GBN: TSX Venture Exchange
SASKATOON, Jan. 6 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) is
pleased to provide an update on the following development-related activities,
all of which are directed to achieving gold production in 2009 on the
Company's La Ronge Gold Project in northern Saskatchewan. The Company also
invites its shareholders to visit its new and updated website. This follows on
the recently announced mobile website accessibility. Simply connect to
http://www.goldenbandresources.com/ from either your computer or your handheld
device and you will be directed to the correct Golden Band Resources web page.
Pre-Feasibility Study - La Ronge Gold Project
The Company had expected to have the Pre-Feasibility Study (PFS)
completed in November (see previous news release of September 10, 2008) but
this has been delayed because of numerous changes to various costs in the
industry since the Preliminary Economic Assessment (see news release of
February 26, 2008 and the Technical Report filed on SEDAR on April 10, 2008)
and because of the subsequent due diligence reviews by both the Company's and
the independent consulting engineers. The economic analyses and financial
evaluation of the Study's results have been completed. These include:
production scheduling and mine planning, revenue calculations, operating and
capital cost estimates, cash flow analyses, and economic indicators.
As with the Company's previously released Preliminary Economic Assessment
report, a conservative base case has been set, as well as a number of
scenarios for different gold prices and exchange rates. The news release that
will summarize all of the Study's findings is anticipated for mid-January,
2009; the timing being to allow for the completion of the Technical Report by
the independent consulting engineers.
Environmental Assessment - La Ronge Gold Project
Both the provincial and the federal environmental assessment (EA)
processes are proceeding as expected and continue to be within normal
regulatory timelines and expected outcomes. The Company has received
preliminary technical review comments for the Environmental Impact Statement
(EIS) from the Saskatchewan Ministry of Environment for the provincial
assessment. Federal review comments remain outstanding from the Canadian
Environmental Assessment Agency (CEAA). The Company has received
correspondence that Fisheries and Oceans Canada (DFO), as the Responsible
Authority, has submitted its comments to CEAA. The Company has not received
indication when the federal preliminary comments will be issued. The Company
submitted the EIS to the federal agencies on October 8, 2008.
The Company is preparing its response to the provincial comments and
expects to submit these in an updated EIS by the end of January 2009. Since
the federal assessment is likely only to include an assessment of the Mallard
TMF, the Company expects that the provincial assessment will be able to
proceed as the Company has proposed alternative tailings deposition locations
that will not require federal approval. The expected timeline is to have the
Province request public comments in February 2009 and a provincial Ministerial
decision could then be received by May 2009, after which the permits for
construction can be issued for the planned summer construction season.
Although the federal assessment process, including the screening level
assessment and Schedule 2 listing under the Metal Mining Effluent Regulations
(MMER) of the Mallard Tailings Impoundment Area (TIA), is expected to take
longer than the provincial process, the Company is expected to be able to
commence mining and milling operations by late 2009, using an alternative
tailings disposal area, as described in the EIS.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is
now poised to also become a gold producer. Golden Band is a well-financed,
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 km(2), including 12
known gold deposits, five former producing mines, and a licensed 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 100%-owned Bingo,
Komis, and EP deposits with processing at the 100%-owned Jolu mill - a project
that received a positive expanded Preliminary Economic Assessment (scoping
study) on February 26, 2008 (filed on SEDAR on April 10, 2008). 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.,
"Rodney G. Orr"
Rodney G. Orr, P.Geo.,
President & CEO
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 Frank Hrdy, P.Geo., Golden Band's VP Exploration, 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
Cautionary Statements on Forward-Looking Information: The statements made
in this News Release may contain certain forward-looking information. Actual
results may differ materially from those currently anticipated in such
statements. Certain risk factors may also materially affect the actual results
achieved by the Company. Potential and current shareholders are cautioned not
to place undue reliance on forward-looking information. The Company undertakes
no obligation to update publicly or otherwise revise any forward-looking
information whether as a result of new information, future events, or other
such factors that may affect this information, except as required by law.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Rodney Orr, President & CEO, Golden Band
Resources Inc., Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email:
email@example.com, www.goldenbandresources.com; motivia
communications: Roger Francis, (306) 242-0694 x5, Toll free: 1-866-501-5651,