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Last updated on April 20, 2014 at 17:20 EDT

Sunward Reports Financial Results for the Year Ended March 31, 2012

June 28, 2012

VANCOUVER, June 28, 2012 /CNW/ – Sunward Resources Ltd. (“Sunward” or the “Company”) (TSX: SWD)
(OTCQX: SNWRF)
is pleased to announce its year end results and announces that it has
filed on SEDAR its Audited Annual Consolidated Financial Statements
(“Financial Statements”), and Management Discussion and Analysis
(“MD&A”) for the year ended March 31, 2012.

For the full annual Financial Statements and MD&A, please visit SEDAR at
www.sedar.com or the Company’s website, www.sunwardresources.com

Summary of Key Financial Highlights

The Company incurred a net loss for the year ended March 31, 2012 of USD
$23,796,485 compared to a loss of USD $9,191,539 for the year ended
March 31, 2011.

For the year ended March 31, 2012 compared to the same period in the
prior year, 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, corporate consulting, exploration, investor
communications, professional fees, transfer agent and filing fees and
travel increased significantly for the year ended March 31, 2012
compared to the same period in 2011.

The funding for the Company and its expanded exploration and related
activities was made possible by the issuance of special warrants in
April 2010 and the successful Private Placement in January 2011.

The following tables show selected comparative consolidated financial
information as at and for the years ended March 31, 2012 and March 31,
2011:


                                                  March 31,            March 31,
                                                       2012                 2011

    Balance Sheet:                                                              

      Total assets                             $ 76,323,333         $ 94,043,347

        Total                                     4,556,911            5,184,116
        liabilities

        Total                                    71,766,422           88,859,231
        shareholders'
        equity

                                                        For the years ended

                                                  March 31,            March 31,
                                                       2012                 2011

    Operations:                                                                 

      Expenses                                                                  

        Administrative                         $  1,495,554        $     765,514

        Corporate                                   238,287              116,205
        consulting

        Depreciation                                270,602               40,074

        Exploration                              20,974,014            6,002,078

        Investor                                    517,375              159,987
        communications

        Professional                                328,701              209,254
        fees

        Stock-based                               4,181,534            3,349,853
        compensation

        Transfer agent                              120,717               99,767
        and filing
        fees

        Travel                                      416,562              310,495

    Interest income                               (158,610)            (136,794)

    Other items                                 (4,588,251)          (1,724,894)

    Loss for the year                            23,796,485            9,191,539

    Basic and diluted                      $         (0.18)          $
    loss per common                                                       (0.12)
    share

    Dividends per
    share                                                 -                    -

Cash and Cash Equivalents

The Company had cash and cash equivalents of USD $50,938,156 as at March
31, 2012 compared to cash and cash equivalents of USD $68,641,767 as at
March 31, 2011. 

ABOUT SUNWARD:

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 estimated using a 0.3 grams per
tonne gold cut-off. 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.


Source: PR Newswire