GBN: TSX Venture Exchange | OTCQX: GBRIF
SASKATOON,
May 2, 2013 /CNW/ - Golden Band
Resources Inc. (Golden Band or
Company) (TSXV: GBN) (OTCQX: GBRIF) announces that further to the
news releases dated March 19, 2013,
it has filed a technical report dated May 2,
2013 entitled "Technical Report and Mineral Resource
Estimate Update, Bingo Gold Deposit, Roy
Lloyd Mine, Dickens West Project" (the "Technical Report")
prepared by Frank Hrdy, P. Geo., an
independent Qualified Person under National Instrument 43-101
("NI43-101").
The mineral resource in the Technical Report
contains no material differences from the mineral resource estimate
for the Bingo Deposit disclosed in the Company's news release of
March 19, 2013. A summary of
the mineral resource estimate in the Technical Report is described
below:
The updated resource for the Bingo Deposit includes
a Measured and Indicated resource of 155,383 tonnes at 12.60 grams
per tonne gold utilizing a 5 gram per tonne cut-off grade. Of this
total resource some 92,557 tonnes grading 14.78 grams per tonne of
the Measured and Indicated are located below the 1175 level and are
newly transitioned into these categories from previously contained
Inferred resources (Tables 1, 2 and 3).
Table 1 - Updated Total Resource Estimate
for the Bingo Gold Deposit (Roy Lloyd
Mine) located in northern Saskatchewan, Canada. A 31.103 g/t gold cap
grade and 5 g/t gold cut-off grade was used for this
estimation.
5g/t Au Cut |
Tonnes (t) |
Grade g/t Au |
Au Ounces
|
Measured + Indicated |
155,383 |
12.60 |
62,947 |
Inferred |
91,888 |
10.78 |
31,843 |
Table 2 - Remaining Resource above the 1175
Level (175 m Elevation). Several cut-off grades are shown
to demonstrate how the resource is affected.
Cutoff
g/t Au |
Measured |
Indicated |
M+I |
Inferred |
Tonnes |
Grade
g/t Au |
Tonnes |
Grade
g/t Au |
Au
Ounces |
Tonnes |
Grade
g/t Au |
Au
Ounces |
4.0 |
10,119 |
7.74 |
67,993 |
8.53 |
21,160 |
71,860 |
8.12 |
18,753 |
5.0 |
8,159 |
8.53 |
54,667 |
9.53 |
18,981 |
62,890 |
8.64 |
17,464 |
6.0 |
6,354 |
9.37 |
44,929 |
10.40 |
16,936 |
53,464 |
9.19 |
15,792 |
Table 3 - Resource below the 1175 Level
(175 m Elevation). Several cut-off grades are shown to
demonstrate how the resource is affected.
Cutoff
g/t Au |
Measured |
Indicated |
M+I |
Inferred |
Tonnes |
Grade
g/t Au |
Tonnes |
Grade
g/t Au |
Au
Ounces |
Tonnes |
Grade
g/t Au |
Au
Ounces |
4.0 |
10,002 |
13.32 |
98,911 |
13.22 |
46,334 |
33,428 |
13.99 |
15,033 |
5.0 |
8,857 |
14.45 |
83,700 |
14.81 |
43,967 |
28,998 |
15.42 |
14,379 |
6.0 |
7,137 |
16.62 |
73,937 |
16.04 |
41,952 |
22,870 |
18.12 |
13,325 |
Note 1: Mineral resources that are not mineral reserves do
not have demonstrated economic viability.
Please refer to the Technical report, which is available under the
Company's profile at www.sedar.com for further details.
Frank Hrdy, P., Geo, a Geologist
of Canminx Enterprises Ltd. and an independent consultant to the
Company, is the 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 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 and traded in the
United States on the OTCQX under the symbol GBRIF. The
Company has two producing mines, Roy
Lloyd and Komis. Commercial production was declared on
April 1, 2011. On February 26, 2013, the Company announced a
temporary halt of mining at the Komis deposit to free up equipment
and personnel for the construction of road access to the Golden
Heart deposit. Operations at the Company's Roy Lloyd mine continue and Jolu Mill operations will be suspended until
mill capacity can be improved. 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
undertake aggressive drill programs throughout the La Ronge Gold
Project with the goal of significantly expanding the existing NI
43-101 gold resources that have been identified to date.
On behalf of the Board of Directors of Golden
Band Resources Inc.,
"Paul Saxton"
Paul Saxton, Chairman and CEO
Contact: 306 385 7144
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 relating to the potential mineralization and geological
merits of the Bingo deposit and other mine properties, estimates of
production, costs of production, the sufficiency and availability
of capital and financing 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 current exploration activities,
fluctuating gold prices, possibility of equipment breakdowns and
delays, cost overruns, availability of capital and financing,
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.
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.