SASKATOON, July 7, 2015 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (TSXV: GBN) reports that further to its news release of May 1, 2015 regarding the British Columbia Securities Commission's review of the Company's technical reports, the Company has undertaken additional internal reviews of its La Ronge Project and supporting technical reports.
Over the last number of years the Company has spent considerable time and effort consolidating a large number of mineral properties that occur throughout the La Ronge Gold Belt in Northern Saskatchewan and span a map distance of over 115 kilometres in length and up to 25 kilometres wide. The properties are not all contiguous. The original plan was to centralize the processing of ore that would be derived from numerous satellite mining operations at the Company's Jolu Mill. The satellite deposits that were initially examined as potentially viable occur approximately 50 to over 80 km from the Mill. After a several year attempt to build a longer term mining operation it became clear that a consolidated centralized processing facility was not feasible.
Since announcing the indefinite suspension of operations in January 2014, the Company has been re-evaluating its activities from mine development to advancing its individual priority properties and has identified the areas surrounding the Bingo deposit, Greywacke Lake, and the immediate area around the Jolu Mill as its current material properties (the "Material Properties"). The Material Properties occupy non-contiguous claim blocks and it is the Company's view at this time that if a future positive economic study were to be realized at any one of the Material Properties, independent infrastructure would be utilized. The Company deems these as Material Properties because it plans to focus its efforts at these locations in an attempt to identify an economic mineral deposit or deposits.
Given the Company's current focus on these Material Properties, Golden Band intends to file a separate, independent NI 43-101 technical report, including the most recent resource estimates, for each of the Bingo deposit and the Jolu Mill area. The Company's other properties in the areas surrounding Tower Lake, Waddy Lake, Weedy Lake and Contact Lake are not considered material properties at this time but they remain good future exploration targets.
As such, the Company's current technical reports and mineral resources and economic analysis are no longer applicable and therefore cannot be relied upon. The Company is working with its consultants and Qualified Persons (as that term is defined under NI 43-101) to file the revised technical reports as soon as possible and will keep the shareholders apprised of its progress.
About Golden Band
Golden Band Resources Inc. is a gold producer operating in the La Ronge gold belt in northern Saskatchewan and is listed on the TSX Venture Exchange in Canada under the symbol GBN. Commercial production was declared on April 1, 2011. The Company has recently suspended mining operations (see news release of June 30, 2014) but 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 five former producing mines, being Jolu, Decade, Star Lake, EP and Komis (the La Ronge 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 updated technical reports, operational 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.
For further information: Investor Relations: 604-682-6852, Email: [email protected], www.goldenbandresources.com