Santa Teresa Minerals, a wholly-owned subsidiary of Casablanca Mining has signed an agreement to acquire interests in a hard rock gold mine in Rancagua, Chile.
Post transaction, the company will own 70% of the mining rights in the property.
Casablanca Mining and Santa Teresa Minerals CEO Juan Carlos Camus Villegas said mining on the new gold property will begin in the fourth quarter this year using investments made by Angelique de Maison and other investors.
The deal is in line with the company's strategy to establish joint ventures in Chile gaining majority ownership in the mining properties.
Casablanca Mining through Santa Teresa Minerals, involves in the acquisition, exploration, development and operation of precious metal properties in South America.
Financial details of the transaction have not been disclosed.