Golden Band reports on metallurgical performance on the Greywacke North bulk sample
TSX.V: GBN OTCQX: GBRIF
SASKATOON, Oct. 30, 2013 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (TSX.V-GBN; OTCQX-GBRIF) is pleased to report the milling results received from its 50% joint-venture partner, Masuparia Gold Corporation, regarding the metallurgical performance of the Greywacke North bulk sample. The sample was processed through the Jolu mill as one continuous batch over 29 days during the month of September. As previously reported, (see news release dated May 13, 2013) approximately 18,000 tonnes, at a calculated head grade of 8 g/t gold, was collected from a surface excavation and transported to the Jolu mill both before and after spring breakup.
A total of 12,164 tonnes were processed with a reported approximately 1,262 tonnes remaining at the mill. The reconciled head grade is reported to be 6.87 g/t gold versus the calculated head grade of 8 g/t gold based on blast hole assays. Recovered gold from the bulk sample is reported to be 2,533.4 troy oz with 2,242.5 troy oz poured as doré leaving 290.9 troy oz in gold inventory in the mill circuits. This calculates to a 94.3% gold recovery with 81.3 % of the gold reporting to the gravity circuit. 50% of the gold is to the account of Golden Band.
The joint venture is continuing with baseline environmental studies and as a consequence of the favourable bulk sample results, road access to the site has been significantly upgraded.
Mike Yakimchuk, P.Eng., Consulting Metallurgist, of Golden Band Resources Inc., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has reviewed and approved the scientific and technical information contained in this release.
About Golden Band
Golden Band Resources Inc. 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. Commercial production was declared on April 1, 2011. 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 five former producing mines, being Jolu, Decade, Star Lake, EP 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, CEO
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.
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 regarding the restructuring of operations, 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 operations, current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, 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. The Company makes all reasonable efforts to update its corporate information on a timely basis.
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