GBN: TSX Venture Exchange
SASKATOON, April 7 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (TSXV: GBN) is pleased to provide the following updates.
La Ronge Gold Project Development Plans Update
- Underground exploration on the high-grade Bingo deposit is well
underway with the completion of the access cross-cuts on the 1340 and
1355 levels, and with development on the mineralized zones now
advancing (see previous news release of February 17, 2010). The 1355
and 1340 levels will be the first areas to be placed into production,
hence this new pre-production exploration development will also
provide underground infrastructure to meet our planned production
schedule for the 4th quarter of 2010.
- Work is underway to complete brush cutting for the 25kV grid power
line to be installed by SaskPower this summer. Brush cutting has now
been completed along Highway 102 and the portion along the Jolu mill
access road will be completed by mid-April. This will meet the
schedule for having grid power in time for the Jolu mill start-up.
- Final construction drawings for the Jolu mill refurbishment and
expansion are being completed.
Golden Band Resources is pleased to announce the appointment, effective April 1, 2010, of Mark Thiel, CA, as Vice President of Finance and Administration and Chief Financial Officer of the Company. Mr. Thiel will also assume the position of Corporate Secretary of the Company. A Chartered Accountant who graduated in 1985 from the College of Commerce at the University of Saskatchewan, Mark has extensive experience in the mining industry working in both accounting and treasury and directly in mining operations. He worked for 12 years in a variety of different roles at Cameco Corporation, including a 4-year term as the Vice-President, Finance at the Kumtor Gold Mine in the Kyrgyz Republic and, most recently, as Corporate Treasurer. He also worked as Assistant Controller and led the Sarbanes/Oxley internal control compliance project for Cameco and its subsidiaries. Prior to that, Mark worked as a Senior Manager for KPMG Chartered Accountants in Saskatoon.
Frank Hrdy has resigned as Vice President Exploration effective March 31, 2010 to pursue another opportunity. The Company wishes to thank Frank for his efforts towards updating our resource models on our deposits and to wish him well in his future endeavours.
Klaus Lehnert-Thiel, PhD, P.Eng., a director of the Company and Vice President Exploration from 1993 until 2006, Charles Harper, PhD, P.Eng., and Ronald K. Netolitzky, MSc, will direct exploration for the Company on an interim basis.
Rodney Orr has agreed, effective March 1, 2010, to provide consulting services to the Company, primarily with regards to external relations and regulatory affairs.
The Company further announces that its Board of Directors has approved the issuance of a total of 3,475,700 options under the Company's Stock Option Plan. The options were granted as follows:
Date of Number of
Position of Grant Optioned Exercise
Optionee(s) Approval Shares Price
Employees April 7, 2010 925,700 $0.29
Directors & Officers April 7, 2010 2,400,000 $0.29
Consultants April 7, 2010 150,000 $0.29
These options are exercisable into common shares of the Company at a price of $0.29 per share for a period of five years from the date of the grant, and will vest in accordance with TSX Venture Exchange guidelines and the Company's stock option plan.
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 Saskatchewan-based, publicly listed company (TSXV: GBN) whose focus is the long-term, systematic exploration and development of its largely 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 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 development and production from its Bingo, Komis, EP, 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 Vice President 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.
SOURCE Golden Band Resources Inc.
For further information: For further information: Gary Haywood, P.Eng., COO, Golden Band Resources Inc., Phone: (306) 955-0787 x7124, Fax: (306) 955-0788, Email: firstname.lastname@example.org; Investor Relations: Raju Wani, (403) 240-0555, Email: email@example.com, www.goldenbandresources.com