SAN DIEGO, Aug. 6, 2013 (GLOBE NEWSWIRE) -- CASABLANCA MINING (OTCQX: CUAU) announced today that the Exploitation Permit has been approved at its Los Pinos hard rock gold mine in Chile. German Mieres, the mine's manager, has provided a July 2013 production update. Click here to read the Spanish version of the document and see pictures:
The report describes how the mining team completed the ventilation shaft necessary for the approval of the Exploitation Permit, which is required for the gold bearing raw material to be sold to ENAMI. The Company will begin selling its raw material this month.
In the area of the mine that is currently being exploited the team has discovered 33 meters of vein and took 9 samples averaging approximately 24.4 Au (g/T). The width of the vein is 50 centimeters. This area that is being worked now is named "Block A" and is approximately 1,039.5 tons of raw material.
The team is advancing 54 meters into a region of the mine named "Block B" and "Block C" at a rate of 2 meters per day. The vein in this area is measuring approximately 80 centimeters in width. Block B and Block C are approximately 21 meters in height and 54 meters in length with expected concentration of 24.4 Au (g/T). Block B and Block C are estimated at 3,401.6 tons combined.
"We are very happy to have our Exploitation Permit approved and to have our mining plan in action," said Juan Carlos Camus, Casablanca Mining's CEO. "Los Pinos can now begin selling the raw material that has accumulated during the exploration phase and continue to do so as we go deeper into the mine," he added.
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.
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.
CONTACT: Casablanca Mining, Ltd. Thomas Ronk, President 619-717-8047 email@example.comSource:Casablanca Mining Ltd.