GBN: TSX Venture Exchange
SASKATOON, Sept. 20, 2011 /CNW/ - Golden Band Resources Inc. (TSX-V:
GBN) is pleased to provide an update on development activities for
August and announces the start of follow-up diamond drilling on gold
targets discovered during this summer's recently completed exploration
program in the La Ronge Gold Belt of northern Saskatchewan. The
exploration drilling will focus on the Fireweed Prospect and on the
Round Lake area targets, all of which are in the Company's Komis/EP
mine area. The Company is also pleased to announce the signing of the
Greywacke Joint Venture.
Ron Netolitzky, Golden Band's Chairman, notes "The exploration potential
in the Round Lake area has long been recognized and pursued, but it is
only with these very recent bulk till anomalies that this area has been
explored this effectively and with this degree of encouragement. The
exploration program led by Dr. Klaus Lehnert-Thiel focused our
exploration efforts on the Round Lake Stock area that prior work had
not been able to effectively evaluate due to the presence of thick clay
cover. The identification of immediate drill targets is very
gratifying. The combination of our current till results (work in
progress) with all the historical data, points to the requirement of
extensive exploration in the greater Waddy Lake area with the initial
step being the drilling of new targets. On a longer term basis the
results warrant an integrated effort including geophysics,
geochemistry, and geology that will commence this winter."
Diamond Drilling Underway at the Newly Discovered Fireweed Gold Prospect
The Company is pleased to announce that an initial phase of follow-up
diamond drilling has started to test the newly discovered Fireweed gold
prospect (see previous news release of September 7, 2011). Golden Band
sees this summer's exploration results in the Komis/EP mine area as
especially encouraging and is immediately undertaking an initial
four-hole program (300 m) at Fireweed to test the prospect's down-dip
and on-strike continuity.
Surface work this summer had indicated a potential width of over six
metres and an anomalous strike length of 250 metres from the
gold-in-till anomaly. The area is covered by overburden up to several
metres thick and trenching over a 36-metre strike length has exposed
the subcrop. As previously announced, initial assays from the highly
weathered rock returned 3.06 g/t gold over 6 metres, including 8.17 g/t
gold over one metre.
Immediately following the drilling at Fireweed, an initial two
diamond-drillholes (300-400 m) will be done on the 301 Pit bulk till
anomaly (see news release of September 7, 2011). Located 300 m from the
Komis mine, this target is especially interesting because of cobbles
and pebbles in the pit of quartz-rich intrusive rocks of containing
chalcocite, chalcopyrite and visible gold grains. The potential source
may represent either high-grade or bulk-tonnage type of mineralization.
The Company also reports that it completed mapping, outcrop and channel
sampling, prospecting and soil sampling fieldwork on the North Lake
Project on September 13, 2011. These results will be announced as soon
as they are available.
Development Update
Gold sales in August were 4,435 troy ounces, at an average price of
US$1746.48
Roy Lloyd Mine
Development activity at the Roy Lloyd Mine continues to focus on
extending the decline access to depth, and will reach the 1200 Level,
at a depth of 200 metres below surface, before the end of September. At
this stage, all capital development for the current Mineral Reserve
will be completed. A diamond drill drift will be developed at this
level, to enable a 22-hole (2,800 metre) underground drilling program
to target Inferred Resources (155,074 tonnes at 13.89 g/t Au for 67,756
ounces gold) below the 1200 Level and upgrade to Measured and Indicated
for continued mine production into 2012 and 2013. Drilling is expected
to commence in late October 2011.
Development activity on the Mineral Reserve block between the 1200 and
1265 levels is now underway, with the 1220 Level and 1245 Level access
drifts established.
Komis Underground Project
Dewatering of the former Komis underground is now completed, and the
Company has commenced a detailed geological assessment of the deposit.
P&E Mining Consultants have been retained to provide expert geological
advice on the structural and mineralogical controls to assist the
Company in determining the optimal resource modelling technique.
Phase 2 of a surface-drilling program is now underway to follow up on
results obtained from a winter drilling program (see news release of
February 16, 2011). A total of 15 holes (3,600 metres) are planned to
infill drill the deposit along strike to the west and to depth below
the known Mineral Resource. The objective is to expand the current
Mineral Resource for long term mine planning purposes. Upon completion
of the geological assessment and Phase 2 surface drilling, the Company
will undertake detailed mine design and pre-production development.
Golden Heart Project
This mining project is advancing through the environmental approval
process with the 30-day public review period starting on September 16,
2011. The environmental approval process is anticipated to be completed
this fall and, subject to obtaining the approvals in time, the Company
intends to proceed with site clearing and road access clearing this
winter.
