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SUNWARD ANNOUNCES APPOINTMENT OF GIL LEATHLEY TO BOARD OF DIRECTORS

^{Published on 2011-01-14 12:55:36 - Market Wire}
 

TSX-V: SWD

VANCOUVER, Jan. 14 /CNW/ - Mr. Philip O'Neill, Chief Executive Officer and Director of Sunward Resources Ltd. (the "Company" or "Sunward") (TSX-V: SWD), today announced that Mr. Gil Leathley has joined the board of directors of Sunward, effective January 14, 2011.  Sunward has granted Mr. Leathley an option to purchase a total of 400,000 shares.  The option is exercisable at $1.76 for a period of 5 years.

Mr. Leathley is Senior Vice President and Chief Operating Officer of NovaGold Resources Inc., a major North American mining exploration and development company.  With more than 50 years of mining experience, he has been involved in all aspects of mine construction and operations as well as the evaluation of exploration properties and potential acquisitions. Mr. Leathley has extensive experience with financial oversight of construction and development of major projects around the world.  Originally from Scotland, he trained as a Mine Surveyor and Industrial Engineer with the Scottish National Coal Board, working his way through coal and bauxite mines and eventually to gold and copper mining.  From 1975 to 2000, Mr. Leathley was the driving force in overseeing the development of several major operating mines on behalf of Cassiar Asbestos, Noranda Mining, International Corona Corporation and Homestake Mining Company.  Mr. Leathley retired as Senior Vice President and Chief Operating Officer of Homestake in 2000. 

"Mr. Leathley has an exceptional record of building mines," added Mr. O'Neill. "His pragmatic approach and extensive expertise will be invaluable in developing Sunward into one of the most significant precious metals exploration and development companies in the world."

About the Titiribi Project:

The Cerro Vetas mineralized body at Sunward Resources' Titiribi project hosts an inferred resource of 230 million tonnes at an average grade of 0.5 grams per tonne gold and 0.2 percent copper using a 0.3-gram-per-tonne-gold cut-off (NI 43-101 technical report dated May 19, 2010).

The project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total gold production of three to five million ounces). Access is by paved highway from Medellin.

Mineralization at Titiribi is hosted within a number of porphyry stocks and porphyritic dikes and sills. The dominant mineral associated with mineralization is chalcopyrite, which occurs as disseminations and in veinlets. Plagioclase and secondary biotite are also significant within the mineralized assemblage. Mineralization appears to be related to extensive potassic alteration, with propylitic and argillic alteration also widespread, along with lesser phyllic alteration.

Over 36,000 metres of drilling has been completed at Titiribi to date, including approximately 14,600 metres completed historically by previous operators, including Gold Fields and Windy Knob Resources, along with more than 21,400 metres completed by Sunward Resources. The mineralized body at Cerro Vetas remains open in all directions and at depth. Sunward Resources currently has four drill rigs operating to expand mineralization at the Titiribi project.

About The Company:

Sunward Resources is a well-capitalized Canadian-based company focused on the exploration of gold/copper porphyry projects in Colombia.  The Company has strong operational expertise in Colombia and is currently drilling its Titiribi Project southwest of Medellin with a goal of increasing the NI 43-101 inferred resource.

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Sunward Resources Ltd. and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "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", "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 Sunward Resources Ltd. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Sunward Resources Ltd. disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. 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, the reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.