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Golden Band Resources Inc.
GOLDEN BAND RESOURCES INC. has been actively exploring in the La Ronge Gold Belt in northern Saskatchewan since 1993. The Company has assembled a large land package of 870 km2, that includes 5 former producing mines (of which 3 still have deposit status), 13 known gold deposits (of which 3 are in 50% joint venture) and numerous other exploration targets where gold occurrences have been located.
Golden Band has been a commercial gold producer since April 2011. Recently the Company announced that it plans to suspend operations at its Roy Lloyd underground mine and Golden Heart surface mine and its Jolu mill, effective January 1, 2014. Despite restructuring and cost cutting measures undertaken earlier in the year, the declining price of gold and lower than anticipated ore grades from both the Roy Lloyd and Golden Heart mines have hindered the Company's ability to improve its economic performance.
The Company will place its operations into care and maintenance mode for an indefinite time. During the shutdown period, the Company will be evaluating all of its options to return its mining operations to profitability.
Golden Band plans to continue exploration at the La Ronge Gold Project with the objective to expand the significant NI 43-101 complaint gold resources that have been identified on the project to date and to conduct work programs on the many 'brownfields' exploration targets within the project area.
Golden Band Resources is listed in Canada on the TSX Venture Exchange under the symbol GBN.
History
Golden Band Resources is a gold producer operating in the La Ronge Gold Belt distict in northern Saskatchewan. The Company is listed on the TSX Venture Exchange in Canada under the symbol GBN.
Commercial production was achieved at the La Ronge Gold Project in April 2011. During the first fiscal year of mining operations, 2012 production totaled 41,932 ounces of gold; and for fiscal year end April 30, 2013 production totaled 22,308 ounces gold.
In late February 2013, the Company called a temporary halt to production from the Komis deposit and the Jolu Mill was shut down for upgrades and refurbishment. Road access to the Golden Heart and Greywacke deposits were also developed. The primary focus during this period was refinancing and restructuring of the Company and to bring mining operations back into profitable production. Also, a thorough review of operations involving the consideration of alternatives for restart, staff reorganization, hiring of personnel and the implementation of work to return to production was undertaken.
On December 9, 2013, the Company announced that it plans to suspend mining operations at the La Ronge Gold Project for an indefinite period of time, beginning January 1, 2014. This includes its operations at the Roy Lloyd and Golden Heart mines and the Jolu Mill. Despite restructuring and significant cost cutting earlier in the year, declining gold prices and lower than anticipated ore grades from both the Roy Lloyd underground mine and the Golden Heart surface mine have hindered the Company's ability to return to profitability. During this shutdown period, the Company will be evaluating all options to improve its future economic performance. Engineering plans will focus on priority targets of Roy Lloyd, Decade, Komis, Golden Heart and Greywacke. (See news release December 9, 2013 for more details.)
A longer-term objective remains the significant increase in the Company's resource base through the continued exploration of its known gold deposits and the many exploration targets within the La Ronge Gold Project area. Exploration diamond drilling will continue at various locations on the property to define mineralization and a 5,000 metre drill program at Roy Lloyd will be completed to better determine grade intervals and the potential for extending the life of the mine.
The Company has been actively exploring the La Ronge Gold Belt since 1993 and has assembled a land package of 870 km2, including 13 known gold deposits and five former producing mines, being Jolu, Decade, Star Lake, Komis and EP. The Company plans to undertake drill programs throughout its La Ronge Gold Project area with the goal of significantly expanding the existing NI 43-101 gold resources that have been identified on the project to date.
Company Highlights
• Active in the La Ronge Gold Belt district since 1993, the Company holds a large land package with 13 known gold deposits and 5 former gold mines, three of which still have deposit status.
• 2012 first fiscal year of production was 41,932 ounces gold; production for fiscal year end April 30, 2013 was 22,308 ounces gold.
The Company plans to undertake drill programs throughout the La Ronge Gold Project area with a goal to expand existing NI 43-101 gold resources that have been identified to date.
• The Company owns an extensive geological database that indicates the existence of exploration targets with very high potential of becoming deposits and many of these are yet to be followed up. Company management believes there is excellent potential for new discoveries and increasing existing resources.
• The La Ronge Gold Project has established infrastructure: personnel, road access and grid power are available in the area.
The Company has excellent working relationships with the province's regulators.
• Working with a long-term perspective, the Company aims at continuing its established working relations with local communities and the support of local First Nation communities.
• The Company has an experienced Board, with strong management and core staff.
Contact Us
Golden Band Resources Inc.
info@goldenbandresources.com
2911 - D Cleveland Ave.
Saskatoon, SK.
Tel: 1.306.955.0787
for Investor Relations: 604-682-6852
Fax: 1.306.955.0788
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