Sunward Reports Financial Results for the Three and Six Months Ended September 30, 2012
VANCOUVER, Nov. 14, 2012 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD); (OTCQX: SNWRF) is pleased to announce its second 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 six months ended September 30, 2012.
Summary of Key Operational and Financial Highlights
The Company incurred a net loss for the three and six months ended September 30, 2012 of USD $4,619,421 and $14,368,067 respectively compared to a loss of USD $7,406,281 and $10,118,511 respectively for the same periods in 2011.
For the six months ended September 30, 2012 compared to the same period in 2011, the Company substantially increased its exploration and related activities in the advancement of its 100%-owned Titiribi project in Colombia. As a consequence, the Company's expenditures for administrative and exploration increased significantly for the six months ended September 30, 2012 compared to the same period in 2011. The Company's transfer agent and filing fees increased significantly for the six months ended September 30, 2012 compared to the same period in 2011 as a result of graduating to the Toronto Stock Exchange ("TSX") from the TSX Venture Exchange in April 2012.
The following tables show selected comparative consolidated financial information as at and for the three and six months ended September 30, 2012 and September 30, 2011 (all amounts in USD):
|Sep 30, 2012||Sep 30, 2011|
|Total assets||$ 63,353,313||$ 88,848,071|
|Total shareholders' equity||61,727,098||84,833,132|
|Administrative||$ 682,125||$ 530,411||$1,180,154||$ 852,004|
|Transfer agent and filing fees||15,942||5,528||219,874||28,565|
|Loss for the period before taxes||4,798,650||8,561,707||15,556,135||11,992,903|
|Basic and diluted loss per common share||$ 0.03||$ 0.06||$ 0.10||$ 0.08|
|Dividends per share||-||-||-||-|
Cash and Cash Equivalents
The Company had cash and cash equivalents of USD $37,861,351 as at September 30, 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.