Sunward Resources Ltd. - Corporate Update


VANCOUVER, Sept. 12, 2011 /CNW/ - Sunward Resources Ltd (the "Company") (TSX-V: SWD) advises that on September 6, 2011, it was placed on the British Columbia Securities Commission's list of defaulting reporting issuers as a result of disclosures on its former website, in a June 2011 Corporate Presentation, and in a Corporate Brochure on the website which did not comply with the requirements of Canadian Securities National Instrument 43-101. Specifically, these included references to a May 2010 resource estimate for the Titiribi project expressed as gross contained ounces of gold (3.7 million ounces) without including tonnage, grades, or classification, namely 230 million tonnes of Inferred resources at an average grade of 0.5 grams per tonne of gold (using a cut-off grade of 0.3 grams per tonne of gold).  These resources have since been updated by way of news release dated September 8, 2011 referenced below. The Company has temporarily taken down its website to prepare disclosure of the new estimates.

The British Columbia Securities Commission also expressed concerns about a July 11, 2011 article by Mr. Bob Moriarty on the website, as well as a July 22, 2011 interview with Mr. Moriarty published by The Gold Report ( The Company disassociates itself from disclosure in these sources of quantities and gross dollar values of projected new resource estimates, and of contained gold ounces and tonnes of potential exploration targets on the Titiribi property. Except as stated in its news releases and in documents filed on SEDAR, the Company has not estimated quantity and grade ranges of any mineral deposits or potential exploration targets, and any such estimates from other sources should not be relied on.

The Company wishes to make it clear that both and The Gold Report are independent publications and Mr. Moriarty is an independent analyst, and neither of these sources make disclosures on the Company's behalf or at the Company's behest.

By way of news release on September 8, 2011, Sunward published an updated resource calculation, which confirmed an Indicated resource containing 2.2 million ounces of gold (142.94 million tonnes at an average grade of 0.480 grams of gold per tonne) and an additional Inferred resource containing 6.08 million ounces of gold (372.7 million tonnes at an average grade of 0.507 grams per tonne of gold). The updated resource also included an Indicated contained copper resource of 465.9 million pounds (142.94 million tonnes at an average grade of 0.1479% copper) and an additional Inferred resource containing a further 645.7 million pounds of copper (372.7 million tonnes at an average grade of 0.078% copper). At a price of $1,114 per ounce of gold and $3.07 per pound of copper (representing three-year average prices), the Indicated resource consists of 3.5 million ounces of gold equivalent (142.94 million tonnes at an average grade of 0.480 grams of gold per tonne and 0.1479% copper) with an additional Inferred resource of 7.9 million ounces of gold equivalent (372.7 million tonnes at an average grade of 0.507 grams per tonne of gold and 0.078% copper).

These are the only current resource calculations that have been approved by or on behalf of the Company. For further information refer to the Company's September 8, 2011 news release and the technical report dated September 8, 2011 prepared by Behre Dolbear & Company (USA) entitled "Summary of the Technical Report on the Titiribi Project Department of Antioquia, Colombia" which will be filed on SEDAR. In future, readers are advised that only information released by the Company in official press releases or other filings from the Company should be deemed to be disclosures on the Company's behalf, and that any information about the Company provided by parties unrelated to the Company in newspapers, magazines, websites, pamphlets, e-mails, televised or recorded interviews or verbal conversations does not represent disclosure on the Company's behalf and should be regarded as such.

The Company will be bringing online a new website at in full compliance with NI 43-101. Having remedied and clarified the foregoing matters, the Company understands that upon dissemination of this news release it will be removed from the British Columbia Securities Commission's list of defaulting reporting issuers.

The Company's CEO, Colin J. Andrew, C. Eng. MIMMM, FGS, is a qualified person under NI 43-101, and has reviewed and is responsible for the contents of this news release.

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 with a goal of increasing the NI 43-101 resources.

Cautionary Note Concerning Reserve & Resource Estimates

This news release uses the terms "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.

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:


Investor Relations:     
Scott Koyich      
(403) 619-2200     
Corporate Contact:
Colin Andrew
+353 87 241 2290

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Sunward Resources Ltd.

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