SANTIAGO, CHILE -- (Marketwire) -- 02/19/13 -- Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
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 Property is currently in limited production, with ore being stockpiled until the license necessary to sell "Direct Shipping Ore" to the ENAMI facility at Copiapo has been received. The license is specific to the Property and is required before ore can be shipped from the Property and sold to the government smelter and processing facility. Receipt of the license is expected within a month.
Current production on the Property is very simple. After each blast to advance the drift, ore is transported from the face to surface for hand-sorting by visual grade. "Low grade" material (i.e. below approximately 5% Cu) is stockpiled for sale as copper leachable ore. "Direct Shipping Ore" (having an average estimated minimum grade of 9% copper) will be shipped directly to the ENAMI facility at Copiapo, approximately 43 km south-southeast of the Property. Approximately 500 tonnes of high grade copper mineralized material has been stockpiled until such time as the ENAMI certificate is received.
The Company is committed to increasing the current level of production on the Property, as follows:
•Securing receipt of the ENAMI license required for sale of ore in March, 2013. •Initial purchase of two jumbo scoops (current operation uses a "skid-steer" underground) and a mechanized blast hole driller (blast faces currently drilled by hand). •Purchase of three, 30 tonne dump trucks to facilitate cost efficient transport of ore from the Property to the ENAMI facility at Copiapo •Completion of a partially graveled road from the Drifts through sandy overburden to the Camina Japanese. Currently, ore needs to be transported to the north over Cerro Algarrobo to a paved road, then south to Copiapo. Gravelling the remainder of the access road will significantly reduce transport costs of ore from the Property to Copiapo. •Purchase of a grader with which to maintain roads to, and within, the Property. •Purchase of an Excavator with which to expose, and initially develop, drifts.
In addition, subsequent work proposed includes, but is not limited to, the following:
•A drill program to establish continuity of vein(s) in proximity to active drifts, with regularly spaced drill pads sufficient to delineate a NI 43-101 compliant mineral resource for each drift with which to plan future underground development along the vein(s) and optimize production. •Preliminary testing to evaluate potential to process low grade ore from "waste dumps" remaining from historical operations and/or current development, having copper grades between 0.7 and 3%, for recovery of a copper concentrate. (Note: The minimum Cut-Off grade will be determined from proposed metallurgical testing and is, therefore, arbitrarily set at 0.7%). •Exploration to further develop known, well mineralized, high grade copper veins and to identify new mineralized veins for subsequent development for production.
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