VANCOUVER, June 30, 2011 /PRNewswire/ - Anglo Swiss Resources Inc. (TSXV: ASW) (OTCQX: ASWRF) ("Anglo Swiss" or "the Company") is pleased to announce that the purchase of the Lansdowne House Ring of Fire Property, located in northwestern Ontario, from INV Metals Inc. is now completed. See news release June 16, 2011. The Company issued 11,950,774 common shares equal to $1,466,360 to INV Metals Inc. as payment for a 100% interest in the project. INV Metals retained a 1% NSR (net smelter royalty) in the property with the exception of two claims both of which are subject to a 2.5% NSR payable to PGM Ventures (up to 1.5% of the 2.5% NSR may be purchased for $500,000 per 0.5% NSR). In addition, there is a 1.5% NSR on one of those two claims payable up to a maximum cap of $2.5 million to INCO. The shares issued to INV Metals are subject to a resale restriction until November 1, 2011.
The Lansdowne House Property ("the Property") is located approximately 80 km southwest of Noront Resources Ltd.'s Eagle One Discovery in Northwestern Ontario. It hosts an Ultramafic Complex, which contains a historic resource of 14.6 million tons grading 0.58% copper, 0.37% nickel and 0.03% cobalt plus significant associated Platinum Group Element ("PGE") values. Although the resource is viewed as reliable and relevant based on the information and methods used at the time they do not satisfy the requirements set out by National Instrument 43-101. Neither Anglo Swiss nor its Qualified Persons have done sufficient work to classify the historic estimate as a current mineral resource and are not treating the historic estimate as a current mineral resource. The historic resource should not be relied upon.
The Property consists of a single block of 66 contiguous unpatented mining claims accessible by winter roads, and float planes or helicopters. The area was first explored in the early 1900's and had steady exploration since the 1930's. Several generations of airborne geophysics were completed over the region. A total of 107 drill holes were drilled on the property; including 47 (5,389 meters) by INCO from 1970-74. The historic resources occur in seven gabbro-hosted lenses in the upper levels of the Ultramafic Complex and include higher-grade intersections, such as 0.94% copper and 0.78% nickel over 16.8 meters. Broad zones of anomalous PGE values were also encountered, including 1.13 g/t platinum over 24 meters and 0.31 g/t platinum over 229.8 meters.There are a number of strong untested electromagnetic conductors at the base of the Ultramafic Complex. The higher-grade copper-nickel-PGE deposits frequently are found at the base of ultramafic complexes, where the sulphide minerals settled and accumulated during cooling of the ultramafic sequence. Drilling of these basal conductors will be a priority for Anglo Swiss. In addition to its copper-nickel-cobalt-PGE potential, the Property contains four surface gold showings along an east-southeast trending regional shear structure. The gold showings contained surface grab samples grading up to 23.8 g/t gold. The surface gold showings have never been drill tested. The Property also has the potential to host chromite, VMS base metal and vanadium-titanium mineralization.
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