Golden Band Resources: Bingo exploration and development update



    GBN: TSX Venture Exchange

    SASKATOON, March 31 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) is
pleased to provide an update on its exploration and development-related
activities for its ongoing gold projects in the La Ronge gold belt of northern
Saskatchewan. With these continuing positive advances in the Bingo gold
deposit's underground exploration, the expanded Preliminary Economic
Assessment study, and related engineering activities, Golden Band is making
excellent progress towards its goal of restarting gold production.

    Bingo Underground Exploration Project
    -------------------------------------
    To date, a total of 447 metres of decline access has been developed (67
metres vertically), the first crosscut into the deposit from the decline (1325
Level) has been completed, and the exploration drift within the Bingo gold
deposit is advancing very well and is currently 17 metres into the north
heading. Photographs are available on the Golden Band website
(www.goldenbandresources.com).
    Frank Hrdy, VP Exploration and who is leading the underground exploration
work, noted that "The Bingo mineralized zone was intersected in the crosscut
right where it was expected and the gold mineralization seen so far on the
first exploration level is exceeding expectations, as exemplified by the
presence of visible gold in an area that was estimated to be low grade".
    Two small diameter underground drillholes were drilled horizontally
across the mineralized zone close to the first crosscut to confirm the
location of the gold mineralization ahead of the exploration drift
development. One of these holes, in an area that was modelled using the
surface drillhole information to be lower grade, intersected trace amounts of
visible gold. Visible gold is also seen in the material being excavated in the
drift. Detailed and closely-spaced assay sampling of the mineralization is a
significant part of the underground mapping that is being conducted in the
exploration program and those results will be reported as they are available.
    On a recent visit to Bingo, Gary Haywood, VP Operations and COO, noted
that "We've achieved a significant milestone for Golden Band as we get our
first real look at the Bingo deposit from an underground perspective. The
Bingo gold deposit is an important part of our plan to restart gold production
in the La Ronge gold belt, so any increase in resource size that we realize
from this exploration program will have a very positive effect."
    The underground development is continuing at Bingo to extend the decline
access down to the planned second exploration drift (1275 Level), while
exploration is proceeding along strike on the first level for a further 100
metres. Potentially economic mineralized material is being stockpiled on
surface as mill feed for the Company's 100%-owned and permitted Jolu mill.
    These very encouraging first results from Bingo confirm the rationale to
undertake the underground program so as to obtain a more accurate estimate of
the grade and continuity of the nuggety gold mineralization than was possible
using only surface drilling. The expected significant increase in the level of
confidence of the data is necessary for detailed mine design and will also
serve to reduce economic and development risk in the project.

