SAN DIEGO--()--CASABLANCA MINING (OTCQX: CUAU) announced today that its wholly-owned subsidiary, Santa Teresa Minerals, has completed a detailed review of the mineral exploration and development potential of its Las Palmas Gold Property ("Las Palmas” or the “Property"). The 43-101 report was commissioned by Gran Pacific Minerals and is detailed in a National Instrument 43-101 - Standards of Disclosure for Mineral Projects - entitled "NI 43-101 Technical Report on the Las Palmas Property, Coquimbo, Choapa Province, Chile” (the "Technical Report"). The complete Technical Report is available at:
“NI 43-101 Technical Report on the Las Palmas Property, Coquimbo, Choapa Province, Chile”
Santa Teresa Minerals, S.A., has acquired the option to purchase 80% of the Las Palmas gold mine in Chile. The Company has the right to immediately begin mining the Property during a one-year option period. The Company may continue to make purchase payments over a period of 30 months to acquire Las Palmas or decline to purchase the property.
The Property is located in IV Region Coquimbo, Choapa Province, Chile. The Property consists of 2 non-contiguous surveyed blocks totaling 158 hectares. The first block, Keyla Uno, consists of 20 surveyed exploitation concessions. The second block, Keyla Dos, consists of 34 surveyed exploitation concessions. The current owner built an access road on the south end of the Property. This access road exposed outcrops of silicified sandstones, which are strongly fractured with an abundant presence of hematite and limonite black oxides, substances commonly associated with the presence of gold. The central part of the Property has an alluvial cover.
The following historical studies were referenced in the report:
1904 Property Study (hard rock) - discussed the India central tunnel in this report of 1904 indicating there were 4 tunnels on this claim, with the lowest one being at the bottom of the valley (approx. 100 m deep). In this tunnel there is a shaft that is 15 m deep where massive pyrite 1.2 m wide that assayed 30 g/t Au.
Click here for study: http://www.buyins.com/laspalmas/study1904.pdf
1931 Property Study (alluvial) - Placer exploration was undertaken on shores of the ocean in the "Las Palmas" area. A shaft was sunk on the beach that reached 2.5 m and was abandoned due to flooding. The study illustrated the presence of gold on the Property with assays up to 3 g/m3 Au.
Click here for study: http://www.buyins.com/laspalmas/study1931.pdf
1932 Property Study (hard rock) – discussed at least 20 veins, the longest of which outcrops tor 22,960' (7,000 m). Widths vary from 6" (15 cm) to 47" (120 cm). Reported assays range from trace Au to 852 g/t Au with an average of 47 g/t Au. The Chamuscada Vein located on the Property is reported to have a 40" (1 m) to 390" (10 m) silicified footwall whose assays average 20 g/t Au.
Click here for study: http://www.buyins.com/laspalmas/study1932.pdf
2012 Property Chemical Analysis (hard rock) – a laboratory analysis was done by Jefe Laboratorios on rock samples taken from the property. Ranges were 0.34 – 105 g/t Au.
Click here for results: http://www.buyins.com/laspalmas/study2012.pdf
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 owns an option to acquire 80% of the Las Palmas gold mine, consisting of Keyla Uno 1-20 and Keyla Dos 1-34. The Company also has a 50/50 revenue-share at the now operational “San Jose Las Dichas” alluvial gold mine.
Investors are cautioned that the potential quantities indicated above, which the Company has not been able to verify, are not necessarily indicative of the mineralization on the Las Palmas Property, nor does it comply with the current NI 43-101 standard. It has been provided only for illustration purposes. At this time, there is insufficient public information to verify the information.
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.