VANCOUVER, March 8, 2012 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX-V: SWD; OTCQX: SNWRF) is pleased to announce the appointment of Michael Malana as the Chief Financial Officer effective immediately.
Mr. Malana is a Certified Management Accountant who brings over 25 years of accounting and financial reporting expertise to Sunward Resources Inc. Prior to joining Sunward as its controller in 2011, Mr. Malana was a Consultant for Imperial Metals assisting in the Company's transition from Canadian GAAP to IFRS. Mr. Malana was the Corporate Controller of Jinshan Gold Mines (now listed on the TSX as China National Gold) where he led the Accounting and Finance group in the transition from the exploration to the development to the production stage. Mr. Malana was also involved in Jinshan's early adoption of IFRS and the company's secondary listing on the Hong Kong Stock Exchange. Mr. Malana holds a Bachelor of Commerce degree (Accounting Major) from Concordia University.
In announcing the appointment, Mr. Colin Andrew, Chief Executive Officer of the Company stated: "The appointment of Mr. Malana as Chief Financial Officer, brings financial expertise to Sunward that will enhance its ability to progress the development of its Titiribi Project in Colombia."
The Company wishes to thank Jennie Choboter for her valuable contributions to Sunward as its founding Chief Financial Officer.
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 Indicated and Inferred resources.
About the Titiribi Project:
Sunward Resources' Titiribi Project hosts an NI 43-101-compliant Indicated Mineral Resource of 2.2 million ounces of gold within 142.94 million tonnes grading 0.480 grams/tonne gold and 0.148% copper and an Inferred Mineral Resource of 6.08 million ounces of gold within 372.7 million tonnes grading 0.507 grams/tonne gold and 0.078% copper, both assessed using a 0.3 grams/tonne gold cut-off. Based on the above, Titiribi also hosts 465.9 million pounds of copper in the Indicated Resource and 645.7 million pounds of copper in the Inferred Resource. Titiribi thus contains 3.50 million ounces of gold equivalent in the Indicated Resource category and a further 7.90 million ounces of gold equivalent in the Inferred Resource category, calculated on the basis of a gold price of $1,114 per ounce and a copper price of $3.07 per pound (See Report dated September 2011 available at www.sunwardresources.com and on SEDAR.)
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 68,000 metres of drilling has been completed at Titiribi to date, including approximately 14,600 metres completed historically by previous operators.
SUNWARD RESOURCES LTD.
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.
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