Casablanca Mining Completes Acquisition of New Gold Property in Chile

CASABLANCA MINING (OTCQB:CUAU) announced today that its wholly-owned subsidiary, Santa Teresa Minerals, S.A., has completed its acquisition of a 70% ownership interest in a 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.

Casablanca Mining CEO, Juan Carlos Camus, said, "We intend to do both the surface and interior geology of the mine once we have entered the mine through a new tunnel. When we complete the entrance and stabilize the surrounding area, we will begin to exploit the mine.”

It is expected to take up to two months to build an access road to the mine and an additional month to prepare the entrance to the mine. Once this is complete, it is anticipated that the mining operation will begin.

About Casablanca Mining, Ltd.:

Casablanca Mining (OTCQB: 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, "Free Gold,” and in an exploration project, the "Casuto Project,” consisting of Los Azules 1-3, Tauro 1-6, Los Chipi 1-16 and the "New Gold Project,” consisting of Teresitas 1-20 and Los Pinos 1-30. These projects include 80 different mining claims 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 statements regarding the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, requirements for additional capital, government regulation of mining operations, environmental risks, 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: the Company’s ability to raise capital to engage in exploration and development operations, 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; regulatory restrictions (including environmental regulatory restrictions and liability), activities by governmental authorities (including changes in taxation), currency fluctuations, defective title to mineral claims or property, and other factors discussed under "Risk Factors” in our current report on Form 10-K filed with the Securities and Exchange Commission on April 18, 2011. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. 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.