TSX.V: GBN
SASKATOON, March 26, 2015 /CNW/ - Golden Band Resources Inc.
("Golden Band" or the "Company") (TSXV: GBN) today reported results
for the third quarter 2015.
The Company incurred a net loss of $2,352,654 in Q3 2015 compared to a loss of
$15,630,989 in Q3 2014.
The decrease in the net loss in Q3 2015 in comparison to Q3 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
$
|
Q3
2015
|
Q2
2015
|
Q1
2015
|
Q4
2014
|
Q3
2014
|
Q2
2014
|
Q1
2014
|
Q4
2013
|
Gold ounces
sold
|
-
|
667
|
-
|
3,1784
|
5,000
|
800
|
-
|
3,532
|
Revenues
($000's)
|
$187
|
$1,101
|
$70
|
$4,2974
|
$6,683
|
$1,064
|
-
|
$ 5,726
|
Cash cost of sales
($000's)
|
$755
|
$1,660
|
$948
|
7,876
|
15,329
|
4,572
|
$1,8015
|
$10,476
|
Net loss before
impairment provision
($000's)
|
$(2,353)
|
$(2,399)
|
$(2,891)
|
$(9,100)
|
$(15,631)
|
$(7,654)
|
$(4,242)
|
$(13,136)
|
Impairment provision
on
mine, plant and
equipment ($000's)
|
-
|
-
|
-
|
$(71,000)
|
-
|
-
|
-
|
-
|
Net loss
($000's)
|
$(2,353)
|
$(2,399)
|
$(2,891)
|
$(80,100)
|
$(15,631)
|
$(7,654)
|
$(4,242)
|
$(13,136)
|
Net loss per share
1
|
$(0.01)
|
$(0.01)
|
$(0.01)
|
$(0.28)
|
$(0.06)
|
$(0.03)
|
$(0.01)
|
$(0.04)
|
Cash from (used
in)
operations ($000's)
|
$(866)
|
$(63)
|
$(1,077)
|
$2,5666
|
$(8,147)
6
|
$(8,704)
6
|
$(8,080)
6
|
$2,013
|
Total cash costs
per
ounce of gold sold 3
|
-
|
$2,489
|
-
|
$2,478
|
$3,066
|
$5,715
|
-
|
$2,966
|
Average realized
gold
price/ounce
|
-
|
$1,397
|
-
|
$1,352
|
$1,337
|
$1,330
|
-
|
$1,612
|
- All per share amounts are calculated on a weighted average,
basic and fully diluted basis.
- Per share amount is negligible and has been recorded as
nil.
- This is a non-IFRS measure. See section regarding
non-IFRS measures below.
- Net of 1,124 ounces of gold sold for the total value of
$1,534,327, which was recovered from
Greywacke bulk sample
- Represents operating costs and the excess of cost of broken ore
over net realizable value, which was written down
- Cash from operations is before the working capital support
provided by Procon Group.
During Q3 2015 the Company produced nil gold ounces due to the
shutdown of the mill and the suspension of the mining operations
since February 2014 (Q3 2014 – 3,759
of gold ounces were produced and 5,000 of gold ounces were sold).
The Company received income in amount of $187,720 for the camp lodging (Q3 2014 –
nil).
2015 THIRD 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. Spent
carbon fines and mill clean-up sludge along with other materials
were gathered during the general clean-up and sent to Placer Micron
Processing in the US for gold and silver recoveries.
Subsequent to the quarter payment was received for the gold and
silver in the material shipped.
- Subsequent to the quarter end in early February personnel from
Golden Band and Procon visited with
Ministry of the Environment personnel in Saskatoon and reviewed the operation.
Subsequent to that meeting the Ministry granted a year's extension
for the mining permits for the Golden Heart and Komis
operations.
- No exploration was carried out during the quarter.
For full details of the Company's financial statements and
management's discussion and analysis for the third quarter
ended January 31, 2015, please see
the financial reports posted on SEDAR at www.sedar.com.
The Company is still actively seeking a qualified Chief
Financial Officer ("CFO"). In the interim, James Dales, a director of the Company has been
appointed as acting CFO.
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.