SANTIAGO, CHILE -- (Marketwire) -- 02/21/13 -- Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company" or "Swingplane") is pleased to update information pertaining to the Algarrobo property.
Swingplane Ventures, 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 is reviewing a proposal by AMEC (AMEC International Ingenieria y Construccion Limitada) in Santiago one of the world's leading engineering, project management and consultancy companies for an initial evaluation and report on the Property. The report is expected to provide additional independent evaluation of the Property with further direction regarding development and increased production from the Property. AMEC is an international consulting firm well recognized in the Mining Industry. Establishing a relationship with AMEC, and subsequently other consulting companies, is expected to provide access to the expertise and personnel required for future work on the Property. Work by AMEC is expected to commence in late March.
AMEC will produce a qualitative statement regarding the mineral potential of the Algarrobo Property in the shape of a Due-Diligence report. The report will be based on the information that Swingplane makes available to AMEC and a visit to the Property.
In particular AMEC will review and comment on the following aspects:
• Exploration history • Exploration and exploitation permits • Topographic model • Geological Mapping • Drill hole campaigns • Sampling and logging procedures • Density determination procedures • Procedures of sample preparation and analysis • QA/QC procedures • Geology data base integrity and maintenance • Reported resources
Swingplane is currently undertaking mapping of the veins exposed on, and immediately adjacent to, the Property to establish continuity and grade of the veins at surface. Mapping will be accompanied by additional sampling to further assess the nature of mineralization characterizing each vein exposure. In addition, sampling will include analysis for Rare Earth Elements (REE) and Platinum Group Elements (PGE), together with cobalt, gold, molybdenum and silver to evaluate the potential for these metals as co-products and/or by-products to primary copper production.
As previously reported above, and previously (see News Releases dated January 31 and February 14, 2013), the Management believes potential exists for production of other metals and/or minerals in addition to copper, including, but not limited to: cobalt, gold, molybdenum, Platinum Group Elements (PGE), Rare Earth Elements (REE) and/or silver.
Therefore, the Company proposes to recover large samples (to 200 kg) of low grade material (1 to 3% Cu), Direct Shipping Ore (approximately 12% Cu) and high grade (approximately 25% Cu) for the purposes of metallurgical analysis. The results of metallurgical analyses are expected to provide the information necessary to optimize recovery of copper, as well as evaluate potential for other metals and/or minerals.
In addition, magnetite content in the sand underlying a high proportion of the Angela tenures is estimated to range between 15 and 20% by volume. A large sample of sand will also be submitted for testing and evaluation for identification of a cost effective means of separating magnetite from the sand for production of a magnetite concentrate.
AMEC is one of the world's leading engineering, project management and consultancy companies. Our goal is to deliver profitable, safe and sustainable projects and services for our customers in the oil and gas, mining, clean energy, environment and infrastructure markets, including sectors that play a vital role in the global and national economies and in people's everyday lives. We design, deliver and maintain strategic assets for our customers, offering services which extend from environmental and front end engineering design before the start of a project to decommissioning at the end of an asset's life. Our customers, in both the private and public sector, are among the world's biggest and best in their fields -- BP, Shell, EDF, National Grid and U.S. Navy to name just a few. We are truly international, with major operations centres based in the UK and Americas and offices and projects in around 40 countries worldwide. We work in diverse and often challenging environments, from sub-zero temperatures in the north of Canada to the sweltering heat of the Persian Gulf. We employ over 29,000 people -- ranging from scientists and environmental consultants to engineers and project managers, dedicated professionals who take pride in their work. The AMEC Academy helps us to attract, develop and retain the best talent. We are proud of our core values: delivering excellence to our customers by: believing in people, never compromising on safety and acting with integrity. Our shares are traded on the London Stock Exchange, where the company is included in the FTSE 100 index and listed in the Oil Equipment and Services sector.
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 SHALL THERE 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.
President and Director
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