Sunward Reports Financial Results for the Three and Nine Months Ended December 31, 2012
VANCOUVER, Feb. 8, 2013 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) is pleased to announce its third quarter results and announces that it has filed on SEDAR its Condensed Consolidated Interim Financial Statements ("Financial Statements"), and Management Discussion and Analysis ("MD&A") for the three and nine months ended December 31, 2012.
Summary of Key Financial Highlights
Sunward had no revenue from operations. Results can vary significantly from period to period due to the level of resource drilling and foreign exchange fluctuations.
The Company's loss before income taxes for the three months ended
December 31, 2012, the three months ended September 30, 2012, the three
months ended June 30, 2012 and the comparative quarterly periods from
the prior fiscal year are as follows (all amounts in USD):
|3 months ended||3 months ended|
|Administrative||$ 521,924||$ 682,125||$ 498,029||$ 325,814||$ 530,411||$321,593|
|Foreign exchange loss (gain)||40,193||(13,582)||17,492||(290,872)||(15,033)||(401,587)|
|Gain on sale of La Muriel Mining Corp.||-||-||-||(982,134)||-||-|
|Loss for the period before taxes||4,404,031||4,798,650||10,757,485||5,972,975||8,561,707||3,431,195|
|Basic and diluted loss per common share||$ 0.03||$ 0.03||$ 0.07||$ 0.03||$ 0.06||$ 0.02|
The Company's administrative, exploration and stock-based compensation expenses for the three months ended December 31, 2012 were in line with the three months ended September 30, 2012.
The Company incurred a foreign exchange loss for the three months ended December 31, 2012 due to a weakening of the Canadian dollar vis-à-vis the US dollar. The Company incurred a foreign exchange gain for the three months ended September 30, 2012 due to a strengthening of the Canadian dollar vis-à-vis the US dollar.
The Company's other items for the three months ended December 31, 2012 were in line with the three months ended September 30, 2012.
Cash and Cash Equivalents
The Company had cash and cash equivalents of USD $32,664,795 as at December 31, 2012 compared to cash and cash equivalents of USD $50,938,156 as at March 31, 2012.
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of the 100%-owned Titiribi Project in Colombia. The 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 of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi hosts an NI 43 101-compliant Measured and Indicated Resource of 4.6 million ounces of gold contained within 275.4 million tonnes grading 0.52 grams per tonne and Inferred Resource of 6.4 million ounces of gold contained within 359.6 million tonnes grading 0.56 grams per tonne. All Titiribi resources were assessed using a cut-off of 0.3 grams per tonne gold. Titiribi also hosts 279,131 tonnes of copper in the Measured and Indicated Resource and 176,205 tonnes of copper in the Inferred Resource. For more information, please see the Company's press release dated June 4, 2012 as published on SEDAR and on the Company's website, as well as the technical report by Behre Dolbear & Company (USA), Inc. dated June 1, 2012.
Cautionary Statement Regarding Forward Looking Information
This news release contains forward-looking information within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. Forward-looking information may include, but is not limited to, statements with respect to future activities of the Company; the Company's plans for its mineral properties; the Company's business strategy, plans and outlook; the merit of the Company's properties; exploration results; mineral resource estimates; work plans and timelines; completion of transactions; shareholder value; projections and targets; the future financial or operating performance of the Company, its subsidiaries and its projects; operating and exploration expenditures and costs of future exploration and other activities; and approvals, permits and licenses. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "possible", "budget", "scheduled", "strategy", "goal", "objective", "potential", "estimates", "assumes", "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", "should", "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 the Company and/or its subsidiaries to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such uncertainties and factors include, among others, inherent risks involved in the exploration of mineral properties; risks associated with foreign operations; risk relating to title to the Company's properties; the uncertainties involved in resource estimates and in interpreting drilling results and other geological data; fluctuations in currency exchange rates and commodity prices; uncertainties regarding the issuance of approvals, licenses and permits; risks related to competition; risks related to the Company's ability to acquire additional mineral properties; the availability of and costs of required financing; economic, political and social uncertainties; accidents and labour disputes; and political instability, insurrection or war; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to that the Company's exploration of its properties and other activities will be in accordance with the Company's public statements and stated goals, that there will be no material adverse change affecting the Company or its properties, anticipated costs and timing for the Company's activities and such other assumptions as set out herein. Forward-looking statements are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. 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, readers should not place undue reliance on forward-looking statements.
SOURCE Sunward Resources Ltd.
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