SUNWARD ANNOUNCES 2011 FISCAL YEAR-END RESULTS

TSX-V SWD

VANCOUVER, June 20, 2011 /CNW/ - Sunward Resources Ltd. ("Sunward" or "the Company") (TSX-V: SWD) is pleased to announce its year end results and announces that it has filed on SEDAR its Audited Consolidated Financial Statements, Management Discussion and Analysis ("MD&A") and Annual Information Form for the year ended December 31, 2010.  For the twelve months to March 31, 2011 the Company expended some $11,120,449 in exploration and related expenditures advancing its mineral properties at Titiribi and Murindo in Colombia ($658,214) for the comparative period from the date Incorporation on May 21, 2009 to March 31, 2010.  This expenditure led the Company to make an overall loss per share for the period of 13 cents compared with 18 cents per share or the previous period.  At the end of the period, the Company's cash and cash equivalent position amounted to $66,876,743 compared with $5,312,865 at the end of the previous reporting period.

This release presents a comparative summary of the 2011 fiscal year operating and financial highlights. These highlights should be read in conjunction with our Audited Consolidated Financial Statements, Management Discussion and Analysis ("MD&A") and Annual Information Form.

The following tables show selected comparative consolidated financial information for the year ended March 31, 2011 and the period ended March 31, 2010:

Currently Sunward has five drill rigs turning at its Titirbi Project in Colombia and is currently completing an updated resources statement to NI43-101 standards.  The Company is adequately funded for all its planned exploration and corporate development programmes for the foreseeable future.

CONSOLIDATED BALANCE SHEETS (AS AT 31 MARCH):

               
               
          2011   2010
               
ASSETS         CDN$   CDN$
               
Current              
  Cash and cash equivalents   66,876,743   5,312,865
  Receivables     55,810   9,909
  Advances and deposits     424,623   1,381
               
          67,357,176   5,324,155
               
  Advances to Goldplata Resources Limited -   1,656,099
  Plant and Equipment     428,357   -
  Mineral Properties     25,716,943   -
               
          93,502,476   6,980,254
               
               
LIABILITIES AND SHAREHOLDERS' EQUITY        
               
Current              
  Accounts payable and accrued liabilities 562,933   190,438
               
Future Income Tax Liability     5,054,127   -
               
Shareholders' equity          
  Capital stock     79,070,296   6,103,530
  Contributed surplus     24,374,423   1,344,500
  Accumulated other comprehensive income (loss) (304,094)   (57,148)
  Deficit       (15,255,209)   (601,066)
               
          87,885,416   6,789,816
               
          93,502,476   6,980,254
               

CONSOLIDATED STATEMENTS OF OPERATIONS

               
          For the Year
Ended March
31, 2011
  For the period
of Incorporation
on May 21, 2009
to March 31, 2010
               
                  CDN$         CDN$
EXPENSES            
  Administrative     962,156   24,618
  Business investigation costs   -   131,762
  Corporate consulting     116,930   9,169
  Depreciation     41,289   -
  Exploration expenses     5,835,569   -
  Investor communications     160,985   -
  Professional fees     210,559   19,200
  Stock-based compensation   3,370,752   408,500
  Transfer agent and filing fees   100,389   9,458
  Travel       312,432   -
               
Loss before other items     (11,111,061)   (602,707)
               
OTHER ITEMS            
  Interest income     137,647   1,641
  Foreign exchange losses     (1,604,078)   -
               
Loss for the period before income taxes   (12,577,492)   (601,066)
               
Future income tax recovery     (1,703,989)   -
               
Loss for the period       (10,873,503)   (601,066)
               
OTHER COMPREHENSIVE LOSS FOR THE PERIOD      
  Foreign currency translation differences of
foreign operations
-246,946   -57,148
               
Net comprehensive loss for the period   (11,120,449)   (658,214)
               
Net loss attributable to:          
  Owners of the Company     (9,888,372)   (601,066)
  Non-controlling interest     (985,131)   -
               
Total comprehensive loss attributable to:        
  Owners of the Company     (10,135,318)   (601,066)
  Non-controlling interest     (985,131)   -
               
               
Basic and diluted loss attributable to common shareholders per common share $ (0.13)   $ (0.19)
               
Basic and diluted weighted average number of common shares outstanding 79,374,186   3,233,489
               

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.  
Investor Relations:
Scott Koyich
(403) 619-2200
scott@sunwardresources.com      
Corporate Contact:
Colin Andrew
+ 353 87 241 2290
colin.andrew@sunwardresources.com

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