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March 11, 2013 /PRNewswire/ -- Swingplane Ventures, Inc. (OTCBB: SWVI) (the "Company" or "Swingplane") brings you a message from the Company's recently appointed President wishes to review the corporate opportunity relating to the Algarrobo mining project (the "Property")
http://swingplaneventuresinc.com/projects/algarrobo-property-project, an Iron Oxide –Copper–Gold (IOCG) property located approximately 850 km north of
Santiago, in the III Region, Province of Copiapo,
Chile. The Property consists of 32 tenures, comprising a total of 6,161 ha (15,224 acres).
THE FACTS ABOUT COPPER.
The country of
Chile is number one on the list of countries that produce Copper (Cu) in its ore state; its combined production accounts for about
one third of the entire ore copper production worldwide.
Copper is one of the oldest metals known to civilization. Its uses and contributions continue to grow. There are over 400 copper alloys in use today. It has been and still is one of the most used metals around the world. Source:
Management considers this a ground level opportunity for the Company and its stockholders. The Company is in the exploration and development stage currently with the intent to amend the terms of its current option agreement whereby the Company can initially fund increased production by way of a
$3M investment, with
$2.5M being a capital equipment contribution with a view to an increase in current production being undertaken by the Optionor. The increase in production is projected to generate (on the basis of 3,000 tons per month of 9% copper shipped to Enami) gross monthly revenues of approximately
$2,598,750 based on current copper prices from Enami, with estimated operating costs of
$250,000 per month. From those revenues generated, the Company will retain 66 and 2/3% of the revenues with the Optionor receiving 33 and 1/3% until such time as he is paid a total of
$5,000,000 at which time the Optionor reverts to a 25% interest. The Company is seeking equipment financing with a 10% interest rate over 24 months. Based on the projected monthly revenues above, the Company should have no problem servicing this loan and intends to use the profits generated after loan payments, Optionor payments and costs of production for exploration and ultimately to situate a mill on site for additional processing for recovery of additional metals prior to shipment.
Our Algarrobo property is in a prime area known for having a soil rich with High Grade Copper Mineralization among other minerals.