SASKATOON, Sept. 29, 2014 /CNW/ - Golden Band Resources
Inc. ("Golden Band" or the "Company") (TSXV: GBN) today reported
results for the first quarter 2015.
The Company incurred a net loss before income tax of
$2,891,732 in Q1 2015 compared to a
loss before income tax of $4,242,144
in Q1 2014. The decrease in the net loss in Q1 2015 in
comparison to Q1 2014 is mainly due to the suspension of the mining
operations.
A summary of financial results is presented below. All dollar
amounts presented are Canadian dollars, unless otherwise
specified.
SUMMARY QUARTERLY INFORMATION
|
CDN
$
|
Q1
2015
|
Q4
2014
|
Q3
2014
|
Q2
2014
|
Q1
2014
|
Q4
2013
|
Q3
2013
|
Q2
2013
|
|
Gold ounces
sold
|
-
|
3,1784
|
5,000
|
800
|
-
|
3,532
|
3,882
|
7,920
|
|
Revenues
($000's)
|
$70
|
$4,2974
|
$6,683
|
$1,064
|
-
|
$ 5,726
|
$ 6,460
|
$12,746
|
|
Cash cost of sales
($000's)
|
$948
|
7,876
|
15,329
|
4,572
|
$1,8015
|
$10,476
|
$10,975
|
$12,509
|
|
Net loss before
impairment provision ($000's)
|
$(2,891)
|
$(9,100)
|
$(15,631)
|
$(7,654)
|
$(4,242)
|
$(13,136)
|
$(7,381)
|
$(2,754)
|
|
Impairment provision
on mine, plant and equipment ($000's)
|
-
|
$(71,000)
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Net loss
($000's)
|
$(2,891)
|
$(80,100)
|
$(15,631)
|
$(7,654)
|
$(4,242)
|
$(13,136)
|
$(7,381)
|
$(2,754)
|
|
Net loss per share
1
|
$(0.01)
|
$(0.28)
|
$(0.06)
|
$(0.03)
|
$(0.01)
|
$(0.04)
|
$(0.03)
|
$(0.01)
|
|
Cash from (used in)
operations ($000's)
|
$(1,077)
|
$2,566
|
$(8,147)
|
$(8,704)
|
$(8,080)
|
$2,013
|
$1,418
|
$(1,460)
|
|
Total cash costs per
ounce of gold sold 3
|
-
|
$2,478
|
$3,066
|
$5,715
|
-
|
$2,966
|
$2,827
|
$1,579
|
|
Average realized gold
price/ounce
|
-
|
$1,352
|
$1,337
|
$1,330
|
-
|
$1,612
|
$1,656
|
$1,601
|
|
|
|
1.
|
All per share amounts
are calculated on a weighted average, basic and fully diluted
basis.
|
|
2.
|
Per share amount is
negligible and has been recorded as nil.
|
|
3.
|
This is a non-IFRS
measure. See section regarding non-IFRS measures
below.
|
|
4.
|
Net of 1,124 ounces
of gold sold for the total value of $1,534,327, which was
recovered from Greywacke bulk sample
|
|
5.
|
Represents operating
costs and the excess of cost of broken ore over net realizable
value, which was written down
|
During Q1 2015 and Q1 2014, the Company produced nil gold ounces
and did not have any gold sale due to the shutdown of the mill and
the suspension of the mining operations since February 2014.
2015 FIRST QUARTER HIGHLIGHTS
- The property continues in a care and maintenance mode.
- During the quarter and subsequent to the quarter end personnel
were involved in a mill and solution tank clean-up.
- Ministry of the Environment personnel visited the site to
review the project in its care and maintenance mode.
- Exploration drill programs were carried out at the Decade and
East zones which are located near the Jolu mill area.
- The assay lab at the site was operated during the time of the
exploration drilling to perform assaying of the core.
- The overall site was in clean-up mode.
- A fresh water diversion program moving surface water around the
tailings management facility was instituted.
For full details of the Company's financial statements and
management's discussion and analysis for the first quarter
ended July 31, 2014, please see the
financial reports posted on SEDAR at www.sedar.com.
About Golden Band
Golden Band Resources Inc. is a gold producer operating in
the La Ronge gold belt in northern
Saskatchewan and is listed on the
TSX Venture Exchange in Canada
under the symbol GBN. Commercial production was declared on
April 1, 2011. The Company has
recently suspended mining operations ( see news release of
June 30, 2014) but 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 five former producing mines, being Jolu, Decade,
Star Lake, EP and Komis.
On behalf of the Board of Directors of Golden Band Resources
Inc.,
"Paul Saxton"
Paul Saxton, CEO
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 regarding the operational
plans, estimates and costs of production, 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 operations, current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, cost overruns, 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. The Company makes
all reasonable efforts to update its corporate information on a
timely basis.
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.
SOURCE Golden Band Resources Inc.