Swift Resources Inc.
TSX VENTURE : SWR

Swift Resources Inc.

December 01, 2009 12:00 ET

Swift Options Iron Range Property From Eagle Plains Ltd., Commences Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2009) - Swift Resources Inc. (TSX VENTURE:SWR) ("Swift" or the "Company"), has entered into an option agreement with Eagle Plains Resources Ltd. – EPL: TSX.V on Eagle Plains' 100% owned Iron Range project located in the Goat River area 15km NE of Creston, B.C. Under the terms of the agreement, Swift may earn a 60% interest in the property by completing $3,000,000 in exploration expenditures, making $500,000 in cash payments and issuing 750,000 shares to EPL over 5 years. Upon Swift exercising its option, a 60/40 Joint Venture between Swift and Eagle Plains will be established.

A 700m diamond drilling program funded by Swift is planned immediately for the property, and will follow up drilling completed in 2008 by Eagle Plains. Highlights from 2008 drilling included hole IR08006, which returned 7.0m grading 51.52 g/t (1.50 oz/ton) gold from 20.0m to 27.0m, including 3.0m grading 118.45 g/t (3.46 oz/ton) gold from 20.0m to 23.0m. F.B. Drilling of Cranbrook B.C. has been contracted to provide drilling services, with the program to be carried out under the supervision of C.C. Downie, P.Geo.

The property consists of 22,000 ha owned 100% by Eagle Plains and has no underlying royalties or encumbrances. The claims are well-situated with respect to infrastructure. A high-pressure gas pipeline, high-voltage hydroelectric line, railway and major highway are located within property boundaries. The Iron Mountain structure has been mapped with widths of up to 150m and a strike length of over 50km. Claims held by Eagle Plains cover over 25km of the structure, with significant iron-oxide mineralization occurring over 15km. Copper and gold mineralization have been discovered along the structure during exploration, highlighting the potential for Iron Oxide Copper Gold ("IOCG") mineralized systems associated with the structure.

A map outlining pertinent details of the property may be found on Eagle Plain's website at the following link http://www.eagleplains.com/projects/bc/ironrange/documents/Iron_Range_Drill_Mapv3.pdf

The Iron Range deposits were originally staked in 1897 and were covered by Crown Grants held by Cominco Ltd. and the Canadian Pacific Railway. Past work on the Iron Range deposits by Cominco focused on the considerable iron oxide resource with trenching and very shallow (20m depth) diamond drilling along the Iron Range Mountain ridge. Eagle Plains staked the current claims immediately after the Crown Grants reverted in 2000. Eagle Plains has been working on the property since acquiring the claims. Exploration work including geological mapping, geochemical surveys and a 690 line-km airborne geophysical survey were used to define targets for drill testing.

Swift Resources is extremely pleased with the acquisition of this property and with the partnership with Eagle Plains Resources. The Iron Range property is situated 80 kilometres east-southeast from Swift's Amazing Grace property and complements the company's exploration for gold in southern B.C.

Linda Caron, M.Sc., P.Eng is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical content of this news release on behalf of Swift Resources.

SWIFT RESOURCES INC.

Mike Elson
President & Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information