TSX.V: GBN | OTCQX: GBRIF
SASKATOON, Jan. 29, 2014 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the"Company") (TSX.V-GBN; OTCQX-GBRIF) reports that the announced suspension of mining operations (see news release December 9, 2013), including its mining and milling operations at the Roy Lloyd and Golden Heart mines and the Jolu mill, is now almost complete with only an exploration drill program still in progress. The 5,000 metre exploration drill program will be completed by the end of January. All operational areas were shut down so that they will be available for start-up in as short as time as possible. The suspension is for an indefinite time beginning February 1, 2014.
The final gold pour has been completed and all dore has been shipped from the site. A total of 1,175 ounces of gold and 240 ounces of silver were in the last shipment. Since the restart of operations in August a total of 11,674 ounces of gold and 2,583 ounces of silver were produced and shipped. All ounces noted are approximate.
As part of the suspension of operations in reference to all sites, the inspections of hazardous substances and waste dangerous goods storage facilities will be conducted once per week in coordination with weekly compliance inspections of the operation in general. Within that time, a revised HSWDGZ (Hazardous Storage Waste plan) will be developed in coordination with the expected operational requirements. Signage will be installed at all mine access points, open pits, vent raises, and surface water settling pond containments to ensure safety and restrict site access. All required signage locations will be documented and monitored to ensure that missing or damaged signs will be replaced.
As part of the suspension of operations a re-evaluation of operations will take place during the shutdown period. Engineering plans will focus on priority targets, specifically Decade, those deposits in close proximity to the mill, Golden Heart, and Greywacke. A longer-term objective of the Company remains the significant increase in our resource base through the continued exploration of the various deposits and exploration targets. A key component to this will be completing baseline environmental studies and the commencement of permitting procedures.
For the duration of the suspension access to the various sites will be restricted and a crew of maintenance and watchmen will be on site at all times to ensure security.
The Company reports that Gordon Reed, General Manager, has elected to leave his position. The Company wishes to thank Gordon for his outstanding service during his time at the operation.
The Company also announces the cancellation of 1,000,000 options previously granted to a director on December 2, 2013 (exercisable at $0.07 per share for a period of 5 years).
Effective as of the close of market on February 15, 2014, the common shares of Golden Band will be voluntarily delisted from the OTCQX. The commons shares of the Company will continue to trade on the TSX Venture Exchange under the symbol "GBN".
Paul Saxton, P. Eng, is the Company's CEO and Qualified Person as defined in NI43-101 for this disclosure and has reviewed and approved the scientific and technical information contained in this release.
About Golden Band
Golden Band Resources Inc. is a gold producer operating in the La Ronge Gold Belt in northern Saskatchewan and is presently listed on the TSX Venture Exchange in Canada under the symbol GBN and traded in the United States on the OTCQX under the symbol GBRIF (see above). Commercial production was first declared on April 1, 2011. The Company has been actively exploring the La Ronge Gold Belt 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 continue reviewing its operations for future production possibilities in the La Ronge Gold Project area.
On behalf of the Board of Directors of Golden Band Resources Inc.,
Paul Saxton, 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 regarding the operational and corporate plans, estimates and costs of production, 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 operations, current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, 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. The Company makes all reasonable efforts to update its corporate information on a timely basis.
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.
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