SANTIAGO, CHILE - Swingplane Ventures, Inc. (SWVI) (the “Company” or “Swingplane”) wishes to provide an update on certain corporate matters.
The Company has, in its recent Form 8K filed with the Securities and Exchange Commission, reported the loss of any rights and interest in the Algarobbo property in Chile.
The Company was unable to reach an agreement with the Optionors of the property that it could fulfill and therefore the funds that were placed in trust to pay the property taxes were returned to the Company by its Chilean legal counsel and the extension of default to July 1, 2013 granted by the Optionors lapsed due to the requirement for the Company paying approximately $55,000 for the 2013 taxes by June 15, 2013.
I want to express my regret to all the stockholders that we could not reach an agreement that we could fulfill on the Algarobbo. We have advised the property owners that we remain interested if we could come to terms that might be able to be met in regard to a funding schedule and we remain hopeful that the Optionors might reconsider and allow us to present another offer. However, at this time the Company has defaulted and has no further rights or interest in the project.
Due to the loss of the project, the Company has taken down its website for revision and expects to have the website back up by the end of the month.
Management is hoping to have technical data on a potential acquisition of a gold project in Mexico this week, which will be reviewed by a consulting geologist and hopefully will lead to a property visit and an agreement to put the project back into production. The acquisition will only be undertaken if the Company is confident that it can meet the terms of any negotiated agreement. The project to be reviewed has defined reserves and so if the Company can reach an agreement, funding should be easier to attract.
Further updates will be provided as information becomes available.
Carlos De la Torre
President and Director
For more information please visit our web site at:
Investor relations: 1-800-253-1692
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EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE"”, "””ANTICIPATE”", “"BELIEVE"”, “"PLAN"” OR "“EXPECT"” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE INCLUDE STATEMENTS RELATING TO THE COMPANY’'S PLANS TO ENTER INTO A MINING OPTION AGREEMENT WITHIN THE NEXT FORTY-FIVE DAYS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS ON FORM 10-K AND FORM 10-Q, RESPECTIVELY, AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'’S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
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