GBN: TSX Venture Exchange
SASKATOON, Oct. 21 /CNW/ - Golden Band Resources Inc. (GBN: TSXV)
announced today an update on its exploration and development-related
activities for its active gold projects in the La Ronge gold belt of northern
Saskatchewan. Santoy Resources Ltd. is funding a $3 million exploration
program, as announced on August 6, 2008.
Bingo Deposit Area
- The updated resource estimate based on the underground exploration of
the Bingo Gold Deposit is in progress and will be completed by
- 11 diamond-drill holes have been completed at the Bingo deposit,
totalling 4,540 metres (4,000 metres were planned). The intent of
these was to test the down-plunge continuation of the high-grade gold
mineralization (see news release of September 10, 2008). Mineralized
intervals were encountered indicating continuation of the favourable
structures. Assays are currently pending.
- 6 short (15 m to 45 m; totalling 167.1 metres) Bazooka core
drillholes have been completed on the high-grade Cockrum Zone. This
sub-parallel zone to the Bingo deposit was discovered in 2005 (see
news release of May 25, 2005). The previously unknown strike of this
zone has now been confirmed and, although assays are pending, four
short follow-up diamond-drill holes (300 m in total) are underway to
continue delineating the mineralization potential along the strike
length of this zone.
- Prospecting and sampling programs in the general Bingo area are
complete. Bazooka drilling of 3 targets has been completed and assays
Jolu/Alimak-Decade Deposit Area
- 21 diamond-drill holes have been completed on the Jolu-Alimak zone,
totalling approximately 2,400 metres (2,500 metres were planned; see
news release of September 10, 2008). Assays are pending.
- 6 diamond-drillholes are planned to test the down plunge continuation
of the high-grade gold mineralization at the Decade mine
(approximately 850 metres).
- The prospecting and sampling programs in the general Jolu-Decade area
Weedy Lake Area (RKN Zone and Golden Heart Gold Deposit)
- A new field camp has been set up at Weedy Lake (RKN and Golden Heart
- This program will include a diamond drill program of up to 4,000
metres, soil gas hydrocarbon (SGH) sampling, prospecting, prospect
evaluation, and new drill target generation (see news release of
September 10, 2008). The drill program is to determine the
orientation and continuity of the gold mineralization discovered this
past winter at RKN (see news release of June 26, 2008), and drilling
at Golden Heart necessary to define mineralization within the
potential open pit envelope with the objective of defining resources
for near-term development. Fieldwork has started and is expected to
be completed by late November.
Engineering, Planning, and Licensing for the La Ronge Gold Project
With respect to the Company's La Ronge Gold Project, the Company is
progressing towards completion of a Pre-Feasibility Study (PFS) for the first
four years of operations (see news release of September 10, 2008). This
includes the mining of the Bingo, Komis, and EP deposits to provide mill feed
for the Jolu mill. This will include the following:
- Updated EP and Bingo resource and reserve calculations;
- Updated calculation for the Komis deposit;
- Preliminary geotechnical assessment of the mining methods proposed
for the Bingo, Komis, and EP deposits. Wardrop Engineering of
Saskatoon, Saskatchewan, has been retained to conduct this work;
- Updated capital cost estimate for the refurbishment of the Jolu mill.
Wardrop Engineering of Saskatoon has been retained to conduct this
- Updated capital cost estimate for the construction of the Jolu
tailings management facilities, Komis/EP mine facility and Bingo mine
- Updated operating costs for mining and milling operations; and
- Updated base case financial model and analysis of financial factors.
P&E Mining Consultants of Brampton, Ontario, is the lead consultant on the
PFS and Golden Band expects this work to be completed by the end of November.
The Company is pleased to report that the 2008 work program for the Jolu
mill is nearing completion and the following is an account of the work
completed or in progress:
- The jaw crusher has been completely removed and shipped to
PR Engineering in Oshawa, Ontario, for inspection and assessment in
readiness for refurbishment;
- Propane systems have been tested and work is in progress to install
the propane tank and pumps;
- The crusher building overhead crane has been repaired and
- The access road has been widened and graded in preparation for
application of the final road surface.
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,