SASKATOON, SK, Dec. 23 /CNW/ - Golden Band Resources Inc. (GBN: TSXV) is pleased to provide a progress
update for the 100%-owned La Ronge Gold Project in northern
Saskatchewan. Processing of high-grade stockpiled material from the Roy
Lloyd Mine (Bingo Deposit) has now commenced and the first pour of gold
bullion at the Company's Jolu mill will occur when sufficient
gold-in-circuit inventory has been achieved. The Company plans for this
to occur before the end of December.
Jolu Mill Refurbishment and Construction
Refurbishment and construction of the Jolu Mill and associated
infrastructure including the Jolu above ground tailings management
facility, assay lab, offices and workshop has been completed. The
commissioning phases required to test all systems have been completed
and the Jolu mill is now operational. During the commissioning phase, a
parcel of low-grade material from the Roy Lloyd Mine (Bingo deposit)
was treated through the gravity and leach circuits of the mill. The
mill is now operating at a capacity of 400 tonnes per day as planned.
Gary Haywood, VP Operations and COO, reports, "It was our plan to use a
diesel generator to provide main power for the initial commissioning of
the mill, however, that generator suffered mechanical issues that
forced us to switch over to the grid power earlier than planned.
Although this switch required more initial time to implement, we now
have a consistent power supply and a reliable backup for the winter
months. During the switch over, cold weather consequently caused
freeze-up of the thickening circuit, and we experienced a longer delay
Ore haulage from the Roy Lloyd Mine (Bingo deposit) is underway and a
high grade stockpile has been established at the Jolu mill.
Video of the progress of the commissioning and operation of the mill can
be viewed on the Company website. href="http://www.goldenbandresources.com/videos/">(http://www.goldenbandresources.com/videos/)
Roy Lloyd Mine Development
The Company is pleased to report that the pre-production phase is
nearing completion. Surface construction of the workshop, office and
warehouse facilities is completed, and the remaining work to install
the main ventilation fan and heaters is in progress.
All underground mine development associated with the first production
areas of the mine, from the 1340 Level to surface, have now been
completed and work is progressing to prepare the first ore block for
production drilling and blasting.
Open pit mining is also nearing completion as the final 5-metre bench is
expected to be completed in early January.
Current stockpile levels of ore feed from the mine are estimated as
12,326 tonnes of high grade @ 14.00 g/t gold for a calculated gold
content of 5,550 ounces. A low grade stockpile containing 10,981 tonnes
@ 4.77 g/t gold has also been established and will remain in place for
future processing consideration. At full operation, the Roy Lloyd Mine
will produce 350 tonnes per day of high grade ore.
Komis / EP Mine Development
The Company reports that construction and site preparation of the Komis
/ EP site has been completed in preparation for open pit mining of the
EP gold deposit. Kitsaki Procon JV has mobilized equipment to site and
the Company expects that mining operations will commence in January,
2011 upon completion of open pit mining at the Roy Lloyd Mine (Bingo
Deposit). The EP open pit will produce an average of 425 tonnes of ore
per day, and will provide the additional mill feed required to increase
the ore feed rate at the Jolu mill to 700 tonnes per day.
Resource Definition Drilling
The Company reports that drilling on the Komis gold deposit has been
successfully completed (see previous news release of October 28, 2010).
Eight holes, totalling 1,532 metres, were drilled to test extensions to
the current resource (see previous news release of December 9, 2009)
along strike and at depth. Samples have been submitted to the
Saskatchewan Research Council (SRC) laboratory in Saskatoon and assay
results should be available by end of January.
Drilling will start at the Golden Heart gold deposit in early January,
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is
now poised to also become its newest gold producer. Golden Band is a
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 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 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
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.
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