Will Focus on the Advancement of 100%-owned Titiribi Project in Colombia
VANCOUVER, Nov. 26, 2012 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) is pleased to announce that Mr. Gillyeard (Gil) Leathley has been appointed Senior Advisor to the Chief Executive Officer of Sunward as the Company continues to advance its 100%-owned Titiribi project in Colombia. The appointment is effective immediately.
Mr. Leathley has been a member of the Board of Directors of Sunward since January 2011. He has more than 50 years of mining experience in the industry where he has been involved in all aspects of mine construction and operations around the world. Originally from Scotland, he trained as a Mine Surveyor and Industrial Engineer with the Scottish National Coal Board, working his way through coal and bauxite mines and eventually to gold and copper mining. Mr. Leathley was the driving force in overseeing the development of several major operating mines in Canada, Australia and South America on behalf of Noranda Mining, International Corona Corporation and Homestake Mining Company where he served as Senior Vice President and Chief Operating Officer before retiring in 2000. Most recently, he held the position of Senior Vice President and Chief Operating Officer of NOVAGOLD Resources Inc., a precious metals company engaged in the exploration and development of mineral properties in North America. Mr. Leathley also serves on a number of Boards of North American mining and mineral exploration companies.
Chief Executive Officer Colin Andrew commented: "I am looking forward to working with Gil on establishing concrete options for a staged and cost-effective development of Titiribi, one of the most significant gold-copper districts in South America. His wealth of experience in building and operating mines will be of immense value to Sunward as the Company continues to advance Titiribi's Cerro Vetas project toward development and ultimately production."
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.