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

Colin Andrew steps down as CEO, Philip O’Neill is appointed CEO

February 5, 2013

VANCOUVER, Feb. 5, 2013 /CNW/ – Sunward Resources Ltd. (“Sunward” or the “Company”) (TSX: SWD; OTCQX: 
SNWRF)
announced today that Colin Andrew has resigned as the Company’s CEO and
Director effective immediately.  He is being replaced by Philip O’Neill
who is a member of the Board of Directors of the Company and one of its
Founders.  Mr. O’Neill was the Company’s CEO from its inception until
May 2011.

During Mr. Andrew’s tenure, Sunward substantially advanced its principal
100%-owned Titiribi Project (the “Project”) in Colombia and was
instrumental in setting up the Company’s operational management in
Colombia and Vancouver. Under his leadership, the Company expanded its
gold endowment from approximately 3.7 million ounces(1) in Inferred Category to 4.6 million ounces(2) in the Measured and Indicated Categories, and an additional 6.4 million
ounces(3) in Inferred Category. In addition, Titiribi now contains significant
additional amounts of copper in its mineral endowment.

Jay Sujir, the Company’s Chairman, stated: “On behalf of the Board, I
would like to thank Colin for his service to Sunward during its very
successful exploration campaign. The Company is now entering a phase in
which it will explore the possibility of developing Titiribi in a
staged cost-effective and economically viable manner. To that end, Gil
Leathley, Sunward’s Director and Senior Advisor to the Chief Executive
Officer, will continue to be responsible for the completion of the
requisite engineering studies to advance the Project.”

(1)Within 230 million tonnes grading 0.5 grams per tonne gold and 0.2 per
cent copper, using a 0.3 grams per tonne gold cut-off, see NI 43-101
Technical Report – May 2010

(2)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, see NI
43-101 Technical Report – June 2012

(3)Within 359.6 million tonnes grading 0.56 grams per tonne gold using a
0.3 grams per tonne gold cut-off, see NI 43-101 Technical Report – June
2012

Heather White, P.Eng. has reviewed the contents of this news release and
is a Qualified Person pursuant to NI 43-101.

ABOUT SUNWARD:

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 359.6
million 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 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