Golden Band Resources reports results for the first quarter ended
July 31, 2013
TSX.V: GBN | OTCQX: GBRIF
SASKATOON, SK, Sept. 27, 2013 /CNW/ - Golden Band Resources
Inc.
("Golden Band" or the "Company") (TSXV: GBN; OTCQX: GBRIF)
today
reported results for the first quarter 2014.
The Company incurred a net loss before income tax of $4,242,144 in Q1
2014 compared to a loss before income tax of $4,946,940 in Q1 2013.
The decrease in the net loss from Q1 2013 to Q1 2014 is mainly due
to a
decrease in expenses.
A summary of financial results is presented below. All dollar
amounts
presented are Canadian dollars, unless otherwise specified.
SUMMARY QUARTERLY INFORMATION
CDN $
|
Q1 2014
|
Q4 2013
|
Q3 2013
|
Q2 2013
|
Q1 2013
|
Q4 2012
|
Q3 2012
|
Q2 2012
|
Gold ounces sold
|
-
|
3,532
|
3,882
|
7,920
|
7,929
|
8,872
|
9,969
|
11,950
|
Revenues ($000's)
|
-
|
$ 5,726
|
$ 6,460
|
$12,746
|
$12,733
|
$14,966
|
$17,163
|
$20,757
|
Cash cost of sales
($000's)
|
$1,801*
|
$10,476
|
$10,975
|
$12,509
|
$11,026
|
$14,269
|
$9,850
|
$10,756
|
Net income (loss)
($000's)
|
$(4,242)
|
$(13,136)
|
$(7,381)
|
$(2,754)
|
$(3,580)
|
$(5,327)
|
$(81)
|
$289
|
Net loss per share 1
|
$(0.01)
|
$(0.04)
|
$(0.03)
|
$(0.01)
|
$(0.01)
|
$(0.02)
|
$(0.00)2
|
$(0.00)2
|
Cash from (used in)
operations ($000's)
|
$(8,080)
|
$2,013
|
$1,418
|
$(1,460)
|
$165
|
$6,075
|
$6,533
|
$8,703
|
Total cash costs per
ounce of gold sold 3
|
-
|
$2,966
|
$2,827
|
$1,579
|
$1,391
|
$1,608
|
$988
|
$900
|
Average realized gold
price/ounce
|
-
|
$1,612
|
$1,656
|
$1,601
|
$1,599
|
$1,676
|
$1,711
|
$1,731
|
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.
|
*
|
Represents operating costs and the excess of cost of broken ore
over net
realizable value, which was written down
|
During Q1 2014, the Company produced nil gold ounces compared to
8,395
gold ounces in Q1 2013. The reduction in gold production is
due to the
shutdown of the mill for upgrading. The plant was restarted on
August
1, 2013.
During Q1 2014, the Company did not have any sales due to the
temporary
suspension in operations. In Q1 2013 the Company sold 7,929
gold
ounces at an average realized gold price of $1,599 per ounce and
generated $12,733,278 of
revenue.
2014 FIRST QUARTER HIGHLIGHTS
Production from underground operations at Roy Lloyd mine produced
a
combined total (high and low grade) of 8,436 tonnes of ore at
an
average grade of 6.85 g/t gold.
Continued strong safety performance. Subsequent to the period
end on
August 21, 2013, the Roy Lloyd
operation reported 365 days non lost
time accidents.
No reportable environmental spills.
Road construction underway to the Greywacke and Golden Heart deposits.
Mill upgrade and refurbishment completed.
For full details of the Company's financial statements and
management's
discussion and analysis for the first quarter ended July 31, 2013,
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 and traded in the United
States
on the OTCQX under the symbol GBRIF. Commercial production was
declared
on April 1, 2011. The Company has
been actively exploring the La
Ronge
Gold Belt since 1934 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.,
"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.