VANCOUVER, Jan. 5, 2012 /CNW/ - Sunward Resources Ltd. (the "Company") (TSXV: SWD)(OTCQX: SNWRF) is pleased to announce that it has completed its remaining obligation
with respect to the original Titiribi Project (or "Titiribi")
acquisition by issuing 5,000,000 of its common shares to Gold First
Investments Limited ("Gold First"). The shares have been held in
reserve pending the achievement of certain expenditure obligations
which has now been attained. The fully diluted number of Common shares
of the Company will thus remain unchanged.
Gold First also announces that the issuance of the 5,000,000 common
shares, together with the 41,400,000 common shares already held by Gold
First, result in Gold First owning an aggregate of 46,400,000 common
shares, being 32.96% of the 140,795,238* outstanding shares of the
Company. Gold First is a BVI incorporated company with an office at
Unit B, 16/F, W Square, 314-324 Hennessy Road, Wanchai, Hong Kong. Gold
First has two shareholders: Notela Resource Advisors Ltd. ("Notela")
and Lakeview Group Holdings Limited. Mr. Philip O'Neill, a Director of
the Company, and Mr. David Forest, a senior officer of the Company,
each own 33.3% of the shares of Notela.
Sunward Resources is a well-capitalized, Canadian-based company focused
on the exploration and development of gold/copper porphyry projects in
Colombia. The Company has strong operational expertise in Colombia and
is currently conducting an active drilling campaign on its 100%-owned
Titiribi Project located approximately 70 kilometers southwest of
Medellin. Titiribi hosts an NI 43-101-compliant Indicated Mineral
Resource of 2.2 million ounces of gold within 142.94 million tonnes
grading 0.480 grams/tonne gold and 0.148% copper and an Inferred
Mineral Resource of 6.08 million ounces of gold within 372.7 million
tonnes grading 0.507 grams/tonne gold and 0.078% copper, both assessed
using a 0.3 grams/tonne gold cut-off. Based on the above, Titiribi
also hosts 465.9 million pounds of copper in the Indicated Resource and
645.7 million pounds of copper in the Inferred Resource. Titiribi thus
contains 3.50 million ounces of gold equivalent in the Indicated
Resource category and a further 7.90 million ounces of gold equivalent
in the Inferred Resource category, calculated on the basis of gold
price of $1,114 per ounce and copper price of $3.07 per pound.
*This number does not include 1,300,000 issued common shares held by
Sunward Holdings Ltd., a wholly owned subsidiary of the Company.
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.