    Engineering, Development Planning, and Licensing for the La Ronge Gold
    Project
    -------------------------------------------------------------------------
    With respect to the Company's La Ronge Gold Project (see news release of
February 26, 2008 regarding the independent positive Preliminary Economic
Assessment), Golden Band has engaged Wardrop Engineering to conduct detailed
design and engineering for the Jolu mill's refurbishment and expansion. To
date, work has proceeded to confirm the preliminary process flow design for a
700tpd operation, and to finalize updated and additional equipment
specifications. This work will also enable Golden Band to prepare and tender
construction work packages for the refurbishment and expansion of mechanical,
electrical, metallurgical, and civil works. Golden Band will be able to
conduct all refurbishment work within the mill and the Mallard Tailings
Management Facility (TMF) under the existing permits which have recently
received their annual renewal to March, 2009.
    The Company has commenced discussions with Kitsaki Management Limited
Partnership regarding the provision of services under the General Services
Agreement (see news release of September 19, 2007), including camp supply and
catering during construction, upgrading the Jolu access road, Bingo
pre-production development, and labour supply for the Jolu mill refurbishment.
    SaskPower has given Golden Band a formal proposal to supply grid
electrical power to the Jolu site, via a 25Kv powerline from the Lindsay Lake
substation near the community of Brabant. In the proposal, SaskPower has
offered a corporate investment incentive in the construction cost subject to
Golden Band using the anticipated power demand.
    Golden Band has commenced detailed design of the proposed mining
operations. In April 2008, a 750m drilling program is expected to be conducted
at the Komis and EP deposits to collect data for geotechnical analyses of the
conceptual pit designs that are required to finalize the pit designs for
construction purposes.
    The conceptual Bingo underground mining operation has also entered the
detailed design phase with commencement of geotechnical analysis and the
optimisation of stoping blocks and level development design. The detailed
design work will enable Golden Band to provide construction drawings for the
pre-production development work that is required to bring the deposit to
production.
    In addition, a starter pit at the Bingo deposit has been designed which
will give rapid and low-cost access to the shallow areas of the deposit. This
still-conceptual open pit would significantly reduce the underground
development requirements, and could potentially fast-track some mill feed
material.
    In February 2008, the Company submitted a revised Project Proposal to the
Saskatchewan Ministry of Environment in order to allow the review process to
proceed without triggering the federal Canadian Environmental Assessment Act
(CEAA). The scope of the revised proposal was reduced by removing Tower Lake
and Birch Crossing from the Project Proposal as both these projects require
alteration of fish habitat which is a trigger for review under the federal
CEAA process. These two projects, which are not part of the initial four-year
development plans, will be re-submitted as a separate proposal.
    On March 27, 2008, Golden Band received the Draft Project Specific
Guidelines from the Saskatchewan Ministry of Environment. These will assist
the Company in the preparation of the Environmental Impact Statement for the
Project. These guidelines, together with the project proposal (referred to by
the Province as the "Jolu Central Mill Gold Project" or "JCMG"), and the
province's Environmental Impact Assessment Notice may be viewed on the
Province's website.(1)
    Golden Band expects to complete the environmental impact assessment and
to then file the Environmental Impact Statement (EIS) in May 2008. The
Ministry will then review the EIS and prepare Technical Review Comments. The
public will have an opportunity to comment on the EIS and the Technical Review
Comments prior to the Minister's decision on the project.
    Based on the Province's Guide to the Environmental Assessment Process(2),
it is anticipated that the assessment process will take at least four to six
months to complete. It could therefore be late October 2008 before the
Minister of Environment may be in a position to make a decision. Further
information about the provincial environmental assessment process is available
on the Saskatchewan Ministry of Environment website.(3)
    Under the province's Guidelines, once the project is found to be
environmentally acceptable, Golden Band will be required to apply to various
government ministries and agencies for the necessary approvals, permits, and
licences that regulate the construction and operation of a project. The
Saskatchewan ministries of Environment, First Nations and Métis Relations,
Energy and Resources, and Health, and the Saskatchewan Watershed Authority
have all identified a number of regulatory requirements in the draft
Guidelines.
    In accordance with the Canada-Saskatchewan Agreement on Environmental
Assessment Cooperation, Golden Band's project proposal was provided to the
Government of Canada for review. Under that Agreement, federal and provincial
environmental assessment processes are coordinated for projects with joint
federal and provincial jurisdiction. Under the Agreement, the project-specific
guidelines incorporate any federal comments and requirements to ensure that
the requirements of both the federal and provincial environmental assessment
processes are met and to allow coordination of the subsequent federal and
provincial reviews.
    The Canadian Environmental Assessment Agency (CEAA) completed a survey of
federal departments with respect to determining interest in the project. CEAA
notified the EAB that, based on the survey responses from Fisheries and Oceans
Canada (DFO) and Transport Canada (TC), an environmental assessment under the
Canadian Environmental Assessment Act may be required with respect to the
project. DFO and TC notified CEAA that they required additional information,
pursuant to the Fisheries Act and the Navigable Waters Protection Act
respectively, before they can determine their environmental responsibilities
for the project. Golden Band provided written submissions to DFO and TC on
February 19, 2008 and March 26, 2008 respectively. A determination by the
federal regulators of their possible involvement in the environmental review
process is awaited.

    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 ten
known gold deposits, four 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, 2007. 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, who
serves as the qualified person (QP) under the definitions of National
Instrument 43-101.

    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.

    ------------------------------------
    (1)
http://www.environment.gov.sk.ca/Default.aspx?DN=318ba277-286f-46b3-bbee-2e36f
4ea44ed
    (2)
http://www.environment.gov.sk.ca/Default.aspx?DN=1aeacd42-0d54-49d9-8d44-2c36f
bbf712a
    (3)
http://www.environment.gov.sk.ca/Default.aspx?DN=dd506e76-4819-4493-a22b-64111
33ca469

    %SEDAR: 00007862E




For further information:

For further information: Rodney Orr, President & CEO, Golden Band
Resources Inc., Phone: (306) 955-0787, Fax: (306) 955-0788, Email:
rodney.orr@goldenbandresources.com; Motivia Communications: Roger Francis,
(306) 242-0694, Toll free: 1-866-501-5651, Email:
info@goldenbandresources.com; www.goldenbandresources.com

Organization Profile

Golden Band Resources Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890