Yesterday, USD Energy Corp. announced that the Company has changed their name to Casablanca Mining, Ltd. The name change is a reflection of their primary focus on gold and copper mining via their wholly owned subsidiary, Santa Teresa Minerals.
“We believe the name, Casablanca Mining, Ltd., is much more representative of the company we have become as we acquire companies, properties and technologies in the mining sector,” said Zirk Engelbrecht, President. The Company is currently applying for a new trading symbol. The expectation is that the new trading symbol will be issued within the next two weeks.
Casablanca Mining’s wholly owned subsidiary, Santa Teresa Minerals, engages in the acquisition, exploration, development, and operation of precious metal properties in South America. Their gold and copper mining operations have their base near Santiago, Chile.
Santa Teresa Minerals currently has (directly and indirectly through various equity interests) mining rights in a producing gold mine, “Free Gold,” and in an exploration project, the “Casuto Project,” 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. It is preparing for expansion with a plant planned to scale their operations. The Casuto Project area has been subject to many 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. The study concluded that a further geological assessment study was warranted.
Santa Teresa Minerals also owns 60 percent of Sociedad Sulfatos Chile S.A., a copper sulfate production project. Sociedad Sulfatos owns the Anico Copper Mines. These mines 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 percent per cubic ton.
Casablanca Mining, Ltd. has raised $800,000 through the sale of their 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 Anico Copper Mines.
Santa Teresa Minerals also owns a 60 percent 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 undergone filing in Chile, the United States, China, South Africa, Canada, Australia, Brazil, and Peru. This electromining technology has the ability to extract copper from raw mining material faster than current mining technology, with substantial cost savings.
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