Casablanca Mining completes acquisition of new gold property in Chile

Casablanca Mining announced today that its wholly-owned subsidiary, Santa Teresa Minerals, S.A., has completed its acquisition of a 70% ownership interest in quartz powder manufacturing machinerya hard rock gold mine in Rancagua, Chile. The mining property includes 300 hectares called, "Los Pinos 1-30" and 100 hectares called "Teresita 1-20."

The properties are 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 mined 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 manifested, measured and current on its claim maintenance requirements. The mine covers an area of 400 hectares and corresponds to a first vein which 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 increases the mine's potential reserves substantially...