Swingplane Ventures Inc. Expecting Confirmation Of Significant Gold Assays
SANTIAGO, Chile, Feb. 25, 2013
SANTIAGO, Chile, Feb. 25, 2013 /PRNewswire/ --Swingplane Ventures, Inc.
(OTC-BB: SWVI) (the "Company" or "Swingplane") is pleased to update
information pertaining to the Algarrobo property and the Company
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 Algarrobo property clearly displays all the characteristics of an
Iron-Oxide-Copper-Gold (IOCG) deposit style, with copper, gold and iron as the
principal metals, and accessory silver, cobalt, uranium and REE metals,
typical for the Chilean Iron-belt.
We are further encouraged by gold results that were discovered during past
sampling which is illustrated by the Stromberger Report. Samples ranged from
0.41 g/t Au to 5.80 g/t Au, which represented an average of 1.25 g/t.
throughout the property.
In addition to the significant gold results above, more samples have been sent
to Acme Analytical Laboratories Ltd for assay. We expect to publish those
results later this week. Visible Gold has been detected in the stockpiles and
smelter grade shipments, averaging about 2 g/t. Individual samples from vein
materials assayed up to 8 g/t gold.
In the Walker report posted on our web site a compilation of results from grab
samples recovered from waste dumps, trenches and underground workings of
0.25g/t of Au up to 5g/t of Au throughout the property.
Chile is South America's 4^th largest gold producer with mining infrastructure
in the area being well-developed. Skilled labor and mining equipment is
readily available. Toronto-based Barrick Gold Corporation, the world's
largest gold mining company, is developing the Pascua-Lama open pit mine
project of gold, silver, copper and other minerals. Pascua Lama is located in
the Andes mountains, in the southern reaches of Atacama Desert, straddling the
border between Chile and Argentina at an altitude of over 4,500 meters.
Pascua-Lama contains estimated deposits of 17 million ounces of gold and 635
million ounces of silver, with 75 percent of the deposits in Chile and 25
percent in Argentina.
Yamana Gold's 100% owned El Penon gold-silver mine in northern Chile continues
to be productive. The Pampa Augusta Victoria vein system was discovered 30
kilometers north of the mine in 2009, and subsequent exploration identified
the Elizabeth vein system. Pampa Augusta Victoria is a grassroots discovery
by Yamana geologists and is similar to other high grade veins discovered
previously at El Penon. Total gold equivalent mineral ("GEO") reserves
increased by 20% to 3.5 million GEO in 2011 supporting an increased mine life
and a higher sustainable production level of 440,000 GEO per year.
As required with the closing of the share exchange agreement, as of today's
date, Mr. Michel Voyer has resigned as an officer and director of the Company.
Mr. Carlos De La Torre has been appointed as President and Chief Executive
Officer of the Company.Mr. De La Torre will also take the position as acting
Chief Financial Officer and Secretary of the Company until such time as the
Company can interview candidates with the required experience to work in the
mining industry in Chile and with an understanding of public company
Mr. De La Torre is a practicing attorney with both a law degree and a degree
in Business Administration. He is fluent in both Spanish and English. Mr.
Johannes Lindorfer will remain a member of the Board of Directors.
The Company is pleased and excited about the closure of the acquisition which
allows for the Company to more closely control its rights under the Option
Agreement. With the closing of the acquisition, Mid Americas Corp. is a
wholly owned subsidiary of the Company. This milestone was important in the
Company perfecting its rights and negotiating funding to take the project
Carlos De La Torre
President and Director
For more information please visit our web site at:
Investor relations: 1-800-253-1692
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SOURCE Swingplane Ventures, Inc.
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