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Swingplane Negotiates Option Agreement
SANTIAGO, CHILE, Jan 24, 2013 (MARKETWIRE via COMTEX) --
Swingplane Ventures Inc. (the "Company") (OTCBB: SWVI) has recently
negotiated a share exchange agreement with a company holding an
Option Agreement to acquire a 75% percent interest in the Algarrobo
Property. The 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 Chanaral, 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).
Mining operations completed to date, on both the Property and
immediately adjacent tenures, have resulted in a large number of
workings, of which approximately 35 comprise near surface workings
greater than 2 m in depth to more extensive, historical mining
operations extending several hundred meters below surface. Historical
mining activity has defined, and is centered around, three main
mineralized trends, as follows:
-- Panga, Ecuador, Uruguay, etc. in the north
-- Descubridora, Estaca, Viuda, etc. in the center
-- Buena Vista, Alicia, etc. in the south
These workings, particularly the old mines developed along these well
defined mineralized trends, have produced variable quantities of high
grade copper ore, predominantly as copper oxides, in a supergene
enriched oxide zone extending to an approximate depth of 120 metres
below surface. The oxide zone is typically underlain by a
transitional zone of mixed copper oxides and copper sulphides, with
underlying copper sulfide ores mined to greater depth (i.e. 450
meters in the Viuda Mine).
The three major mineralized trends (above), and a fourth less well
developed mineralized trend (Mantos Ossa), are well defined by
previous workings and clearly evident on satellite (i.e. Google
Earth) imagery. These workings clearly define a well mineralized zone
having a surface extent of at least 3 km, with an interpreted
potential surface extent of at least 4 km, and potentially up to 6.5
km or more. At surface, the veins vary between as little as 15 cm to
as much as 1.5 m, however, they rapidly increase in thickness in the
near sub-surface to at least 1.5 and 2.5 m. A limited underground
sampling program completed by the property vendor in 2000 reported
"blows," regions along the vein as exposed by the underground
workings in which the mineralized veins, "...were up to 60 m
horizontally and 40 m vertically, with widths between 1.5 meters and
more than 5 meters - Estaca mine" (Stromberger 2000).
In addition to the four "Major Veins" described above, a number of
sub-parallel, subordinate veins are interpreted to be present between
the major veins presently identified. These subsidiary, often
mineralized veins are interpreted to represent secondary veins
developed as splays off the primary veins and/or a nested set of
primary and/or en echelon secondary veins representing "horse-tails."
Management believes the Property represents significant potential to
further develop current, near surface high grade copper +/- gold
mineralization identified in multiple veins into a larger commercial
operation. The Company's mandate is to aggressively pursue: 1)
expansion of the existing mineral potential of the Algarrobo
Property, and 2) further exploration of the Property to evaluate
opportunities for developing short term production capacity having
potential for further expansion.
Currently, a total of five have been developed into drifts driven on
high grade copper-bearing mineralized veins identified at surface.
The president, Mr. Voyer, says, "This is a very exciting undertaking
for the company and we are very fortunate to be part of the Algarrobo
project."
The content of this news release has been reviewed by Rick Walker,
B.Sc., M.Sc., P. Geo., a Qualified Person for the purposes of NI
43-101, with the ability and authority to verify the authenticity and
validity of the data herein.
This Press release has been revised and approved by the President of
the Company.
Mr. Michel Voyer
President
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
Swingplane Ventures, Inc.
For more information, please visit our website at
Web: www.swingplaneventuresinc.com
Or call Investor Relations: 1-800-253-1692
SOURCE: Swingplane Ventures, Inc.
http://www.swingplaneventuresinc.com/
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