TSX.V: GBN
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resources and economic analysis are no longer applicable and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"
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.