Golden Band Resources - Development update
Tue Jan 6, 11:22 AM
ca.news.finance.yahoo.com
GBN: TSX Venture Exchange
SASKATOON, Jan. 6 /CNW/ - Golden Band Resources Inc. (GBN: TSXV) is pleased to provide an update on the following development-related activities, all of which are directed to achieving gold production in 2009 on the Company's La Ronge Gold Project in northern Saskatchewan. The Company also invites its shareholders to visit its new and updated website. This follows on the recently announced mobile website accessibility. Simply connect to goldenbandresources.com from either your computer or your handheld device and you will be directed to the correct Golden Band Resources web page.
Pre-Feasibility Study - La Ronge Gold Project
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The Company had expected to have the Pre-Feasibility Study (PFS) completed in November (see previous news release of September 10, 2008) but this has been delayed because of numerous changes to various costs in the industry since the Preliminary Economic Assessment (see news release of February 26, 2008 and the Technical Report filed on SEDAR on April 10, 2008) and because of the subsequent due diligence reviews by both the Company's and the independent consulting engineers. The economic analyses and financial evaluation of the Study's results have been completed. These include: production scheduling and mine planning, revenue calculations, operating and capital cost estimates, cash flow analyses, and economic indicators.
As with the Company's previously released Preliminary Economic Assessment report, a conservative base case has been set, as well as a number of scenarios for different gold prices and exchange rates. The news release that will summarize all of the Study's findings is anticipated for mid-January, 2009; the timing being to allow for the completion of the Technical Report by the independent consulting engineers.
Environmental Assessment - La Ronge Gold Project
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Both the provincial and the federal environmental assessment (EA) processes are proceeding as expected and continue to be within normal regulatory timelines and expected outcomes. The Company has received preliminary technical review comments for the Environmental Impact Statement (EIS) from the Saskatchewan Ministry of Environment for the provincial assessment. Federal review comments remain outstanding from the Canadian Environmental Assessment Agency (CEAA). The Company has received correspondence that Fisheries and Oceans Canada (DFO), as the Responsible Authority, has submitted its comments to CEAA. The Company has not received indication when the federal preliminary comments will be issued. The Company submitted the EIS to the federal agencies on October 8, 2008.
The Company is preparing its response to the provincial comments and expects to submit these in an updated EIS by the end of January 2009. Since the federal assessment is likely only to include an assessment of the Mallard TMF, the Company expects that the provincial assessment will be able to proceed as the Company has proposed alternative tailings deposition locations that will not require federal approval. The expected timeline is to have the Province request public comments in February 2009 and a provincial Ministerial decision could then be received by May 2009, after which the permits for construction can be issued for the planned summer construction season.
Although the federal assessment process, including the screening level assessment and Schedule 2 listing under the Metal Mining Effluent Regulations (MMER) of the Mallard Tailings Impoundment Area (TIA), is expected to take longer than the provincial process, the Company is expected to be able to commence mining and milling operations by late 2009, using an alternative tailings disposal area, as described in the EIS.
About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now poised to also become a gold producer. Golden Band is a well-financed, Saskatchewan-based, publicly listed company (GBN: TSXV) 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 750 km(2), including 12 known gold deposits, five 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 to becoming a sustainable gold producer. The Company is aggressively pursuing its near-term goal for the development and production of its 100%-owned Bingo, Komis, and EP deposits with processing at the 100%-owned Jolu mill - a project that received a positive expanded Preliminary Economic Assessment (scoping study) on February 26, 2008 (filed on SEDAR on April 10, 2008). Longer-term objectives include production from the Company's other deposits and the continuation of its highly successful exploration and acquisition strategy.
On behalf of the Board of Directors of Golden Band Resources Inc.,
"Rodney G. Orr"
Rodney G. Orr, P.Geo.,
President & CEO
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 Frank Hrdy, P.Geo., Golden Band's VP Exploration, 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.
Cautionary Statements on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking information. Actual results may differ materially from those currently anticipated in such statements. Certain risk factors may also materially affect the actual results achieved by the Company. Potential and current shareholders are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events, or other such factors that may affect this information, except as required by law.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts
Rodney Orr
President & CEO
Golden Band Resources Inc.
Phone: (306) 955-0787 x7123
Fax: (306) 955-0788
Email: rodney.orr@goldenbandresources.com
www.goldenbandresources.com
motivia communications: Roger Francis
(306) 242-0694 x5
Toll free: 1-866-501-5651
Email: info@goldenbandresources.com |
