GBN: TSX Venture Exchange
SASKATOON, Jan. 15 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) is
pleased to provide an update on its development-related activities. With these
continuing advances in the Bingo gold deposit's underground exploration
project, the expanded Preliminary Economic Assessment study, and related
engineering activities, Golden Band is progressing well towards its goal of
restarting gold production on its 100%-owned deposits in the La Ronge gold
belt of northern Saskatchewan.
Bingo Underground Exploration Project
To date, a total of 150 metres of decline have been developed
(22.5 metres vertically), with ground conditions being better than expected.
The first crosscut from the decline into the Bingo deposit will be at
450 metres along the decline, which is 67.5 metres vertically below surface.
Exploration drifting along the deposit on this first level will extend for
150 metres along strike and is expected to be completed by the end of March
2008. It is planned to extend the decline another 350 metres (52.5 metres
vertically) where a second exploration drift of 150 metres strike length would
Mobilization of all equipment to site to conduct the underground
exploration program is complete and the installed site infrastructure now
includes office and change-room facilities, workshop, first-aid and mine
rescue facility, water and propane supply, and an all-weather access road. The
surface dewatering and settling ponds are operational, and ventilation and
heating for the underground ramp have been established and are functioning as
planned. The decline ramp proceeded slower than planned due to normal delays
caused by start-up during winter conditions, however the advance now exceeds
the planned rate.
Gary Haywood, VP Operations and COO, noted that "Our latest schedule has
the decline reaching the first ore level by the end of February. We are very
pleased with the way the Golden Band and Kitsaki/Procon crews on site are
conducting their work and we are looking forward to the results from the ore
development phase. The Bingo deposit is a significant part of our plans to
restart gold production in the La Ronge gold camp."
Expanded Preliminary Economic Assessment (Scoping Study)
The Company, with its consultants (P&E Mining Consultants Inc.), is in
the final stages of completing the expanded scoping study, previously
announced on August 13, 2007. The expanded scoping study has been delayed from
the planned December completion to ensure that mineral resource updates for
the Bingo, Tower East, and Birch Crossing deposits are included in the study
(see new releases of January 8, 2008, December 3, 2007, and December 17,
An objective of the expanded scoping study is to extend the project to a
minimum of 8-years by including the Tower East and Birch Crossing gold
deposits. The engineering work includes the preliminary design and updated
costs for recommissioning the Jolu mill at a 700 tonne per 1 day (tpd)
capacity, as well as cost estimates for establishing grid power supply,
tailings and effluent disposal, and upgrading the gravity gold recovery
Golden Band believes that with the many accomplishments over the last
12 months, including the increased gold resources at Bingo, the positive
economic assessment of the initial scoping study (announced on April 19, 2007)
will be enhanced in terms of economics and sustainability for the longer term.
The expanded scoping study is expected to be finalized by the end of January
About Golden Band
Golden Band Resources is a well-financed, Saskatchewan-based, publicly
listed company (GBN:TSXV, Tier 1) whose focus is the long-term, systematic
exploration and development of its 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 km2, including ten known gold
deposits, four former producing mines, and a licensed gold mill. The Company's
near-term goals call for development and production from the Bingo, Komis, and
EP deposits with processing at the Company's 100%-owned Jolu mill - a project
that has received a positive Preliminary Economic Assessment (scoping study)
on April 19, 2007. 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.,
"Rodney G. Orr"
Rodney G. Orr, P.Geo., President & CEO
All of Golden Band's exploration programs and pertinent disclosure of a
scientific nature are prepared and/or designed and carried out under the
supervision of Frank Hrdy, P.Geo., Golden Band's VP Exploration, who serves as
the qualified person (QP) under the definitions of National Instrument 43-101.
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, who
serves as the qualified person (QP) under the definitions of National
Cautionary Statements on Forward-Looking Information: The statements made
in this News Release may contain certain forward-looking information. Actual
results may differ materially from those currently anticipated in such
statements. Certain risk factors may also affect the actual results achieved
by the Company.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Golden Band Resources Inc.: Rodney Orr,
President, (306) 955-0787 extension 13, firstname.lastname@example.org;
Motivia Communications: Roger Francis, (306) 242-0694, toll free: