VANCOUVER, Sept. 22, 2011 /CNW/ - Colin Andrew, Chief Executive Officer
of the Company is pleased to announce that the National Instrument
43-101 Technical Report dated September 8, 2011 prepared by Behre
Dolbear & Company (USA) in respect of the Company's Titiribi Project
has now been filed on the SEDAR website: www.sedar.com
The report confirms the presence of an Indicated resource containing 2.2
million ounces of gold (142.94 million tonnes at an average grade of
0.480 gram 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 gram 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 per cent 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 per cent 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 gram of gold per tonne and 0.1479
per cent 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 gram per tonne of gold and 0.078 per cent copper).
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
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.