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Golden Band Resources Inc. (GBN: TSXV) is pleased
to provide a progress update for the 100%-owned La Ronge
Gold Project in northern Saskatchewan. Processing of high-grade stockpiled
material from the Roy Lloyd Mine (Bingo Deposit)
has now commenced and the first pour of gold bullion at the Company's Jolu mill will occur when sufficient gold-in-circuit
inventory has been achieved. The Company plans for this to occur before the
end of December.
Jolu Mill Refurbishment and Construction
Refurbishment and construction of the Jolu Mill and associated infrastructure including the Jolu above ground tailings management facility, assay
lab, offices and workshop has been completed. The commissioning phases
required to test all systems have been completed and the Jolu
mill is now operational. During the commissioning phase, a parcel of
low-grade material from the Roy Lloyd Mine
(Bingo deposit) was treated through the gravity and leach circuits of the
mill. The mill is now operating at a capacity of 400 tonnes
per day as planned.
Gary Haywood, VP Operations and COO, reports,
"It was our plan to use a diesel generator to provide main power for the
initial commissioning of the mill, however, that generator suffered
mechanical issues that forced us to switch over to the grid power earlier
than planned. Although this switch required more initial time to implement,
we now have a consistent power supply and a reliable backup for the winter
months. During the switch over, cold weather consequently caused freeze-up of
the thickening circuit, and we experienced a longer delay than anticipated."
Ore haulage from the Roy Lloyd Mine (Bingo deposit) is underway and a high
grade stockpile has been established at the Jolu
mill.
Video of the progress of the
commissioning and operation of the mill can be viewed on the Company website.
(http://www.goldenbandresources.com/videos/)
Roy
Lloyd Mine Development
The Company is pleased to report that
the pre-production phase is nearing completion. Surface construction of the
workshop, office and warehouse facilities is completed, and the remaining
work to install the main ventilation fan and heaters is in progress.
All underground mine development
associated with the first production areas of the mine, from the 1340 Level
to surface, have now been completed and work is progressing to prepare the
first ore block for production drilling and blasting.
Open pit mining is also nearing
completion as the final 5-metre bench is expected to be completed in early
January.
Current stockpile levels of ore feed
from the mine are estimated as 12,326 tonnes of high grade @ 14.00 g/t gold for a calculated
gold content of 5,550 ounces. A low grade stockpile containing 10,981 tonnes @ 4.77 g/t gold has also been established and will
remain in place for future processing consideration. At full operation, the Roy Lloyd Mine will produce 350 tonnes
per day of high grade ore.
Komis / EP Mine Development
The Company reports that construction
and site preparation of the Komis / EP site has
been completed in preparation for open pit mining of the EP gold deposit. Kitsaki Procon JV has mobilized
equipment to site and the Company expects that mining operations will
commence in January, 2011 upon completion of open pit mining at the Roy Lloyd Mine (Bingo Deposit). The EP open pit will
produce an average of 425 tonnes of ore per day,
and will provide the additional mill feed required to increase the ore feed
rate at the Jolu mill to 700 tonnes
per day.
Resource Definition Drilling
The Company reports that drilling on the
Komis gold deposit has been successfully completed
(see previous news release of October 28, 2010).
Eight holes, totalling 1,532 metres,
were drilled to test extensions to the current resource (see previous news
release of December 9, 2009) along strike and at
depth. Samples have been submitted to the Saskatchewan Research Council (SRC)
laboratory in Saskatoon and assay results should be available by end of
January.
Drilling will start at the Golden Heart gold deposit in early January, 2011.
About Golden Band
Golden Band Resources, already Saskatchewan's
leading gold explorer, is now poised to also become its newest gold producer.
Golden Band is a Saskatchewan-based, publicly
listed company (GBN: TSXV) whose focus is the long-term, systematic
exploration and development of its 100%-owned La Ronge
Gold Belt properties. Since 1994, Golden Band has
assembled through staking and strategic acquisition a land package of more
than 750 km2, including twelve known gold deposits, four former
producing gold mines, and the licensed Jolu gold
mill. Golden Band's key value drivers are the methodical and systematic
targeting of primary to advanced-stage exploration while progressing along a
parallel path to becoming a sustainable gold producer. The Company is
aggressively pursuing its near-term goal for the development and production
of its Bingo, EP, Komis, and Golden
Heart gold deposits, with processing at the 100%-owned Jolu mill. Longer-term objectives include production from
the Company's other deposits and the continuation of its highly successful
exploration and acquisition strategy.
On behalf of the Board of Directors of Golden Band Resources Inc.,
"Ronald K. Netolitzky"
Ronald K. Netolitzky, Executive Chairman
All of Golden Band's development-related programs and pertinent disclosure
of a development nature are prepared and/or designed and carried out under
the supervision of Gary Haywood, P.Eng., Golden Band's VP of Operations and COO, who
serves as the qualified person (QP) under the definitions of National
Instrument 43-101.
Cautionary Statements on Forward-Looking
Information: The
news release includes certain "forward-looking information within the
meaning of Canadian securities legislation and "forward-looking
statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 (collectively
"forward looking statements")." All statements other than
statements of historical fact included in this release, including, without
limitation, statements regarding planned development, potential mineralization,
interpretation of prior exploration and potential exploration results, the
timing and success of potential financing, development and exploration
activities generally, the timing and results of future resource estimates,
and future plans and objectives of Golden Band
are forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those anticipated
in such statements. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ from
those described in forward-looking statements, there may be other factors
that cause such actions, events, or results to differ materially from those
anticipated. There can be no assurance that forward-looking statements will
prove to be accurate and accordingly readers are 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.
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