VANCOUVER, April 8 /CNW/ - Further to its Feb. 23, 2011 news release,
Sunward Resources Ltd. ("Sunward" or "the Company") (TSXV: SWD) has
completed the definitive documentation and closed the acquisition of
all of the issued and outstanding shares of La Muriel Mining Corp. ("La
Muriel"), the sole owner of the Murindo copper-gold porphyry project
("Murindo Project") in Colombia. In consideration for the shares of La
Muriel, Sunward made a payment of US$1-million to the vendors and
undertook to finance all activities related to securing access and
carrying out certain work in connection with the project. Access to
the property is currently restricted due to an order of the
Constitutional Court of Colombia requiring various Colombian
governmental departments to engage in further consultation with local
and indigenous groups prior to the undertaking of any exploration and
development activities. Upon achieving the legal and physical ability
to gain reasonable access to the Murindo project, Sunward is required
to issue up to six million shares of the Company, net of the number of
shares calculated by dividing the total amount of the funds expended by
Sunward by the seven-day average trading price of Sunward shares
immediately preceding the day when the Sunward board approves the
issuance of the shares.
Notwithstanding these access issues, in November, 2010, Rio Tinto Mining
and Exploration Ltd. entered into an agreement with La Muriel under
which Rio Tinto may acquire a 70-per-cent interest in the project for
payment of $60-million (U.S.) in cash (for more details on this
agreement, please refer to Sunward's news release dated Nov. 23, 2010).
"Murindo is one of the most significant copper-gold exploration
prospects in the world," said Philip O'Neill, Sunward's Chief Executive
Officer. "This project's orderly and responsible advancement has the
potential to significantly contribute toward economic and social
well-being for the local community and the people of Colombia. We look
forward to working with stakeholders to ensure all involved benefit
from its development."
The Murindo project encompasses 16,000 hectares straddling the border
between Antioquia and Choco departments in northern Colombia. The
prospect is characterized by porphyry-style, copper-gold mineralization
at surface. Sunward is in the process of having a 43-101 technical
report prepared on the Murindo project and expects to be in a position
to file the 43-101 technical report with SEDAR in short order.
All of the issued and outstanding shares of La Muriel were acquired from
Gold Plata Mining International Corp., a company controlled by Michel
Juilland. Gold Plata was also the vendor of the Company's principal
asset, the Titiribi Project. In accordance with prior agreements, Mr.
Juilland is a director of the Company.
About The Company:
Sunward Resources is a well-capitalized Canadian-based company focused
on the exploration of gold/copper porphyry projects in Colombia. The
Company has strong operational expertise in Colombia and is currently
drilling its Titiribi Project southwest of Medellin.
This news release contains "forward-looking information", which may
include, but is not limited to, statements with respect to the future
financial or operating performance of Sunward Resources Ltd. and its
projects. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes" or variations (including negative
variations) of such words and phrases, or state that certain actions,
events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved. Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Sunward Resources Ltd.
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements.
Forward-looking statements contained herein are made as of the date of
this press release and Sunward Resources Ltd. disclaims, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions should
change, or otherwise. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, the reader is cautioned not to place undue
reliance on forward-looking statements.
Neither 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 release.
SOURCE Sunward Resources Ltd.
For further information:
SUNWARD RESOURCES LTD.