Komis Gold Deposit updated resource estimate increases grade
SASKATOON,
Frank Hrdy, Golden Band's Vice President of Exploration states, "We have successfully increased the gold grade of the Komis deposit which will optimize our mining plans to achieve lower capital and operating costs. All of the existing underground geological and mining information was re-compiled and studied in detail to produce a new geological model that outlines very well the high-grade portions of the ore body. As a result, the higher grade resource at Komis has potential for near-term development and, importantly, the new geological model clearly demonstrates that excellent potential exists for these multiple high-grade zones to continue to depth and along strike - all of which will be incorporated into Golden Band's plans for gold production to start in 2010."
Table 1: Komis Deposit - NI 43-101 Resource Update
Capped, with Cutoff Grades of 4, 5, 6 g/t Gold for Comparison
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Grade Grade
Cutoff Tonnes g/t Au Ounces Tonnes g/t Au Ounces
Cap Grade -------------------------------------------------------
g/t Au g/t Au Indicated Category Inferred Category
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115 4.0 191,740 7.85 48,398 10,746 7.91 2,731
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115 5.0 141,690 9.05 41,235 6,945 9.78 2,184
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115 6.0 110,611 10.05 35,750 5,469 10.92 1,920
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Ron Netolitzky, Executive Chairman of
The Company's initial resource estimate and subsequent mining plans for Komis were based on a large-tonnage, low-grade resource. This new Resource Estimate is based on existing geological information from the Komis Gold mine which operated in 1996-7 and incorporates all of the underground channel samples, underground mapping and underground development from the mine records, as well as surface mapping and sampling, and all drillhole data.
Figure 1 (http://www.goldenbandresources.com/figure1Dec9.html) corresponds to Table 1 and is an oblique section view of the capped block model for the Komis Gold deposit that demonstrates the extent of the gold mineralization and its grade distribution. The brown areas represent the surface and the blue areas represent the existing underground development consisting of ramps and stopes. The colours representing the various gold grades are explained in the legend. The high-grade gold mineralization defined by drilling beneath the existing development extends to 175 metres below surface and remains open to depth and along strike. A new reserve estimate will be calculated after underground exploration and resource definition are completed and which will be part of a larger program that should include drill testing of the deposit to depth and along strike.
A cut-off grade of 4 g/t gold over a diluted minimum width of 2.0 metres and a 115 g/t gold statistically derived grade cap was used for both the Indicated and the Inferred Resource categories. The initial disclosure by the Company of a mineral resource for the Komis deposit was made in
Estimation Methodology & Quality Control for the Komis Resource Update
Assay sample quality for drill holes after 1990 (no samples taken prior to 1990 were used in this estimate) were verified during the time of the initial writing of the Technical Report and Resource Estimate published in
The new Geological Model and updated Resource Estimate derived from this model was created by Frank Hrdy, P.Geo., and V.P. of Exploration for the Company. Surpac Geological Modelling Software version 6.1.3 was used for both the creation of the Geological Model and for the resource estimation.
Resource estimation was constrained by a three-dimensional solid model developed from the most current geological and analytical data. Block size is 5x5x5 metres (sub-blocked to 1.25 m) and grade estimation was carried out by the inverse distance squared method (ID(2)) using 1-metre down-hole composite samples. A statistically derived cap grade of 115 g/t gold was applied to all assay results used in both the Indicated (25 metres from any drill hole) and Inferred (25 to 50 metres from any drill hole) categories for this estimation. Blocks were estimated using a search ellipse at an orientation of 300 degrees, -80 degrees dip, and 0 degrees plunge. Tonnages were calculated using an average specific gravity of 2.80 grams/cm(3), based on several composite samples taken from drill core within the Komis deposit. In order to be included in the estimate, a block was required to have at least 3 composites within a maximum radius of 50 metres.
Frank Hrdy, Golden Band's VP of Exploration serves as the Qualified Person as defined by NI 43-101. These mineral resource estimates were prepared pursuant to the Canadian Institute of Mining (CIM) Standards on Mineral Resources and Reserves prepared by the CIM Standing Committee on Reserve Definitions that were adopted by the CIM Council
Updated Gold Resources
With the updated Komis and
Table 2: Golden Band Resources Inc. Updated NI 43-101 Compliant Resources
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Measured + Indicated Resources
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Assays
Capped at Cut off Grade Resource
Deposit (g/t Au) (g/t Au) Tonnes (g/t Au) (ounces Au)
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Golden Heart uncapped 4.0
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Bingo 105 and 70 5.0 174,668 13.14 73,777
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Komis 115 4.0 191,740 7.85 48,398
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EP 40 1.0 102,000 3.81 12,494
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Birch Crossing 120 2.0
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Memorial 30 1.0 288,400 2.83 26,220
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Tower East 15 1.0 5,019,080 1.86 299,835
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Greywacke* 33.15 5.0 90,160 8.40 24,353
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Totals 5,866,048 485,077
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Inferred Resources
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Grade Resource
Deposit Tonnes (g/t Au) (ounces Au)
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Golden Heart 671,650 9.1 196,549
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Bingo 155,074 13.89 67,756
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Komis 10,746 7.91 2,731
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EP
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Birch Crossing 536,300 5.11 88,100
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Memorial 90,900 2.49 7,272
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Tower East 902,020 1.52 43,965
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Greywacke* 28,420 7.29 6,664
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Totals 2,395,110 413,037
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Updates are pending for Bingo, Birch Crossing, Greywacke, Memorial and
Tower East. The Jolu/Alimak, Decade, Corner Lake, and Niko/Kaslo deposits
do not have NI 43-101 compliant resource estimates.
* Golden Band owns 49% of the Greywacke gold deposit and only that
portion is included in the table.
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About
On behalf of the Board of Directors of
"Ronald K. Netolitzky"
Ronald K. Netolitzky
Executive Chairman
All of Golden Band's exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Frank Hrdy, P.Geo., Golden Band's VP Exploration, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. 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
Cautionary Statements on Forward-Looking Information: This document contains certain forward-looking statements relating but not limited to the Company's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "intent", "estimate", "may" and "will" or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of mined ore varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections, and various future events will not occur.
Cautionary Note to US Investors Concerning Resource Estimate: The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the
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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For further information: Golden Band Resources Inc., Rodney Orr, Vice President, Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email: [email protected]; Wani Capital Corp.: Raju Wani, (403) 240-0555, Email: [email protected], www.goldenbandresources.com
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