SASKATOON, Dec. 14, 2012 /CNW/ - Golden Band Resources Inc. (TSXV: GBN; OTCQX: GBRIF) is pleased to provide an update on the commissioning of the Komis open pit mine and
the continued ramp-up of production. Mining at the Komis open pit
started with the first blast in ore on September 29, 2012 and the first
shipment of ore to the Jolu mill on October 3, 2012 (see news release
of October 4, 2012). A bonanza grade (approximately 9,300 grams/tonne
gold (g/t)) gold pipe was discovered in October.
The bonanza grade pipe appears to be the result of significant
"remobilization" of the primary gold deposition concentrating gold
along specific andesite and rhyolite host rock contacts and is
associated with the late stage felsic diking found within the ore body.
While the volume of this pipe was not significant, localized pipes of
bonanza grade gold containing values in excess of 9,300 g/t (300
ounces/tonne) were encountered during historic underground operations.
As mining continues, a better understanding of these bonanza zones will
be generated and will enhance the predictability of chutes through the
mine and below the economic limits of the current pit design. This
knowledge will also be incorporated into an assessment of future
underground high-grade mine targets.
Komis mine production for the first two months of operations was
approximately 187,000 total tonnes, of which 23,833 tonnes were ore and
low grade material averaging 1.65 g/t gold versus a planned 150,000
total tonnes containing 4,200 tonnes ore at 4.24g/t gold over the same
Matthew Conklin, Vice-President of Operations for Golden Band Resources
commented, "Mine production at Komis in the initial two months of
operations was intentionally minimized in an effort to maximize surface
ore definition, to gather a better understanding of the geologic
conditions controlling the deposit and to rationalize actual sub-crop
to resource expectations now that the overburden has been removed".
The Komis deposit is geologically very complex with five discrete ore
structures, major stockworking between structures and post
mineralization diking and faulting. Ore control is dependent upon
blast-hole assays as visual confirmation methodology alone is not
conclusive. To compensate, a tight blast-hole pattern is utilized for
The updated mine plan for Komis includes two phases. The first, a
smaller pit designed to extract the near-surface ore, has total
mineable tonnes of approximately 1.7 million. Ore production is
expected over nine months at an average of 15,000 tonnes/month at a
grade of 6.46 g/t gold. Phase 2 is a larger pit designed to extract ore
from the deeper levels of the Komis deposit, with total mineable tonnes
of approximately 4.4 million. Ore production is expected over 18 months
at a monthly average of 13,000 tonnes at a grade of 7.13 g/t gold.
Work to verify the resource model across the now exposed surface has
indicated a very tight correlation between actual surface showings and
the projected ore structures of the model. This leads to a high level
of confidence in the resource model. However, production drilling has
also identified significant additional resources between ore structures
noted as stockwork features not included in the resource model. As a
result, nearly 19,000 additional tonnes of low grade ore ranging
between 1.00 and 2.50 g/t gold was recovered and mostly stockpiled from
the recent mining of the 410 and 405 benches.
With this high level of confidence in the model, Golden Band Resources
believes that over the life of the mine the grades and volumes will be
as predicted. However, with lower than planned mine production over the
first two months, operational and financial results for the quarter
ended October 31, 2012 will be impacted. These results are expected to
be released on December 21, 2012.
Saimon Ngindi, P.Geol., of Golden Band Resources, has acted as the
Qualified Person as defined in National Instrument 43-101 for this
disclosure and has approved the technical information contained in this
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.,
A. Robson Garden, President and CEO
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:
Matthew Conklin, VP, Corporate Development
Golden Band Resources Inc.
Phone: 306 385 7124
Fax: 306 955 0788
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852