Swingplane Reports on Additional Ore Shipments to ENAMI
March 04 2013 - 7:12AM
Marketwired
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 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.
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Submission Batch Wet Weight
Date Number (tonnes) ENAMI Independent Check
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Cu (%) Acid (%) Cu (%) Acid (%)
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Jan. 30, 2013 21091 28.24 6.87 2.49 6.68 2.60
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Jan. 31, 2013 12447 29.04 10.96 2.01 N/A N/A
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Feb. 12, 2013 28.24 28.24 6.68 2.60 N/A N/A
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Feb. 14, 2013 20185 26.99 6.24 2.27 N/A N/A
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Feb. 14, 2013 20242 24.54 8.11 2.13 7.68 2.39
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Feb. 14, 2013 20243 27.15 5.31 2.53 4.91 2.69
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Feb. 14, 2013 20244 27.25 9.28 2.21 8.80 2.24
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Feb. 14, 2013 20245 26.40 8.72 2.19 8.03 2.24
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Feb. 14, 2013 20297 26.66 8.46 2.27 N/A N/A
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Feb. 27, 2013 21397 26.66 8.18 2.36 8.46 2.29
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Feb. 27, 2013 21398 29.04 10.59 2.02 10.96 2.01
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Total 300.21
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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.
Carlos De La Torre President and Director For more information
please visit our web site at: W: www.swingplaneventuresinc.com Or
contact: Investor relations: 1-800-253-1692