GBN: TSX Venture Exchange
SASKATOON, June 19 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) is
pleased to provide an update on its Bingo underground exploration project in
the La Ronge gold belt of northern Saskatchewan.
Underground development of the exploration drifts on the 1325L and 1295L
levels has now been completed with 316.8 metres of advance in exploration
development achieved, as compared to the planned 260m. On the 1325m Level, at
a vertical depth of 67.5 metres, the exploration drift was advanced 130.5
metres to the north of the access crosscut and 95.7 metres to the south of the
access cross-cut. An exploration drift on the 1295m Level, at a vertical depth
of 90 metres, was advanced 90.6 metres north of the access cross-cut.
Total development completed on the Bingo Underground Exploration Project,
including decline access and exploration drifts, is approximately 1,100
metres, and while the development was slightly behind schedule, the Company is
pleased with the results to date. Golden Band has stockpiled approximately
7,600 tonnes of gold mineralized material that will be used as ore feed for
Jolu mill once the La Ronge Gold Project receives permitting approvals.
The Company has also commenced a detailed underground diamond-drilling
program of approximately 1,000 metres to sample any gold mineralization that
may exist parallel to the exploration development. The drilling program is
expected to be completed by the end of June 2008. At that stage, the Bingo
Exploration Project will be placed in care and maintenance mode, pending a
decision to move forward with development of the La Ronge Gold Project and/or
further underground exploration at Bingo.
The Company has received approximately 35% of the channel sample assay
data that was collected during the underground exploration development. A
table that lists preliminary channel sample standard and metallic assay
results along with calculated length-weighted average gold grades for each ore
development round can be viewed on the Company's website
At present, the Company has received complete channel sample assay data
for 23 exploration development rounds (out of a total of 118) taken on the
1325N level. The estimated average gold grade from these rounds is 12.26 g/t
Au based on a minimum width of 1.8 metres and using only those assays that
represent the Bingo mineralized zone. This average grade conforms well to the
existing Resource estimate for those areas and indicates that good horizontal
and grade continuity exists in this portion of the Bingo deposit.
This preliminary average grade represents only a small part of the Bingo
deposit, therefore it cannot and should not be considered as indicative of the
average grade for the overall deposit. The results from the underground drift
and drilling programs will be used to update the Bingo deposits geological
model and resource estimate. It is expected that all of the assay data will be
received by the end of August and that the compilation and calculation of an
updated resource estimate would be available within one month of that.
TSL Laboratories in Saskatoon assayed all of the channel samples from
this program. TSL is an ISO/IEC 17025 accredited facility. "Screened Metallic"
assays with a gravimetric finish is the assay method used for all channel
samples and standard fire assays with a AA finish were performed on occasion
when assay results were required to be expedited. The quality
assurance/quality control of all assays was monitored by the Company using
sample standards and sample blanks which were routinely inserted into the
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 (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,