we are very excited about the high gold ore concentration found at Los Pinos is an understatement. As we near production in February 2013, it is reassuring to know that the results of the initial mineral analysis are better than expected and that we indeed have a viable gold producing property.”
Level 2 tunnel video of the Los Pinos mine can be seen by clicking here:
Level 3 tunnel photos can be seen by clicking here:
Here is a photo montage of progress in 2012:
The mining property includes 300 hectares called, “Los Pinos 1-30” and 100 hectares called “Teresita 1-20.” The properties are located 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 operated 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 Company’s mining claims cover an area of 400 hectares and correspond to a first vein that 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 vastly increases the mine’s potential reserves substantially.
About MetalQuim LTDA
Process Engineering Metallurgical and Chemical Ltda, referred to herein as METALQUIM LTDA, was established on August 30, 1996 by professionals from the former Institute of Corfo, INTEC CHILE (now merged with Fundación Chile). It is a company comprised mainly of professionals from both the former Division of Metallurgical and Chemical Laboratory Research Institute, specialists in the areas of Mineral Processing, Chemical Process and Chemical Analysis. Its principal business is Metallurgical and Chemical Consulting Services to companies in mining and metallurgy.
As a way to provide a more holistic, comprehensive service to their clients, METALQUIM LTDA offers a wide range of services and tests, especially in the fields of Extractive Metallurgy of metallic and nonmetallic minerals, Chemical Process, Chemical Analysis and Services engineering.
MetalQuim LTDA has three laboratories (metallurgical, chemical and water and process). From its inception MetalQuim Ltd. has grown and changed its physical plant for the sole purpose to better satisfy customer requirements, always thinking of offering the best service and the best quality.
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.
Safe Harbor for Forward-Looking Statements
This release and related documents may include "forward-looking statements" including, but not limited to: statements related to the interpretation of drilling results and potential mineralization; future exploration work at the Los Pinos Project and the expected results of this work; and the accuracy and reliability of projections contained in mineral resource estimates and Preliminary Economic Assessments. Forward-looking statements are statements that are not historical fact and are subject to a variety of risks and uncertainties which could cause actual events to differ materially from those reflected in the forward-looking statements including fluctuations in the price of gold, inability to complete drill programs on time and on budget, and future financing ability. Casablanca Mining’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Words such as "believes" "plans" "anticipates" "expects" "estimates" and similar expressions should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results, environmental matters, lack of ability to obtain required permitting, equipment breakdown or disruptions, and the other factors described in Casablanca Mining’s Annual Report on Form 10-K for the year ended December 31, 2011 and its most recent quarterly reports filed with the SEC. Except as required by applicable law, Casablanca Mining disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.