SASKATOON, SK, Oct. 4, 2012 /CNW/ - Golden Band Resources Inc. (TSXV:GBN) (OTCQX: GBRIF) is very pleased to announce that open pit mining operations started at the Company's Komis open pit mine with the first blast in ore on September 29, 2012 and with the first shipment of ore to the Company's Jolu mill on October 3, 2012.
Golden Band President Rob Garden stated: "The commencement of mining at the Komis Mine is a significant milestone in Golden Band's long history as an exploration company but relatively brief history as a Saskatchewan gold producer. The Komis orebody was originally mined as an underground operation. However, after careful study, Golden Band determined that the geology of the orebody was such that significantly greater quantities of gold ore could be mined via an open pit operation. The Komis orebody remains open along strike and at depth. More drilling is planned that we believe will delineate an increased resource."
The Komis mine is located 15 kilometres northwest of the Saskatchewan community of Brabant Lake, and 32 kilometres northeast of the Golden Band's Jolu central processing mill. The Komis open pit mine is centred on the former Komis underground mine, operated by a previous owner in the late 1990's. The Company's mine includes 340,000 tonnes of ore at an average 6.62 grams per tonne gold, for an expected mine life of 18 months.
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 three mines, the Roy Lloyd, EP and Komis gold mines. Processing is at the centrally located Jolu mill, with a nominal capacity of 650 tonnes per day. The Company has been actively exploring for gold 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 projects 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:
Matt Conklin, VP Operations
Golden Band Resources Inc.
Phone: 306 385 7124
Fax: 306 955 0788