Greywacke Joint Venture
The Company (49%) is pleased to announce the signing of the Greywacke
Joint Venture Agreement with Masuparia Gold Corporation (51% and
Operator) that will allow for the advancement of this exciting project.
This will facilitate exploration of the Greywacke Deposit, which has a
compliant NI 43-101 Indicated Resource of 184,000 tonnes grading at 8.4
grams per tonne gold (estimated 49,700 troy ounces) plus an Inferred
Resource of 58,000 tonnes at 7.29 grams per tonne gold (estimated
13,600 troy ounces) at a cut-off of 5 grams per tonne gold (see
Masuparia Gold Corporation news release of April 7, 2008). The property
also has other known gold occurrences and favourable geological trends
that warrant exploration. The Joint Venture also intends to commence
collection of baseline environmental data in preparation for the
advancement of the Greywacke deposit. As part of the agreement, the
ownership of all claims held by the two companies in the immediate area
has been incorporated into the Joint Venture on the basis of 51:49
interests.
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 (TSX-V: GBN) 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 875 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.,
"Ronald K. Netolitzky"
Ronald K. Netolitzky, Executive Chairman
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 Charlie Harper, P.Geo., 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.
Caution Regarding Forward-Looking Information and Statements
This document includes statements and information about the Company's
expectations for the future. When Golden Band's strategy, plans, and
future financial and operating performance, or other things that have
not yet taken place, are discussed, the Company is making statements
considered to be forward-looking information or forward-looking
statements under Canadian and United States securities laws. Such
forward-looking information and statements in this document are
referred to as "forward-looking information".
Generally, forward-looking information can be identified by the use of
forward-looking terminology such as, for example, "plans", "expects" or
"does not expect", "is expected", "budget", "goal", "target",
"project", "potential", "strategy", "outlook", "scheduled", "predicts",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate" or "believes", and similar expressions, or the negative
connotation thereof or variations of such words and phrases or
statements that certain actions, events or results, "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved" or the
negative connotation thereof.
Readers are cautioned that the forward-looking information in this
document represents Golden Band's current views and can change
significantly. Forward-looking information contained in this document
is based on certain material assumptions, including, but not limited
to:
- geological and other conditions that may affect exploration,
development, and the amenability for mining;
- the Company's ability to comply with current and future environmental,
safety and other regulatory requirements, and to obtain and maintain
required regulatory approvals; and,
- the Company's operations not being significantly disrupted as a result
of political instability, nationalization, terrorism, sabotage,
blockades, breakdown, natural disasters, governmental or political
actions, litigation or arbitration proceedings, or other development or
operating risks.
Readers are cautioned that such assumptions are not exhaustive and may
prove to be incorrect. Although the Company believes that the
assumptions on which the forward-looking information is based are
reasonable, undue reliance should not be placed on the forward-looking
statements because Golden Band can give no assurance that they will
prove to be correct.
Actual results and events may be significantly different from those
currently expected due to a number of material risks. These include,
but are not limited to:
- the Company's inability to enforce its legal rights, or its being
subject to litigation or arbitration that has an adverse effect on the
Company;
- defects in title to the Company's properties;
- unexpected or challenging geological, hydrological, or mining
conditions;
- environmental, safety and regulatory risks, including increased
regulatory burdens or delays;
- the Company's inability to obtain or maintain necessary permits or
approvals from government authorities or other third parties;
- changes to government regulations or policies, including, but not
limited to, tax and trade laws and policies;
- natural phenomena, including, but not limited to, inclement weather,
fire, and flooding; and,
- operational disruption of the Company due to problems and other
developments and operating risks.
In addition, Golden Band's annual and interim MD&A, whichareavailable on SEDAR at www.sedar.com, include a discussion of other material risks that could cause actual
results to differ significantly from the Company's current
expectations.
Forward-looking information is designed to help the reader understand
management's current views of the Company's near and longer-term
prospects, and it may not be appropriate for other purposes. The
forward-looking information contained in this document is made as of
the date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise, unless so required by
applicable securities laws.
The forward-looking information is expressly qualified by these
cautionary 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.
<table border="0" valign="top"> <tr> <td> Gary Haywood, VP Operations and COO<br/> Golden Band Resources Inc.<br/> Phone: 306 385 7124<br/> Fax: 306 955 0788<br/> Email: <a href="mailto:gary.haywood@goldenbandresources.com">gary.haywood@goldenbandresources.com</a><br/> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> <b>Investor Relations: </b><br/> Raju Wani: 403 240 0555<br/> Tony Perri: 604 682 6852<br/> Email: <a href="mailto:info@goldenbandresources.com">info@goldenbandresources.com</a><br/> www.<b>golden</b>band<b>resources</b>.com </td> </tr> </table>