SANTIAGO, CHILE--(Marketwire - Mar 4, 2013) - Swingplane Ventures, Inc. (
Swingplane Venture Inc.'s (the "Company") Algarrobo Property (the "Property") is an Iron Oxide-Copper-Gold (IOCG) property located approximately 850 km north of Santiago, in the III Region, Province of Copiapo, Chile. The city of Copiapo is located approximately 43 km to the southeast of the Property, with the small port city of Caldera 25 km to the east. The Property consists of 32 tenures, comprising a total of 6,161 ha (15,224 acres).
The Company previously reported that multiple shipments of low grade, copper mineralized vein material ("Mineral Cobre Lixiviacion," or Cu mineral for leaching) had been delivered to the ENAMI facility (see News Release dated February 13, 2013). The ENAMI facility at Copiapo (45 km south of the Property) is a government owned smelter and processing facility, primarily for copper ore.
The material shipped consisted of copper mineral for leaching, having documented grades, as determined and reported by ENAMI, ranging between 1.88% and 8.8%. These shipments comprized of approximately 500 tonnes was shipped from stockpiles of copper mineralized material from three of the drifts developed over the past year. The material represents hand sorted material produced from mineralized haloes around high grade, copper mineralized veins exposed along the "Veta Gruesa Centre," "Exploration" and "Descubridora I" drifts. These shipments were made to evaluate the expenditures and financial return associated with processing and shipping low grade mineralized material produced during development along high grade, copper mineralized veins.
An additional 11 shipments, totaling approximately 300 tonnes, has been shipped to ENAMI for processing over the last month. Payment will be received once the material has been processed. The following table documents the particulars, together with check assays at an independent lab, for each shipment.
|Wet Weight |
|Cu (%)||Acid (%)||Cu (%)||Acid (%)|
|Jan. 30, 2013||21091||28.24||6.87||2.49||6.68||2.60|
|Jan. 31, 2013||12447||29.04||10.96||2.01||N/A||N/A|
|Feb. 12, 2013||28.24||28.24||6.68||2.60||N/A||N/A|
|Feb. 14, 2013||20185||26.99||6.24||2.27||N/A||N/A|
|Feb. 14, 2013||20242||24.54||8.11||2.13||7.68||2.39|
|Feb. 14, 2013||20243||27.15||5.31||2.53||4.91||2.69|
|Feb. 14, 2013||20244||27.25||9.28||2.21||8.80||2.24|
|Feb. 14, 2013||20245||26.40||8.72||2.19||8.03||2.24|
|Feb. 14, 2013||20297||26.66||8.46||2.27||N/A||N/A|
|Feb. 27, 2013||21397||26.66||8.18||2.36||8.46||2.29|
|Feb. 27, 2013||21398||29.04||10.59||2.02||10.96||2.01|
The shipments comprise material produced, and stockpiled, from drifts developed on the Property. The active drifts include Veta Gruesa East, Veta Gruesa Centre, Descubridora I and Descubridora II.
Iron oxide-Copper-Gold (IOCG) deposits are characterized by high iron content, as magnetite and/or hematite, with variable amounts of copper and other by-product metals and/or minerals. The Property hosts vein-style IOCG mineralization consisting of multiple veins having high hematite content (as "almagrado," an intimate mix of copper minerals and hematite). High grade copper veins, up to 5 m thick, comprise at least three Major Veins, with relatively abundant secondary, en echelon and/or subsidiary veins or vein segments throughout the Main Mineralized Trend (see News Release dated January 30, 2013). Analytical results from samples taken during two Due Diligence Property Evaluations document copper grades ranging between 1.06 and 46.58% (representative grab samples from high grade veins and/or high grade mineralized material hand sorted for sale).
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS," AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
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.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALLTHERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.