Golden Band Resources Inc. Reports Earnings Results for the First Quarter Ended June 30, 2014
Sep 29 14
Golden Band Resources Inc. reported earnings results for the first quarter ended June 30, 2014. For the quarter, revenues were CAD 70,000. Net loss was CAD 2,891,000 against CAD 4,242,000 a year ago. Net loss per share was CAD 0.01 against CAD 0.01 a year ago. Cash used in operations was CAD 1,077,000 against CAD 8,080,000 a year ago.
Golden Band Resources Inc. Reports Greywacke North Preliminary Drill Results
Sep 2 14
Golden Band Resources Inc. reported the preliminary assay results from the 2014 drill program completed on the Greywacke joint venture property. During April, 2014, Masuparia Gold Corp. as operator completed 22 drill holes for a total of 2,088 metres within the Greywacke North zone. The objectives of the program were to define the margins of the zone, infill information gaps and to explore for lateral extensions. The program will assist in completing an updated resource evaluation. The results were highlighted by drill hole GW14-123 which returned an interval of 20 metres of 8.09 g/t Au including 9 metres of 13.73 g/t Au. All samples returning assays greater than three g/t Au were subjected to metallic assays which were used in all calculated mineralized intervals. A QA/QC protocol, incorporating standards, blanks, and duplicates, was implemented for the drill program and a review of these control samples has raised no concerns as to the validity of the results. Because the Jolu Mine laboratory is operated by a related party, and as should be part of any comprehensive QA/QC program, a representative number of samples will be sent to an independent laboratory for third party verification of results.
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.