SASKATOON, Feb. 26, 2013 /CNW/ - Golden Band Resources Inc. (Golden Band
or Company) (TSXV: GBN) (OTCQX: GBRIF) wishes to clarify the activities taking place at our operations. As
previously announced (see news release dated February 22, 2013) there
have been changes to the Board of Directors. The new Board is in the
process of reviewing operations and alternatives. It is the objective
of the Board to put operations back into a profitable position.
A temporary halt of mining at the Komis deposit has been initiated to
free up equipment and personnel to construct road access to the Golden
Heart deposit. The detailed mine planning is to be completed and the
deposit put into production as soon as possible. A thorough review of
the Komis operation will be undertaken and it is expected that this
deposit will be placed back into the mine schedule for future
Operations at the Roy Lloyd mine will continue unchanged. Our corporate
objective of ensuring an adequate stockpile of ore at the Jolu Mill
will be given the highest priority. These current changes in
operations will impact production, with poured ounces now expected to
be in the range of 25,000 to 26,000 ounces for the fiscal year ended
April 30, 2013.
A longer-term objective of the Company remains the significant increase
in our resource base through the continued exploration of our other
deposits and exploration targets. A key component to this will be
completing baseline environmental studies and the commencement of
The Company will endeavor to keep our shareholders fully informed, on a
timely basis, of our decisions and activities.
Golden Band also reports that Waterton Global Value, L.P. (Waterton) has
assigned the term debt facility entered into between Golden Band and
Waterton on August 3, 2012 and the related security package consisting
of a first ranking charge over all assets of the Company to Procon
Resources Inc. Procon Resources Inc. is a private company related to
Golden Band's on-site contractor, Procon Mining Partnership.
About Golden Band
Golden Band Resources is a gold producer operating in the La Ronge gold
belt in northern Saskatchewan and publicly listed on the TSX Venture
exchange in Canada under the symbol GBN and is traded in the United
States on the OTCQX under the symbol GBRIF. Commercial production was
declared on April 1, 2011 and the Company has production from two
mines, Roy Lloyd and Komis. Processing is at the centrally located Jolu
mill, with a nominal capacity of 650 tonnes per day. The Company has
been actively exploring the La Ronge Gold Belt since 1994 and has
assembled a land package of 870 km2, including 13 known gold deposits and four former producing mines,
being Jolu, Decade, Star Lake and Komis. The Company plans to undertake
aggressive drill programs throughout the La Ronge Gold Project with the
goal of significantly expanding the existing NI 43-101 gold resources
that have been identified to date.
On behalf of the Board of Directors of Golden Band Resources Inc.,
"Ronald K. Netolitzky"
Ronald K. Netolitzky, Chairman
Caution Regarding Forward-Looking Information and Statements
This news release includes certain forward-looking statements or
information. All statements other than statements of historical fact
included in this release, including, without limitation, statements
relating to the potential mineralization and geological merits of the
mine properties, estimates of production, costs of production, the
sufficiency and availability of capital and financing and other future
plans, objectives or expectations of Golden Band Resources Inc.
(Company) 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. Important factors
that could cause actual results to differ materially from the Company's
plans or expectations include risks relating to the actual results of
current exploration activities, fluctuating gold prices, possibility of
equipment breakdowns and delays, cost overruns, availability of capital
and financing, general economic, market or business conditions,
regulatory changes, timeliness of government or regulatory approvals
and other risks detailed herein and from time to time in the filings
made by the Company with securities regulators available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, or intended. Accordingly,
readers should not place undue reliance on forward-looking information.
The Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise required by
applicable securities legislation.
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:
Mark J. Thiel, VP, Interim President and CEO
Golden Band Resources Inc.
Phone: 306 385 7128
Fax: 306 955 0788
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852