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.
Contact
Investor Relations: 604-682-6852
Email: info@goldenbandresources.com
www.goldenbandresources.com