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.
For the full Financial Statements and MD&A, please visit SEDAR at www.sedar.com or the Company’s website, www.sunwardresources.com
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
Balance Sheet:
Total assets $ 63,353,313 $ 88,848,071
Total liabilities 1,626,215 4,014,939
Total shareholders' equity 61,727,098 84,833,132
Sep 30, Sep 30, Sep 30, Sep 30,
2012 2011 2012 2011
Operations:
Expenses
Administrative $ 682,125 $ 530,411 $1,180,154 $ 852,004
Corporate (11,284) 90,247 65,311 118,667
consulting
Depreciation 64,850 47,670 125,306 80,179
Exploration 3,386,095 4,400,015 9,601,309 7,279,788
Investor 47,922 140,506 171,322 270,731
communications
Professional 128,684 137,848 132,990 165,282
fees
Stock-based 410,439 3,142,432 3,926,000 3,428,436
compensation
Transfer agent 15,942 5,528 219,874 28,565
and filing fees
Travel 122,489 88,083 184,760 220,574
Interest income (43,714) (6,000) (67,292) (34,704)
Other items (4,898) (15,033) 16,401 (416,619)
Loss for the 4,798,650 8,561,707 15,556,135 11,992,903
period before
taxes
Basic and diluted $ 0.03 $ 0.06 $ 0.10 $ 0.08
loss per common
share
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.
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 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.
