GBN: TSX Venture Exchange
SASKATOON, Nov. 23 /CNW/ - Golden Band Resources Inc. (GBN: TSXV) announced today that Fisheries and Oceans Canada (DFO) has accepted the Company's Fish Habitat Compensation Plan and have also advised GBN that all other federal departments involved in the review of the company's La Ronge gold project (Jolu Central Mill Project) have confirmed that they have received all of the necessary information in order for DFO to complete the Canadian Environmental Assessment Act (CEAA) screening report for the project. DFO has also indicated that they intend to complete the report no later than February 18, 2010, which is within the three-month period that DFO had agreed to (see the Company's previous news release of June 24, 2008).
The compensation plan is required for the loss of fish habitat that will occur from the proposed use of the Company's Mallard Tailings Management Facility (TMF), a tailings facility that has been provincially licensed since 1988. This use of the TMF will be in connection with the Company's planned re-starting of gold production from the Jolu mill by the fourth quarter of 2010 (see news release of October 5, 2009).
DFO has also advised the Company that when the final screening report is complete, DFO and Environment Canada would undertake a 30-day public consultation period on the report as per CEAA requirements. Subsequently, the process to list the Mallard TMF under Schedule 2 of the Metal Mining Effluent Regulations (MMER) will proceed; a procedure that DFO undertook in June 2008 to complete within 8 to 12 months, and after which time the Company will be able to use the Mallard TMF for tailings storage. Given these timelines, this is now expected by the Company to be October 2010 at the earliest, to February 2011 at the latest.
The Company's La Ronge gold project received Ministerial Approval from the Province of Saskatchewan in May 2009 after it determined that the project would have negligible impact on the environment in the long term (see previous news release of May 27, 2009). The provincial environmental approval includes the use of alternative above ground tailings storage, which allows the project to start production without the federal environmental or MMER approvals. Contingencies for alternative tailings storage were provided for in the Company's provincially approved Environmental Impact Statement to ensure that there is sufficient tailings storage capacity at the site until the Mallard TMF is federally licensed.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now poised to become a 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 mostly 100%-owned La Ronge Gold Belt properties. Since 1994, Golden Band has assembled through staking and strategic acquisitions a land package of more than 750 km(2), including 12 known gold deposits, five 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 to becoming a sustainable gold producer. The Company is aggressively pursuing its near-term goal of commercial production of its Bingo, Komis, EP, and Golden Heart deposits with processing at the 100%-owned Jolu mill. The Company's longer-term objective, supported by a positive Pre-Feasibility Study completed in January 2009, is the production of at least 100,000 ounces of gold per year over a ten-year project life. Other objectives include 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 and Director
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 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 potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of 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: Golden Band Resources Inc., Rodney Orr, President & CEO, Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email: firstname.lastname@example.org; Wani Capital Corp., Raju Wani, (403) 240-0555, Email: email@example.com, www.goldenbandresources.com