SASKATOON, June 14, 2011 /CNW/ - Golden Band Resources Inc. (TSX-V: GBN) is pleased to provide an update on development work for the Company's 100%-owned La Ronge Gold Project in northern Saskatchewan.
Alimak Zone Bulk Sampling Project
The Company is pleased to announce the decision to proceed with extraction of a bulk sample of the Alimak Zone. Recent drilling (see news release of May 30, 2011), in addition to the historic drilling and underground mining by previous owners as part of the former Jolu underground gold mine, indicate that the Alimak Zone should be amenable to open pit mining. The bulk sample will test the continuity of the near surface mineralization, in addition to allowing the Company to sample the mineralized zone on a more systematic and detailed basis. The bulk sample will be processed in the Company's immediately adjacent Jolu mill.
Waste rock extracted during this bulk sampling program will be used to construct a 3 metre dam lift on the Company's Jolu Above Ground Tailings Management Facility (JAGTMF). This is required after the Company was informed by Environment Canada that the permitting process for the Mallard TMF listing on Schedule 2 of the Metal Mining Effluent Regulations (MMER) was delayed due to the recent Federal election. With the public review in Canada Gazette Part 1 already completed, Environment Canada now expects a ministerial decision by the end of September, 2011. The Company is disappointed that the federal regulators continue to ignore their own time table, resulting in further unnecessary delays and added costs for the Company. The Company has the necessary permits in place for expansion of the JAGTMF.
The Alimak Zone bulk sampling program will commence in June to ensure that the JAGTMF is constructed this summer.
Komis / EP Gold Mine Operation
At the Company's Komis underground exploration project, work on rehabilitating the former mine is underway. Ground support in the box-cut and decline portal has been completed and access to the first underground level is being re-established. Dewatering of the mine workings below the first level is progressing as the Company continues to rehabilitate the decline ground support.
At the adjacent EP open pit gold mine, mobilization has been completed. Mining of the deposit has been re-scheduled, however, until completion of the bulk sample at the Alimak Zone in August 2011.
Golden Heart Project
The Company is pleased to report that an Environmental Impact Study (EIS) for the Company's Golden Heart mining project was submitted to the Saskatchewan Ministry of Environment (MoE) on March 29th, 2011 (see previous news release of March 3, 2011). The provincial environmental assessment process is now in progress and is expected to be completed by September, 2011.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now its newest gold producer. Golden Band is a Saskatchewan-based, publicly listed company (TSX-V: GBN) 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 765 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 exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Charlie Harper, P.Geo., who serves as the qualified person (QP) under the definitions of National Instrument 43-101.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.
