VANCOUVER, Dec. 17 /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. Igor Levental has joined the
board of directors of Sunward, effective December 17, 2010. Sunward
has granted Mr. Levental an option to purchase a total of 400,000
shares. The option is exercisable at $1.44 for a period of 5 years.
Mr. Levental is President of the Electrum Group of Companies, a leading
privately-owned mineral exploration and development group with
strategic holdings in private and public precious metals companies.
Mr. Levental is a Director of Gabriel Resources Ltd., which is engaged
in the development of major precious metals deposits in Romania; and
NovaGold Resources Inc., which owns 50% of two of the largest deposits
in the world: the Donlin Creek gold deposit in Alaska and the Galore
Creek copper-gold deposit in British Columbia. He is also a Director
of Taung Gold Limited, a South African-based private gold exploration
and development company with significant interests in gold development
and exploration projects in the Witwatersrand Basin of South Africa.
With more than 30 years of experience across a broad cross-section of
the international mining industry, Mr. Levental has held senior
positions with major mining companies including Homestake Mining
Company and International Corona Corporation, where he played a major
role in these companies' corporate development and merger and
acquisition activities. Mr. Levental is a Professional Engineer with a
BSc in Chemical Engineering and an MBA from the University of Alberta.
"We welcome Igor to the Board of Sunward. He has one of the most
significant and time-tested track records of building shareholder value
in our industry," said Philip O'Neill, Sunward's Chief Executive
Officer. "We are looking forward to benefiting from his extensive
expertise in developing Sunward into one of the most significant
precious metals exploration and development companies in the world."
The board of directors of Sunward received and accepted the resignation
of Mr. Bill McCartney, director of the company, effective December 17,
2010. Mr. McCartney is leaving to pursue other business interests.
The board of directors would like to thank Mr. McCartney for his
invaluable contributions to the success and advancement of Sunward as a
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: For further information:
SUNWARD RESOURCES LTD.