VANCOUVER, Sept. 13, 2012 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD) (OTCQX: SNWRF) announced that shareholders at the Company's annual meeting, held today, appointed Mr. Gregory A. Lang to the Board of Directors. He will serve as Chairman of the Technical Committee.
Mr. Lang is President and Chief Executive Officer of NovaGold Resources Inc., which recently announced approval for commencement of permitting for its 50%-owned Donlin Gold Project in Alaska. Donlin Gold is one of the largest undeveloped known gold deposits in the world. Before joining NovaGold, Mr. Lang was President of Barrick Gold of North America, a wholly-owned subsidiary of Barrick Gold Corporation ("Barrick Gold"). In that capacity, he held executive responsibility for Barrick Gold's nine operations in the United States, Canada and the Dominican Republic. Prior to Barrick Gold, he held progressively responsible positions with Homestake Mining Company and International Corona Corporation, both of which are now part of Barrick Gold. Mr. Lang has over 30 years of diverse experience in mine operations, project development and evaluations. He holds a Bachelor of Science in Mining Engineering from University of Missouri-Rolla and is a graduate of Stanford University Executive Program.
"Stakeholders of Sunward are fortunate to have the depth and the breadth of experience assembled on its Board of Directors," said Jay Sujir, the Company's Chairman. "This is particularly valuable as Sunward advances its Titiribi Project in a staged cost-effective manner."
All other resolutions voted on at the meeting were approved, including fixing the number of directors elected to the Board at eleven and appointing the auditors for the ensuing year.
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of gold/copper porphyry projects in Colombia. The 100%-owned Titiribi Project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total production to date of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi currently hosts an NI 43-101 compliant Measured & Indicated Mineral Resource of 4.6 million ounces gold (within 275.4 million tonnes grading 0.52 grams per tonne gold and 0.17 per cent copper, using a 0.3 grams per tonne gold cut-off), along with an additional Inferred Mineral Resource of 6.4 million ounces gold (within 359.6million tonnes grading 0.56 grams per tonne gold using a 0.3 grams per tonne gold cut-off; see Report dated June 2012 available at www.sunwardresources.com and on SEDAR).
Titiribi thus contains 6.28 million ounces of gold equivalent in the Measured & Indicated Resource categories and a further 7.51 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 (See Report dated September 2011 available at www.sunwardresources.com and on SEDAR.)
Cautionary Statement Regarding Forward Looking Information
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," "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.
SOURCE: Sunward Resources Ltd.
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