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mining Golden Band Resources resumes production by Ellsworth Dickson Golden Band Resources Inc. [GBNTSXV; GBRIF-OTCQX] recently resumed production at the La Ronge gold project in northern Saskatchewan. The company has been exploring and mining in the La Ronge Gold Belt since 1994 where it has assembled a large land package that includes five formerly producing mines, 13 gold deposits, of which three are in 50/50 joint ventures, as well as numerous gold occurrences. Golden Band is a rather unique company in that it holds numerous small to medium-sized gold deposits along the 100-km long gold belt as opposed to holding just one large deposit. Total measured and indicated resources of Golden Band-owned deposits stand at 6,237,563 tonnes grading 2.83 grams gold/ tonne, representing 566,560 ounces of gold. Inferred resources are pegged at 1,855,150 tonnes grading 3.86 grams gold/tonne, for 230,147 ounces. These average grades do not reflect the wide variations in grades at the individual deposits. For example, the Golden Heart deposit hosts NI 43-101 compliant measured and indicated resources of 492,800 tonnes grading 6.62 grams gold/ tonne and the Corner Lake deposits has a NI 43-101 compliant resource of 184,400 tonnes grading 8.07 grams gold/tonne, for 47,900 ounces of gold. Commercial production was achieved in April 2011; however, during a recent five-month halt in production at the Komis deposit and the shutdown of the Jolu mill, ore from the Roy Lloyd and Greywacke deposits was stockpiled. During this time, the Jolu mill was refurbished. In August 2013, production resumed that will obtain ore from various gold deposits along the trend, including Roy Lloyd, Greywacke and Golden Heart. During the week of August 18 to 24, the company poured two doré gold-silver bars for a total gross weight of 1,562.577 48 www.resourceworld.com Company directors display the newly-poured gold doré bars from the La Ronge gold project in north-central Saskatchewan. Left to right are Russell Roberts, Paul Saxton, Ron Netolitzky and Ed Yurkowski. Photo courtesy Golden Band Resources Inc.. ounces, or 48.602 kilograms. Both bars averaged approximately 76.7% gold and 16.5% silver with impurities of 6.8%, typical of this ore. At present, the daily production target is 500 tonnes per day with plans to increase this rate as long as it can be supported by the mining rate to keep the ore flowing. In addition, Golden Band intends to continue exploration along the gold belt with a medium-term objective of bringing the Corner Lake and Birch Crossing deposits into production. A bulk tonnage operation is also under consideration for the Memorial and Tower East deposits. Bulk sampling is now under way at the Greywacke deposit and mine permitting is in progress. The Greywacke deposit is part of the La Ronge South 50/50 joint venture with Masuparia Gold Corp. [MAS-TSXV] that also includes the Preview Lake/North Lake prospects where more exploration is planned. For the year ended April 30, 2013, Golden Band sold 23,263 ounces of gold at an average realized gold price of US $1,612/oz, for revenue of $37,665,266. For the year ended April 30, 2012, the company sold 40,822 ounces at an average price of US $1,655/oz, for revenue of $67,913,921. The company incurred a net loss of $26,850,868 in 2013 compared with a loss of $6,424,093 in 2012. The decrease in income is due to the lower production of gold due to the temporary shutdown, which, in addition, was weakened by an increase in cash cost per ounce of gold sold. With full production now under way, it is expected that these figures will significantly improve. For the 2013 fiscal year, it is anticipated that gold production will be in the range of 25,000 ounces. With 13 known gold deposits, Golden Band management, under the guidance of CEO Paul Saxton, expects long-term production at the La Ronge gold project. n november 2013