VANCOUVER, Jan. 5, 2012 /CNW/ - Sunward Resources Ltd. (the "Company") (TSXV: SWD)(OTCQX: SNWRF) is pleased to announce that it has completed its remaining obligation with respect to the original Titiribi Project (or "Titiribi") acquisition by issuing 5,000,000 of its common shares to Gold First Investments Limited ("Gold First"). The shares have been held in reserve pending the achievement of certain expenditure obligations which has now been attained. The fully diluted number of Common shares of the Company will thus remain unchanged.
Gold First also announces that the issuance of the 5,000,000 common shares, together with the 41,400,000 common shares already held by Gold First, result in Gold First owning an aggregate of 46,400,000 common shares, being 32.96% of the 140,795,238* outstanding shares of the Company. Gold First is a BVI incorporated company with an office at Unit B, 16/F, W Square, 314-324 Hennessy Road, Wanchai, Hong Kong. Gold First has two shareholders: Notela Resource Advisors Ltd. ("Notela") and Lakeview Group Holdings Limited. Mr. Philip O'Neill, a Director of the Company, and Mr. David Forest, a senior officer of the Company, each own 33.3% of the shares of Notela.
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of gold/copper porphyry projects in Colombia. The Company has strong operational expertise in Colombia and is currently conducting an active drilling campaign on its 100%-owned Titiribi Project located approximately 70 kilometers southwest of Medellin. Titiribi 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 gold price of $1,114 per ounce and copper price of $3.07 per pound.
*This number does not include 1,300,000 issued common shares held by Sunward Holdings Ltd., a wholly owned subsidiary of the Company.
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.
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SUNWARD RESOURCES LTD.