GBN: TSX Venture Exchange | OTCQX: GBRIF
SASKATOON, May 2, 2013 /CNW/ - Golden Band Resources Inc. (Golden Band or Company) (TSXV: GBN) (OTCQX: GBRIF) announces that further to the news releases dated March 19, 2013, it has filed a technical report dated May 2, 2013 entitled "Technical Report and Mineral Resource Estimate Update, Bingo Gold Deposit, Roy Lloyd Mine, Dickens West Project" (the "Technical Report") prepared by Frank Hrdy, P. Geo., an independent Qualified Person under National Instrument 43-101 ("NI43-101").
The mineral resource in the Technical Report contains no material differences from the mineral resource estimate for the Bingo Deposit disclosed in the Company's news release of March 19, 2013. A summary of the mineral resource estimate in the Technical Report is described below:
The updated resource for the Bingo Deposit includes a Measured and Indicated resource of 155,383 tonnes at 12.60 grams per tonne gold utilizing a 5 gram per tonne cut-off grade. Of this total resource some 92,557 tonnes grading 14.78 grams per tonne of the Measured and Indicated are located below the 1175 level and are newly transitioned into these categories from previously contained Inferred resources (Tables 1, 2 and 3).
Table 1 - Updated Total Resource Estimate for the Bingo Gold Deposit (Roy Lloyd Mine) located in northern Saskatchewan, Canada. A 31.103 g/t gold cap grade and 5 g/t gold cut-off grade was used for this estimation.
|5g/t Au Cut
||Grade g/t Au
|Measured + Indicated
Table 2 - Remaining Resource above the 1175 Level (175 m Elevation). Several cut-off grades are shown to demonstrate how the resource is affected.
Table 3 - Resource below the 1175 Level (175 m Elevation). Several cut-off grades are shown to demonstrate how the resource is affected.
Note 1: Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Please refer to the Technical report, which is available under the Company's profile at www.sedar.com for further details.
Frank Hrdy, P., Geo, a Geologist of Canminx Enterprises Ltd. and an independent consultant to the Company, is the Qualified Person as defined in NI43-101 for this disclosure and has reviewed and approved the scientific and technical information contained in this release.
About Golden Band
Golden Band Resources is a gold producer operating in the La Ronge gold belt in northern Saskatchewan and is listed on the TSX Venture Exchange in Canada under the symbol GBN and traded in the United States on the OTCQX under the symbol GBRIF. The Company has two producing mines, Roy Lloyd and Komis. Commercial production was declared on April 1, 2011. On February 26, 2013, the Company announced a temporary halt of mining at the Komis deposit to free up equipment and personnel for the construction of road access to the Golden Heart deposit. Operations at the Company's Roy Lloyd mine continue and Jolu Mill operations will be suspended until mill capacity can be improved. The Company has been actively exploring the La Ronge Gold Belt since 1994 and has assembled a land package of 870 km2, including 13 known gold deposits and four former producing mines, being Jolu, Decade, Star Lake and Komis. The Company plans to undertake aggressive drill programs throughout the La Ronge Gold Project with the goal of significantly expanding the existing NI 43-101 gold resources that have been identified to date.
On behalf of the Board of Directors of Golden Band Resources Inc.,
Paul Saxton, Chairman and CEO
Contact: 306 385 7144
Caution Regarding Forward-Looking Information and Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Bingo deposit and other mine properties, estimates of production, costs of production, the sufficiency and availability of capital and financing and other future plans, objectives or expectations of Golden Band Resources Inc. (Company) 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. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company.
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.
SOURCE: Golden Band Resources Inc.
For further information:
Jim Gee, Business Services Manager
Office: 306 955 0787