Golden Band Resources reports results for the second quarter ended October 31, 2013

SASKATOON, Dec. 20, 2013 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (TSXV: GBN; OTCQX: GBRIF) today reported results for the second quarter 2014.

The Company incurred a net loss before income tax of $7,653,658 in Q2 2014 compared to a loss before income tax of $5,576,091 in Q2 2013.   The increase in the net loss from Q2 2013 to Q2 2014 is mainly due to less ounces of gold sold.

A summary of financial results is presented below. All dollar amounts presented are Canadian dollars, unless otherwise specified.


CDN $ Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Q3 2012
Gold ounces sold 800 - 3,532 3,882 7,920 7,929 8,872 9,969
Revenues ($000's) $ 1,064 - $ 5,726 $ 6,460 $12,746 $12,733 $14,966 $17,163
Cash cost of sales ($000's) $4,572 $1,801* $10,476 $10,975 $12,509 $11,026 $14,269 $9,850
Net income (loss) ($000's) $(7,654) $(4,242) $(13,136) $(7,381) $(2,754) $(3,580) $(5,327) $(81)
Net loss per share 1 $(0.03) $(0.01) $(0.04) $(0.03) $(0.01) $(0.01) $(0.02) $(0.00)2
Cash from (used in) operations ($000's) $7,340 $(8,080) $2,013 $1,418 $(1,460) $165 $6,075 $6,533
Total cash costs per ounce of gold sold 3 $1,070** - $2,966 $2,827 $1,579 $1,391 $1,608 $988
Average realized gold price/ounce $1,331 - $1,612 $1,656 $1,601 $1,599 $1,676 $1,711

1. All per share amounts are calculated on a weighted average, basic and fully diluted basis.
2. Per share amount is negligible and has been recorded as nil.
3. This is a non-IFRS measure. See section regarding non-IFRS measures below.
* Represents operating costs and the excess of cost of broken ore over net realizable value, which was written down
** Inventory impairment included in the cash cost of sales was excluded from the calculation of total cash costs per ounce of gold sold.

During Q2 2014, the Company produced 6,127 gold ounces compared to 7,039 gold ounces in Q2 2013.  During Q1 2014 the plant was shut down for refurbishment and was restarted on August 1, 2013.

During Q2 2014, the Company sold 800 ounces of gold at an average realized price of $1,331 per ounce and generated $1,064,403 in revenue.  In Q2 2013 the Company sold 7,920 gold ounces at an average realized gold price of $1,601 per ounce and generated $12,745,958 of revenue


  • Production from underground operations at Roy Lloyd mine produced a combined total (high and low grade) of 18,629 tonnes of ore at an average grade of 5.79 g/t gold.

  • Continued strong safety performance. No reportable lost time accidents were incurred.

  • No reportable environmental spills.

  • The sale of 800 oz resulted in revenue of $1,064,403 and a gross deficiency of $7,829,986 for the six months ended October 31, 2013.  The cost of sales of $8,894,389 included cost of gold doré sold of $1,129,869, impairment of inventory to net realizable value of $6,503,822, and mill maintenance costs of $1,260,698.

For full details of the Company's financial statements and management's discussion and analysis for the second quarter ended October 31, 2013, please see the financial reports posted on SEDAR at

About Golden Band

Golden Band Resources Inc. is a gold producer operating in the La Ronge Gold Belt in northern Saskatchewan and is listed on the TSX Venture Exchange in Canada under the symbol GBN and traded in the United States on the OTCQX under the symbol GBRIF. Commercial production was declared on April 1, 2011. The Company has been actively exploring the La Ronge Gold Belt since 1934 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.,

"Paul Saxton"
Paul Saxton, 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 regarding the operational plans, estimates and costs of production, 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 operations, current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, 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. The Company makes all reasonable efforts to update its corporate information on a timely basis.

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:

Investor Relations:  604-682-6852

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Golden Band Resources Inc.

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