Golden Band Resources Inc. Reports Earnings and Operating Results for the Fourth Quarter and Year Ended April 30, 2014
Aug 28 14
Golden Band Resources Inc. reported earnings and operating results for the fourth quarter and year ended April 30, 2014. For the quarter, the company reported revenue of CAD 4,297,000 compared to CAD 5,726,000 reported a year ago. Net loss before impairment provision was CAD 9,100,000 compared to CAD 13,136,000 reported a year ago. Net loss was CAD 80,100,000 or CAD 0.28 per basic and diluted share compared to CAD 13,136,000 or CAD 0.04 per basic and diluted share reported a year ago. Cash from operations was CAD 2,566,000 compared to CAD CAD 2,013,000 reported a year ago. The company incurred an adjusted net loss before an impairment provision of CAD 9,099,915 compared to a loss of CAD 13,136,216 reported a year ago.
For the year, the company reported revenue of CAD 12,043,943 compared to CAD 37,665,266 reported a year ago. Net loss before impairment provision on mine, plant and equipment was CAD 36,626,706 compared to CAD 26,850,868 reported a year ago. Net loss was CAD 107,626,706 or CAD 0.38 per basic and diluted share compared to CAD 26,850,868 or CAD 0.09 per basic and diluted share reported a year ago. The company incurred an adjusted net loss before an impairment provision on mine, plant and equipment in amount of CAD 36,626,706 in 2014 compared to a loss of CAD 26,850,868 in 2013, which was weakened by increase in cash cost per ounce of gold sold and the suspension of mining activities in January 2014.
During the quarter, the company produced nil gold ounces compared to 2,383 gold ounces in the fourth quarter of 2013 due to the suspension of mining operations in January 2014.
For the year, the company's production from underground operations at Roy Lloyd mine had a combined total (high and low grade) of 41,199 tonnes of ore at an average grade of 6.9 g/t gold. Production from open pit operations at Golden Heart totaled just under 25,254 tonnes of material with a head grade of about 3.2 g/t gold. Production from open pit operations at Greywacke (JV) totaled 16,326 tonnes of material with 13,564 tonnes milled at a reconciled head grade of 6.87 g/t gold. Recoverable gold from the bulk sample is reported to be 2,533.4 troy oz.
Golden Band Resources Inc. Announces Assay Results of East Zone Gold Prospecting Drilling
Aug 25 14
Golden Band Resources Inc. announced the assay results from the drilling program completed in June, 2014 on the company's 100%-owned East zone gold prospect located in the La Ronge Gold Belt of Saskatchewan. The summer 2014 drilling program at the East zone gold prospect consisted of 14 diamond-drill holes (NQ-diameter) totalling 1,270.42 m. Drillhole spacings were typically 12.5 m apart. Objectives of the drill program were: to fill-in and complete the historical 1987-1990 drill coverage along the northeast plunge of the zone; to possibly extend the zone up-plunge to surface to the southwest; and to possibly extend the zone down-plunge to the northeast. Drilling in 2014 tested the East zone from 10 metres to 110 metres below surface. The zone is untested below 110 metres; it continues and remains open to depth. East zone is located 1.6 kilometres from the company's Jolu gold mill, and 1.8 kilometers from the former Jolu gold mine, all 100%-owned by Golden Band. The East zone forms part of the Rod structure (comprising the principal resource at the past-producing Jolu gold mine). The Rod structure extends continuously for 3.0 kilometres from the Alimack prospect in the southwest through the Jolu gold mine to the Pam, Blindman (1850E) and East zones (2200E) in the northeast. A total of 430 samples were analyzed at Golden Bands' on-site laboratory; 38 samples were re-assayed as duplicates, 69 sample standards and blanks were routinely inserted into the sample stream and 31 samples were assayed through the 'Total Pulp Metallics' method'. An additional 44 samples were selected from the mineralized intervals and were sent to TSL Laboratories in Saskatoon, Saskatchewan, which is an ISO/IEC guideline 17025 accredited facility, as an independent check of samples that occur within the significantly mineralized zone.
Golden Band Resources Inc. Reports Assay Results on Decade Gold Deposit Located in the La Ronge Gold Belt of Saskatchewan
Jul 3 14
Golden Band Resources Inc. announced assay results from the drilling program completed in May, 2014 on the company's 100%-owned Decade gold deposit located in the La Ronge Gold Belt of Saskatchewan. The spring 2014 drilling program at the former Decade mine consisted of 22 diamond drillholes (NQ-diameter) totalling 1,600.93 m. Drillhole spacing were typically 12.5 m apart, with the objective to test for: The existence of a southwest zone down-plunge for an earlier high grade drill hole intersect; the possible existence of higher grade mineralization down plunge of the mine workings; the possible existence of higher grade mineralization to the northeast of the mine workings; and the possible existence of a new zone to the far northeast of the existing mine workings. Golden Band is encouraged by these initial results which indicate that additional higher-grade, near-surface gold occurrences exist than what were previously indicated and that these gold zones could potentially be available for near-term production as part of the company's plans to re-start gold production using its Jolu mill. The former Decade mine workings are only 275 metres from the company's Jolu gold mill, and 600 metres from the former Jolu gold mine, all 100%-owned by Golden Band. The Decade area was discovered in 1944 and saw limited underground operations in the 1970's and 1990's. The deepest portion of the existing development is approximately 50 m below surface and certain portions of the gold mineralization were drill tested in the 1990's to about 100-150 m below surface.