Golden Band Resources Reports Results For The First Quarter Ended July 31, 2014
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.
Contact
Investor Relations: 604-682-6852, Email: info@goldenbandresources.com, www.goldenbandresources.com