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
From
Sample (m)
To
(m)
Original
SRC Fire SRC ICP
Composite Jolu Fire
Analysis Analysis
(g/t)
Assay (g/t) Au (ppb) S (ppm)
Original Samples
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 -05
GW01-050
52702
68.12 68.75 760219
0.15
0.07
44
443
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
ICP Analysis:
Ag
ppm
AI203
wt %
Ba
ppm
CaO
wt %
Cu
ppm
Fe
wt %
K2O
wt %
MgO
wt %
MnO
wt %
Description
Sample Type
GBR-GW-01
7.2
14.7
1060
0.4
72
3.61
3.7
1.3
0.03
GBR-GW-02
1
15.3
1030
1.22
106
5.8
3.4
1.55
0.06
GBR-GW-03
0.9
17.4
672
2.51
144
8.06
3.2
1.66
0.06
GBR-GW-04
1.2
15.4
901
1.38
23
3.18
3.3
0.99
0.03
GBR-GW-05
0.5
16
363
1.8
12
0.94
4.2
0.3
0.02
GBR-GW-06
1.4
15.7
1160
1.48
46
4.81
3.8
1.34
0.03
GBR-GW-07
3.6
14.4
449
0.56
49
3.78
2.9
1.18
0.03
GBR-GW-08
3.8
15.9
761
1.41
42
6.51
2.9
1.89
0.06
GBR-GW-09
1.5
16.7
861
2.04
31
5.44
3.8
2.38
0.06
GBR-GW-10
1.6
16.6
910
2.12
32
5.84
3.9
2.36
0.07
Na2O
wt %
Description
Pb
ppm
S
ppm
Sr
ppm
V
ppm
Zn
Ppm
Zr
ppm
Au Fire Assay
ppb
Sample Type
GBR-GW-01
3.31
33
99
108
218
347
166
9,040
GBR-GW-02
3.08
16
463
257
105
96
155
461
GBR-GW-03
4.67
14
2,370
243
172
87
191
2,790
GBR-GW-04
3.83
68
3,360
210
83
296
189
2,680
GBR-GW-05
4.43
29
443
137
16
33
16
44
GBR-GW-06
3.02
14
8,200
150
110
92
195
32,600
GBR-GW-07
3.82
348
817
144
97
694
128
5,970
GBR-GW-08
4.3
368
11,900
266
221
284
179
9,280
GBR-GW-09
3.85
86
6,150
227
146
236
164
3,320
GBR-GW-10
3.58
182
5,910
229
147
375
166
5,990
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.,
"Robson Garden"
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
Email: [email protected]
Investor Relations:
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852
Email: [email protected]
www.goldenbandresources.com
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
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.
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.