Business & Finance
Business and Finance
Business and Finance 
Thu, February 17, 2011
Wed, February 16, 2011
SAN DIEGO--([ BUSINESS WIRE ])--CASABLANCA MINING (OTCBB: UEGY) announced today that the Company has obtained approval to change its trading symbol from UEGY to CUAU effective February 17, 2011. The symbol change reflects the companya™s name change to Casablanca Mining, Ltd. and the companya™s primary focus on copper (CU) and gold (AU) mining through its wholly-owned subsidiary, Santa Teresa Minerals.
About Casablanca Mining, Ltd.:
Casablanca Mininga™s wholly owned subsidiary, Santa Teresa Minerals, engages in the acquisition, exploration, development, and operation of precious metal properties in South America. Its gold and copper mining operations are based near Santiago, Chile. Santa Teresa Minerals currently has, directly and indirectly through various equity interests, mining rights in a producing gold mine, aFree Gold,aand in an exploration project, the aCasuto Project,a consisting of Los Azules 1-3, Tauro 1-6, and Los Chipi 1-16. These projects include 30 different mining and mineral exploration properties including gold, copper and copper sulfate.
Free Gold operates a producing alluvial gold mine and is preparing for expansion with a plant planned to scale its operations. The Casuto Project area has been subject to numerous historical studies over the past two centuries, indicating that the site may have significant resources of alluvial material. Santa Teresa Minerals commissioned a geological study by Consultores Geologicos Asociados on the property in February 2010, which concluded that a further geological assessment study was warranted. Los Azules, Tauro Cinco/Seis and Los Chipi will be discussed in greater detail when survey results are available.
Santa Teresa Minerals also owns 60% of Sociedad Sulfatos Chile S.A., a copper sulfate production project. Sociedad Sulfatos owns the Anico Copper Mines, which have been exploited since 2008, extracting an average of approximately 400 tons of raw material per month with an average copper grade of approximately 3% per cubic ton. Casablanca Mining has raised a total of nearly $2m through the sale of its common stock to begin funding the construction of an estimated $6.2 million copper sulfate production facility that extracts both copper and copper sulfate from raw material either purchased in bulk or extracted from the mines.
Additionally, Santa Teresa Minerals owns 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. Patents have been filed in the following countries: Chile, USA, China, South Africa, Canada, Australia, Brazil, and Peru. This electromining technology is capable of extracting copper from raw mining material faster than current mining technology with substantial cost savings.
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 Mininga™s ability to integrate acquired companies and technology; Casablanca Mininga™s ability to retain key employees; general market conditions; and other factors discussed under aRisk Factorsa in our current report on Form 8-K filed with the Securities and Exchange Commission on January 7, 2011. Furthermore, estimates of mineralized material are based upon estimates made by us and our consultants. Until mineralized material is actually mined and processed, it must be considered an estimate only. 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.