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 4th 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 requirements.
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 forward.
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.