GBN: TSX Venture Exchange
SASKATOON, Feb. 17 /CNW/ - Golden Band Resources Inc. (TSXV: GBN) is pleased to announce that further underground exploration is underway at the Company's Bingo gold deposit in preparation for mine pre-production development work.
The Bingo underground work is being performed by the joint venture between Kitsaki Mining Limited Partnership (owned by Kitsaki Management LP, which performs for-profit economic development for the Lac La Ronge Indian Band) and Procon Mining Partnership (a subsidiary of Procon Mining and Tunnelling Ltd.). A General Services Agreement signed between Golden Band Resources and the Kitsaki / Procon JV was announced by the Company on February 11, 2010.
The underground exploration at Bingo will see the development of two new drifts extending from the existing decline primarily within areas categorized as proven and probable reserves (see news releases of June 19 and November 5, 2008). The first drift, at the 1355 Level, will be approximately 30 metres below surface, while the second drift on the 1340 Level, will be approximately 45 metres below surface. A total of 730 metres of new drifting is planned, with the ore to be sampled, assayed, and trucked to the surface stockpile. This intensive underground sampling program is being conducted to gain additional essential geological information in the assessment of the Bingo orebody, and to provide necessary information for production planning.
Gary Haywood, Golden Band's VP Operations and COO, notes that "This additional underground exploration and development will provide important information to further prepare the Bingo deposit for near-term gold production. The 1355 and 1340 levels will be the first areas to be placed into production, hence this new pre-production exploration development will also provide underground infrastructure to meet our planned production schedule for the 4th quarter of 2010."
La Ronge Gold Project Development Plans Update
The Company is also pleased to provide an update on its ongoing development plans for the La Ronge Gold Project:
- At the Jolu mill site, work is underway to complete brush cutting for
the 25kV grid power line to be installed by SaskPower this summer.
This brush cutting is anticipated to be completed by the end of April
to meet the schedule for having grid power in time for the Jolu mill
- Final hook-up at the Jolu mill of the propane supply system for
heating and the installation of unit heaters within the mill
buildings has been scheduled for completion by March 5th.
- The repair and refurbishment of the Jolu mill's jaw crusher has been
completed and is awaiting shipment to site for re-installation.
Pending the completion of the required project financing, plans are in place to mobilise the Kitsaki / Procon crews to the Jolu site in April to commence the refurbishment and construction activities, including construction of a 49-man camp, the above-ground tailings management facility, the assay lab, and the refurbishment and upgrading of the mill's operating equipment.
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 Saskatchewan-based, publicly listed company (TSXV: GBN) whose focus is the long-term, systematic exploration and development of its largely 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 twelve known gold deposits, four former producing gold mines, and the licensed Jolu 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 development and production from its Bingo, Komis, EP, and Golden Heart gold deposits, with processing at the 100%-owned Jolu mill. 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.,
"Ronald K. Netolitzky"
Ronald K. Netolitzky, Executive Chairman
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 Instrument 43-101.
Cautionary Statements on Forward-Looking Information: The news release includes certain "forward-looking information within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements")." All statements other than statements of historical fact included in this release, including, without limitation, statements regarding planned development, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of potential financing, development and exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Golden Band 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. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
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: For further information: Gary Haywood, P.Eng., COO, Golden Band Resources Inc., Phone: (306) 955-0787 x7124, Fax: (306) 955-0788, Email: email@example.com; Investor Relations: Raju Wani, (403) 240-0555, Email: firstname.lastname@example.org, www.goldenbandresources.com