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 company.
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 19, 2010).
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.
For further information: For further information:
SUNWARD RESOURCES LTD.