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Casablanca Mining Reports 2010 Financial Results

^{Published on 2011-04-18 08:40:16 - Market Wire}
 

SAN DIEGO--([ BUSINESS WIRE ])--CASABLANCA MINING LTD. (OTCBB: CUAU) announced today financial results for the year ended December 31, 2010.

"2010 was a year of strategic acquisition of gold and copper mineral rights, intellectual property rights for efficient copper processing and plant design and construction of the Sulfatos Chile Copper Sulfate project"

Year End Highlights:

• Increase in Total Assets Resulting from Acquisition of Santa Teresa Minerals
• Net Loss of ($0.01) Per Share
• Stockholdersa™ Equity Increased by $2.3 million

Since the Year Ended December 31, 2010:

• Copper Sulfate Plant Construction Has Begun
• Ownership of Several Gold Properties Has Been Increased

Financial and Operations Overview:

a2010 was a year of strategic acquisition of gold and copper mineral rights, intellectual property rights for efficient copper processing and plant design and construction of the Sulfatos Chile Copper Sulfate project,a said Juan Carlos Camus, CEO of Casablanca Mining. aWe were able to secure funding through Angelique de Maison which has enabled us to pursue the four main categories of our mining operations: Mining, Exploration, Processing and Intellectual Property,a he added.

As a result of the acquisition of Santa Teresa Minerals on December 31, 2010, total assets increased from $0 at December 31, 2009 to $3.8 million at December 31, 2010 and stockholdersa™ equity increased from a deficit of ($38,750) to $2.25 million.

Total expenses dropped from $47,240 in 2009 to $23,850 in 2010. Because of the reduction of expenses, the net loss dropped from ($48,880) or ($0.05) per share in 2009 to ($26,051) or ($0.01) per share in 2010.

Zirk Engelbrecht, President of Casablanca Mining, said, a2010 set the basis for our mining and processing company to take advantage of the global growth opportunities in gold, copper and agricultural chemicals. We have focused our operations in Chile because it is the #1 copper producing and #17 gold producing country in the world. A stable government, strong GDP growth and exemplary rule of law in Chile have given us the confidence to build a diversified revenue stream company with global reach.a

Operating results for 2010 and 2009 are summarized below:

Santa Teresa Mineralsa™ current mining property ownership stakes, combining both joint venture and direct ownership, are as follows:

CASUTO PROJECT

Chipi 1-16: 100% of all 16 properties

Tauro Uno: 70.25%

Tauro Dos: 70.25%

Tauro Tres: 70.25%

Tauro Cuatro: 70.25%

Tauro Cinco: 85.215%

Tauro Seis: 85.215%

Los Azules Uno: 65.125%

Los Azules Dos: 65.125%

Los Azules Tres: 65.125%

FREE GOLD

Free Gold: 99%

SOCIEDAD SULFATOS CHILE S.A.

Anica: 60%

FAST COOPER

Electromining: 60%

About Casablanca Mining, Ltd.:

Casablanca Mining (OTC: 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 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,a and 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. Santa Teresa Minerals also owns a 60% equity position of Sociedad Sulfatos Chile 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 Mininga™s ability to integrate acquired companies and technology; Casablanca Mininga™s ability to retain key employees; general market conditions; and other factors discussed in the Companya™s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission. Furthermore, estimates of mineralized material are based upon estimates made by the Company and its 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.