Sunward Announces First Quarter Results

TSX-V SWD

VANCOUVER, Sept. 8, 2011 /CNW Telbec/ - Sunward Resources Ltd. ("Sunward" or "the Company") (TSX-V: SWD) is pleased to announce its first quarter results and announces that it has filed on SEDAR its Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis ("MD&A").  For the three month period ended June 30, 2011 the Company expended approximately $2,879,773 in exploration and related expenditures at its Titiribi and Murindo mineral properties in Colombia.  The Company had no exploration expenditures for the comparative period (the three months ended June 30, 2010).  This expenditure led the Company to make an overall loss per share for the period of 2 cents compared with a loss of 1 cent per share for the previous period (the three months ended March 31, 2011).  At the end of the period, the Company's cash and cash equivalent position amounted to $65,148,747 compared with $68,641,767 at the end of the March 31, 2011 reporting period.

This release presents a comparative summary of the three month operating and financial highlights and should be read in conjunction with our Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis for the three months ended June 30, 2011.

The following tables show selected comparative consolidated financial information for the three months ended June 30, 2011 and June 30, 2010 respectively.  All amounts are expressed in United States dollars unless otherwise noted.

Currently Sunward has five drill rigs at its Titiribi Project in Colombia and is adequately funded for all its planned exploration and corporate development programs.

Consolidated Balance Sheets as at

  June 30, 2011 March 31, 2011 April 1, 2010
       
ASSETS      
       
Current      
      Cash and cash equivalents $ 65,148,747 $ 68,641,767 $ 5,231,257
      Accounts receivable       42,068       54,113       9,757
      Advances and deposits       1,466,349       436,873       1,360
          
        66,657,164       69,132,753       5,242,374
       
Advances to Goldplata Resources Limited       -       -       1,630,661
Plant and equipment       829,687       415,778       -
Exploration and evaluation properties       24,494,816       24,494,816       -
       
  $ 91,981,667 $ 94,043,347 $ 6,873,035
       
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
       
Current      
      Accounts payable and accrued liabilities $ 1,085,294 $ 555,048 $ 187,513
       
Future income tax liability       3,910,102       4,629,068       -
       
       
Shareholders' equity      
      Capital stock       77,694,321       77,111,523       5,740,157
      Contributed surplus       24,494,708       24,208,704       1,304,703
      Accumulated other comprehensive income       -       1,201,222       204,723
      Deficit       (15,202,758)       (13,662,218)       (564,061)
       
        86,986,271       88,859,231       6,685,522
       
  $ 91,981,667 $ 94,043,347 $ 6,873,035

CONSOLIDATED STATEMENTS OF OPERATIONS For the Three
Months Ended
June 30,
2011
For the Three
Months Ended
June 30,
2010

EXPENSES

   
      Administrative        $       321,593  $ 20,125
      Corporate consulting      28,420        89,531
      Depreciation        32,509        -
      Exploration expenses               2,879,773        -
      Investor communications                  130,225        23,791
      Professional fees        27,434        29,060
      Stock-based compensation      286,004        120,686
      Transfer agent and filing fees        23,037        18,563
      Travel           132,491                   6,629
     
Loss for the period before other items              (3,861,486)       (308,385)
OTHER ITEMS    
      Interest income    28,704        3,041
      Foreign exchange gain           372,054        46,818
     
Loss for the period before income taxes              (3,460,728)       (258,526)
     
Future income tax recovery           718,966        -
     
Loss for the period      (2,741,762)       (258,526)
     
Cumulative translation adjustment                     - (220,641)
     
Comprehensive loss for the period $    (2,741,762) $ (479,167)
     
Basic and diluted loss per common share $              (0.02) $ (0.01)
     
Basic and diluted weighted average number of common shares outstanding              132,270,881           50,058,792

About The Company:
Sunward 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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