GBN: TSX Venture Exchange
SASKATOON, Sept. 5, 2012 /CNW/ - Golden Band Resources Inc. (Golden Band or the Company) (GBN: TSXV; OTCQX: GBRIF) is pleased to announce that drilling has intercepted significant bonanza grade gold mineralization on the Company's Roy Lloyd Mine (Bingo gold deposit) in northern Saskatchewan. Hole RLUG-27, intercepted 8.17 metres (true width 6.5 m) averaging 66.85 grams per tonne gold.
The bonanza gold mineralization was intercepted 255 metres deeper than the lowest mining level in the Roy Lloyd gold mine, further confirming potential for deep extension of economic mineralization.
|HOLE No.||INTERVAL m||CORE LENGTH m||TRUE WIDTH m||g/t GOLD|
|RLUG-27||233.06 - 241.23||8.17||6.51||66.85|
|including||234.00 - 240.79||6.79||5.41||80.12|
|including||238.14 - 240.79||2.23||1.78||128.37|
The drill program is designed in part to define minable resources within the Bingo Structure below the 1175 elevation, which is the lowest active level of the Company's Roy Lloyd gold mine. Recent drill results and historic data are being utilized to define a new resource below the 1175 level.
Matt Conklin, Golden Band's Vice President of Operations, stated, "Golden Band is very pleased with these and the overall results of the summer surface and underground drilling campaigns at the Roy Lloyd Mine. We are compiling the surface and underground program data and will provide the complete results as quickly as possible, followed by an updated resource estimation for the Roy Lloyd mine."
Mr. Saimon Ngindi, P.Geo., Senior Resource Geologist and Qualified Person as defined by National Instrument 43-101, is responsible for the accuracy of the technical data and information contained in this press release.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now also its newest gold producer. Golden Band is a Saskatchewan-based, publicly listed company (GBN: TSXV) 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 870 km2, including 12 known gold deposits, four former producing mines, and a licensed 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 of being a sustainable gold producer. The Company is aggressively pursuing its near-term goal of commercial production of its Bingo, Komis, and EP deposits with processing at the 100%-owned Jolu mill. The Company's objective is the annual production of at least 75,000 ounces of gold over a ten-year project life. Other longer-term objectives include the continuation of its highly successful exploration and acquisition strategies.
On behalf of the Board of Directors of Golden Band Resources Inc.,
A.Robson Garden, QC
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:
Rodney Orr, P.Geo., VP Corporate Development
Golden Band Resources Inc.
Phone: 306 385 7123 | Fax: 306 955 0788
Raju Wani: 403 240 0555 | Tony Perri: 604 682 6852