OTC Gold Stock News: Casablanca Mining (OTCQX: CUAU) Begins Gold Production At Las Dichas Property
Category: Investment, Gold, Mining
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SAN DIEGO - September 14, 2012 (Investorideas.com newswire) CASABLANCA MINING (OTCQX: CUAU) announced today that it has begun alluvial gold operations at the Las Dichas gold property in Chile.
Photos of the property and operations can be seen by clicking here (42MB so please be patient downloading)
The initial washing target is set at 8,000 cubic meters per month with expectations of expanding to 10,000 cubic meters per month by the end of October. The GDS 308-E wash plant is capable of approximately 20,000 cubic meters per month when exploitation operations are optimized.
The Las Dichas property is a 50/50 joint venture with a third party and gold production is split accordingly on-site. Once management has reviewed the first 1-2 quarters of production, it has the opportunity to increase ownership in the property.
"We are excited about the installation of our alluvial gold wash plant at the Las Dichas property," said Casablanca Mining CEO Juan Carlos Camus. "Once we have reviewed the initial results, we will provide shareholders with a gold production report," he added.
The GDS 308-E series wash plant from DETACH satisfies the various requirements of Casablanca’s gold mining objectives by lowering initial investment cost (comparative price), saving operational cost (outstanding durability and simple mechanical structure) and reducing any additional cost in the future (high productivity & mobility).
The GDS series can precisely select gold and gold dust in highest yield rate of 98%. Advantages include its high gold dust gathering capability by long-time and non-stop operation, provides outstanding production capability suitable for a huge-operation site, makes it easy to collect gold dust from raw materials, is suitable for a small site or pilot production for site survey, has environment hardened structure to work in the coldest or the hottest weather without any problem, has built-in generator and water pump basically without any additional generator or water pump, can be easily managed by using single generator to save the fuel gas, one operator can manage several trammels and can be easily shipped and installed on site using simple forklifts.
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 1-16 and the "New Gold Project," consisting of Los Pinos 1-30 and Teresita 1-20. These projects include 80 different mining and mineral exploration properties including gold, copper and copper sulfate. Santa Teresa Minerals also owns an equity position of Bluestone S.A. , a copper sulfate production project that owns the Anica Copper Mines, and a 60% equity position in a company with the rights to a revolutionary mining technology that extracts gold, silver and 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, 2010. 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.
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