GOLDEN BAND RESOURCES UPDATE ON GREYWACKE BULK SAMPLE
Saskatoon, Saskatchewan, January 8, 2013. Golden Band Resources Inc. (Golden Band or Company) (TSXV: GBN; OTCQX: GBRIF) is pleased to report on progress made in development of the Greywacke deposit. The Greywacke project is part of the La Ronge South Gold Joint Venture between Masuparia Gold Corporation (TSXV: MAS) (Masuparia) and Golden Band with Masuparia acting as the operator during the exploration phase.
On December 20, 2012, the joint venture received the necessary approvals to collect a bulk sample from the Greywacke North deposit. The objective of the bulk sample program is to gain an understanding of how the Greywacke ore will process as it is fed through the nearby Jolu mill, which is owned and operated by Golden Band and located 50 kilometres north of the deposit.
In preparation for taking this bulk sample, the access road to site was improved, a detailed fall program of channel sampling, verification of historic core and drill hole locations and sampling of existing core and preservation of historical drill core was completed (see news release of December 5, 2012). Under the direction of Golden Band, Taiga Consultants Ltd. collected mineralized core specimens and delivered them to Michael Yakimchuk, metallurgist for Golden Band. He submitted to the Saskatchewan Research Council (SRC) for advanced metallurgical testing by prior to the bulk sample program. In addition to assaying, the material was subject to inductively coupled plasma (ICP) total digestion analysis. Selected analytical results are presented below:
|Sample Name||Hole ID||Sample||From
|GBR-GW -01||GW01-045||52352||52.33||54.33||760113 - 760116||14.19||11.67||9,040||99|
|GBR-GW -02||GW01-045||53000||56.48||59.75||760293 - 760299||1.61||0.67||461||463|
|GBR-GW -03||GW01-052||52354||72.75||74.25||760260 - 760262||3.21||1.80||2,790||2,370|
|GBR-GW -04||GW01-052||52363||86.50||88.00||760287 - 760289||10.63||8.50||2,680||3,360|
|GBR-GW -06||GW01-050||52703||68.75||73.75||760220 - 760229||10.60||14.37||32,600||8,200|
|GBR-GW -07||GW05-082||53011||64.00||65.00||mixed original intervals||10.50||5,970||817|
|GBR-GW -08||GW05-082||53021||54.00||55.00||mixed original intervals||16.03||9,280||11,900|
|GBR-GW -09||Head Feed of the Composite Sample 1 from the 4 Drill Holes||7.40||4.43||3,320||6,150|
|GBR-GW -10||Head Feed of the Composite Sample 2 from the 4 Drill Holes||8.00||4.67||5,990||5,910|
|Au Fire Assay
This work confirms a low sulphide content and a weak positive correlation of gold to elevated Pb, Zn, S and Ag.
Two composite samples were delivered to the facilities of SRC in Saskatoon for bench scale metallurgical testing as designed by Golden Band and the SRC. We are pleased to report the results of this test work as applicable to utilization of the Jolu mill for processing:
- Gold recovery of over 93% was achieved when simulating Golden Band’s current processing circuit.
- An average of ~80% of the gold was recovered using gravity concentration techniques, based on the processing of multiple samples.
- Golden Band's current grinding and leaching circuit is suitable for achieving high gold recoveries.
- Calculated feed grade of the samples delivered to the bench scale circuit ranged from 7.4 g/t to 8.0 g/t
The summary excerpt from the "Final Report Lab Scale Test for Gold Recovery Prepared by Saskatchewan Research Council SRC Publication No. 13455-1C12" is below:
- Metallurgical testing sample #1 was made from the samples in pail #1 and pail #2. Metallurgical testing sample #2 was made from the samples in pail #3 and pail #4.
- Direct head assays indicated 5.4 ppm gold in sample #1 and 6.0 ppm of gold in sample #2 while the calculated head grades were 7.4 ppm for sample #1 and 8.0 ppm for sample #2. The discrepancy between the assayed and calculated head feed gold content indicates the existence of gold nuggets in the samples. It is difficult to get representative samples for direct head assays when gold nuggets are in the samples.
- There were 17.8% and 17.4% over 150 mesh samples produced when the sample #1 and #2 were primary milled to 70% passing 200 mesh, respectively.
- The gravity separation using a MD-3 Knelson concentrator was effective for the Golden Band samples. Of the total gold in the gravity separation feed, 93.4-93.6% gold was recovered.
- Cyanidation recovery was 77.2% for sample #1 and 91.1% for sample #2. The discrepancy was likely caused by the errors of gold analysis.
- The overall gravity recovery was 83.1% for sample #1 and 76.5% for sample #2 based on the direct feed assay.
- The bond ball mill work index was 17.28. The sample was moderately hard rock.
These bench scale results were favourable to the processing of this material through the Jolu mill. To confirm and to better assess the mineralized material, a bulk sample in the order of 15,000 tonnes will be toll milled this winter. Upon completion of the bulk sample, a winter drill program is scheduled for the Greywacke North deposit, which will support completion of the preliminary economic assessment.
In preparation for future production from the Greywacke deposit, the JV is completing baseline environmental studies necessary for full environmental permitting. The fall study was completed by Canada North Environmental Services Limited Partnership; the winter study has been authorized and is scheduled for January 2013 and the spring and summer studies are planned for later in the 2013 calendar year.
Mike Jamieson, P.Geol., of Taiga Consultants Ltd., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has approved the technical information contained in this release.
About Golden Band
Golden Band Resources is a gold producer operating in the La Ronge gold belt in northern Saskatchewan and publicly listed on the TSX Venture exchange in Canada under the symbol GBN and is traded in the United States on the OTCQX under the symbol GBRIF. Commercial production was declared on April 1, 2011 and the Company has production from two mines, Roy Lloyd and Komis. Processing is at the centrally located Jolu mill, with a nominal capacity of 650 tonnes per day. The Company 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 four former producing mines, being Jolu, Decade, Star Lake and Komis. The Company plans to undertake aggressive drill programs throughout the La Ronge Gold Project with the goal of significantly expanding the existing NI 43-101 gold resources that have been identified to date.
On behalf of the Board of Directors of Golden Band Resources Inc.,
A. Robson Garden, President and CEO
For further information please contact:
Matthew Conklin, VP, Operations
Golden Band Resources Inc.
Phone: 306 385 7124
Fax: 306 955 0788
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852
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 relating to the potential mineralization and geological merits of the mine properties, estimates of production, costs of production, the sufficiency and availability of capital and financing 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 current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, availability of capital and financing, 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 with securities regulators available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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