Welcome!

News Feed Item

Swingplane Ventures Outlines Strategy to Increase Output

SANTIAGO, CHILE -- (Marketwire) -- 02/19/13 -- 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 Property is currently in limited production, with ore being stockpiled until the license necessary to sell "Direct Shipping Ore" to the ENAMI facility at Copiapo has been received. The license is specific to the Property and is required before ore can be shipped from the Property and sold to the government smelter and processing facility. Receipt of the license is expected within a month.

Current production on the Property is very simple. After each blast to advance the drift, ore is transported from the face to surface for hand-sorting by visual grade. "Low grade" material (i.e. below approximately 5% Cu) is stockpiled for sale as copper leachable ore. "Direct Shipping Ore" (having an average estimated minimum grade of 9% copper) will be shipped directly to the ENAMI facility at Copiapo, approximately 43 km south-southeast of the Property. Approximately 500 tonnes of high grade copper mineralized material has been stockpiled until such time as the ENAMI certificate is received.

The Company is committed to increasing the current level of production on the Property, as follows:

  • Securing receipt of the ENAMI license required for sale of ore in March, 2013.
  • Initial purchase of two jumbo scoops (current operation uses a "skid-steer" underground) and a mechanized blast hole driller (blast faces currently drilled by hand).
  • Purchase of three, 30 tonne dump trucks to facilitate cost efficient transport of ore from the Property to the ENAMI facility at Copiapo
  • Completion of a partially graveled road from the Drifts through sandy overburden to the Camina Japanese. Currently, ore needs to be transported to the north over Cerro Algarrobo to a paved road, then south to Copiapo. Gravelling the remainder of the access road will significantly reduce transport costs of ore from the Property to Copiapo.
  • Purchase of a grader with which to maintain roads to, and within, the Property.
  • Purchase of an Excavator with which to expose, and initially develop, drifts.

In addition, subsequent work proposed includes, but is not limited to, the following:

  • A drill program to establish continuity of vein(s) in proximity to active drifts, with regularly spaced drill pads sufficient to delineate a NI 43-101 compliant mineral resource for each drift with which to plan future underground development along the vein(s) and optimize production.
  • Preliminary testing to evaluate potential to process low grade ore from "waste dumps" remaining from historical operations and/or current development, having copper grades between 0.7 and 3%, for recovery of a copper concentrate. (Note: The minimum Cut-Off grade will be determined from proposed metallurgical testing and is, therefore, arbitrarily set at 0.7%).
  • Exploration to further develop known, well mineralized, high grade copper veins and to identify new mineralized veins for subsequent development for production.

At the current time, limited production emphasizes recovery and sale of high grade copper ore having an average minimum grade of 9% Cu ("Direct Shipping" ore). In addition to increasing the current level of production of direct shipping ore, the Company proposes to undertake metallurgical testing of the high grade mineralized material currently being produced from the active drifts. The purpose of the proposed metallurgical testing is to determine the character of the material, identify expected and possible primary (i.e. Cu) and secondary (i.e. Au and Ag) commodities, as well as potential by-products (Co, Mo, Fe, Rare Earth Elements) available through further processing.

A total of six drifts, each approximately 3 m wide x 4 m high, have been driven on three separate, high grade copper mineralized veins. Three drifts (the "Exploration," "Veta Gruesa Centre" and "Veta Gruesa East" drifts), separated by a minimum of 150 m, were driven at a high angle into, or along, what is believed to be the same well mineralized, copper-bearing vein (Veta Gruesa). The vein has a variable thickness, between 2 and 4 m, of moderate to high grade copper ore. Production on the "Exploration" drift has been temporarily halted as the ore has been found to be an approximately 50:50 mix of sulphide and oxide ore, totaling approximately 3% copper and, therefore, unsuitable to meet the 9% ENAMI minimum for Direct Shipping ore.

Four of the drifts have been developed since February, 2012, as follows:

  • The "Veta Gruesa East" vein was developed on the Veta Gruesa vein, located approximately 190 m east of the "Veta Gruesa Centre" Drift.
  • A drift was developed on what was thought to be the Estaca Vein, but has since been interpreted as a splay off the Estaca (the "False Estaca").
  • Two drifts, Descubridora I and II, have been developed on the interpreted western continuation of the Descubridora vein ("Descubridora" drift), both of which have returned very high grade copper mineralized, vein material from initial near surface exposures.

With the exception of the two recently developed Descubridora drifts, the drifts are a minimum of 30 m in length, with the "Veta Gruesa Centre" drift reported to approach 100 m in length. The Descubridora I Drift was exposed in early December, 2012 and consists of very high grade copper ore grading up to 46.58% Cu. Given the high grade nature of this near surface ore, the Descubridora II Drift was developed, exposed beneath sandy overburden at a slightly lower elevation and approximately 40 m farther west than the Descubridora I Drift.

Results from two separate Due Diligence property evaluations (February and December, 2012) are interpreted to indicate there is a significant opportunity to further develop the mineral potential of the Property and increase the current level of production.

Management believes there exists a tremendous opportunity to develop a state of the art processing facility designed to recover a copper concentrate from low grade (i.e. below 3.0%) copper mineralized material. Design of the proposed facility would emphasize production of copper concentrate from ore having a copper grade possibly as low as 0.7% (currently treated as "waste"), with possible additional circuits for secondary and by-product metals, further increasing the economic potential of the Property.

The Property is believed to have excellent potential for identification and subsequent development of additional high grade copper-bearing veins. Exploration in the short term will be undertaken with an emphasis on developing existing and/or newly discovered, well mineralized, high grade copper veins into small scale production operations with which to develop a cash flow for the Company.

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.

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.

Michel Voyer
President and Director

For more information please visit our web site at:
W: www.swingplaneventuresinc.com
Or contact:
Investor relations: 1-800-253-1692

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, discussed the best practices that will ensure a successful smart city journey.
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT depl...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, discussed how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He also discussed how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors an...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.