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Golden Band Resources Inc. - Bingo Gold Deposit Underground Exploration Significantly Boosts Grade
Saskatoon, July 13, 2010 – Golden Band Resources Inc. (GBN: TSXV) is pleased to provide additional assays and a progress update for the Bingo gold deposit underground exploration program (see news releases of May 11, June 15, and June 22, 2010).
The Company is very pleased to report that assay data received from face chip samples have been used to calculate an updated grade estimate of the development muck stockpile. To date, a total of 8,100 tonnes of high-grade mineralized material has been stockpiled with an average grade of 15.68 g/t gold based on face chip sample assays.
The Company now estimates a stockpile gold content of 4,000 ounces. A further 670 tonnes of high-grade material from the current exploration program that has been stockpiled is waiting assay data.
Gary Haywood, VP Operations and COO stated, "This Bingo underground exploration program has produced high-grade gold material that has nearly doubled the previously estimated stockpile grade. Our development technique and the expertise of our mining contractor, Kitsaki Procon, has proven that we can effectively mine this high grade narrow vein gold deposit. Our proven and probable reserve estimate from January 2009 for the 1355 Level and 1340 Level ore drifts was 6,921 tonnes at a combined grade of 9.14 g/t gold. To date, on these two drift horizons, we have extracted 4,350 tonnes at a grade of 22.3 g/t gold, an outstanding achievement that bodes well for the future of the Bingo deposit mining operation."
This is a significant upgrade from the previously estimated stockpile grade of 8.00 g/t gold calculated from the 2007/2008 underground exploration program (see news release of July 28, 2008), and which formed part of the proven and probable reserve calculation for the Bingo deposit (see news release of January 20, 2009).
Face sample locations for each level can be viewed on the Company website, with each plan showing the top of face sample line and bottom of face sample line, and the mineralized structure of the Bingo deposit. A continuous chip sampling method was used for each development face, using a pneumatic hammer to collect a 1 to 2 Kg sample from each discreet sample intersection across the face. Upper and lower sample lines on each face, usually consisting of several 1-metre long samples, resulted in at least 6 assays per face. The faces are usually 3 to 4 metres apart along the ore drift. Samples were sent to TSL Laboratories in Saskatoon and assayed for gold content using the screened metallics method for all face chip samples.
Composite assay data from the sampling program are shown in Tables 1 and 2 for each ore drift, specifically from those faces that were included in the reserves, and are calculated for a minimum mining width of 2.0 metres. Where the mineralization exceeded the minimum mining width, the actual measured mineralized width was used to calculate the composite assay grade.
Assay results for the North area of the ore drifts on 1355 Level and 1340 Level will be released once data has been received and compiled so that a complete data set for that reserve block will be complete. The assay results for the South section of the 1340L will also be released at that time.
Ore drifting on the 1355L and 1340L levels was completed on June 30th, and dewatering of the decline was completed on July 1st. The next phase of development has commenced which includes deepening of the existing decline down to the 1265 Level, to a depth of 120 metres below surface. This development program also includes the establishment of underground infrastructure such as a fresh air intake ventilation shaft, and access to that shaft on each level. This phase of development is expected to be completed by October 31st, 2010.
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 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 km2, including twelve known gold deposits, four former producing gold mines, and the licensed Jolu 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 Bingo, Komis, EP, and Golden Heart gold deposits, with processing at the 100%-owned Jolu mill. 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.,
"Ronald K. Netolitzky"
Ronald K. Netolitzky, Executive Chairman
For further information please contact:
Gary Haywood, P.Eng., COO
Golden Band Resources Inc.
Phone: 306 955 0787 x7124
Fax: 306 955 0788
Email: gary.haywood@goldenbandresources.com
Investor Relations:
Raju Wani, 403 240 0555
Tony Perri: 604 682 6852
Email: info@goldenbandresources.com
www.goldenbandresources.com
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. Golden Band's exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of James Wong, P.Eng.,P.Geo., who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Cautionary Statements on Forward-Looking Information: The news release includes certain "forward-looking information within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements")." All statements other than statements of historical fact included in this release, including, without limitation, statements regarding planned development, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of potential financing, development and exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Golden Band 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. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
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.
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