VANCOUVER, Jan. 14 /CNW/ - Mr. Philip O'Neill, Chief Executive Officer
and Director of Sunward Resources Ltd. (the "Company" or "Sunward")
(TSX-V: SWD), today announced that Mr. Gil Leathley has joined the
board of directors of Sunward, effective January 14, 2011. Sunward has
granted Mr. Leathley an option to purchase a total of 400,000 shares.
The option is exercisable at $1.76 for a period of 5 years.
Mr. Leathley is Senior Vice President and Chief Operating Officer of
NovaGold Resources Inc., a major North American mining exploration and
development company. With more than 50 years of mining experience, he
has been involved in all aspects of mine construction and operations as
well as the evaluation of exploration properties and potential
acquisitions. Mr. Leathley has extensive experience with financial
oversight of construction and development of major projects around the
world. Originally from Scotland, he trained as a Mine Surveyor and
Industrial Engineer with the Scottish National Coal Board, working his
way through coal and bauxite mines and eventually to gold and copper
mining. From 1975 to 2000, Mr. Leathley was the driving force in
overseeing the development of several major operating mines on behalf
of Cassiar Asbestos, Noranda Mining, International Corona Corporation
and Homestake Mining Company. Mr. Leathley retired as Senior Vice
President and Chief Operating Officer of Homestake in 2000.
"Mr. Leathley has an exceptional record of building mines," added Mr.
O'Neill. "His pragmatic approach and extensive expertise will be
invaluable in developing Sunward into one of the most significant
precious metals exploration and development companies in the world."
About the Titiribi Project:
The Cerro Vetas mineralized body at Sunward Resources' Titiribi project
hosts an inferred resource of 230 million tonnes at an average grade of
0.5 grams per tonne gold and 0.2 percent copper using a
0.3-gram-per-tonne-gold cut-off (NI 43-101 technical report dated May
The project is located approximately 70 kilometres southwest of the city
of Medellin, Colombia, in Antioquia department, within the historical
Titiribi mining district (estimated total gold production of three to
five million ounces). Access is by paved highway from Medellin.
Mineralization at Titiribi is hosted within a number of porphyry stocks
and porphyritic dikes and sills. The dominant mineral associated with
mineralization is chalcopyrite, which occurs as disseminations and in
veinlets. Plagioclase and secondary biotite are also significant within
the mineralized assemblage. Mineralization appears to be related to
extensive potassic alteration, with propylitic and argillic alteration
also widespread, along with lesser phyllic alteration.
Over 36,000 metres of drilling has been completed at Titiribi to date,
including approximately 14,600 metres completed historically by
previous operators, including Gold Fields and Windy Knob Resources,
along with more than 21,400 metres completed by Sunward Resources. The
mineralized body at Cerro Vetas remains open in all directions and at
depth. Sunward Resources currently has four drill rigs operating to
expand mineralization at the Titiribi project.
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 inferred resource.
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: