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Golden Band Resources Inc GBRIF

Golden Band Resources Inc. is a Canada-based gold producer engaged in exploration, mine development and extraction of gold ores from its properties in the La Ronge Gold Belt in northern Saskatchewan and processing at its Jolu mill. It has assembled a land package in excess of 870 square kilometers (km2) that includes thirteen known gold deposits and four former producing mines, which were Star Lake, Decade, Komis and Jolu. The Company is mining at three deposits to feed the mill. These are Roy Lloyd, Greywacke and Golden Heart. Roy Lloyd mine is an underground mine extracting ore from the Bingo deposit. Golden Heart is located approximately nine kilometers east of the Komis mine and is accessible through a 17-kilometer mine road connecting to Highway 102 just north of Brabant Lake.


GREY:GBRIF - Post by User

Bullboard Posts
Comment by longtoothon Dec 23, 2011 1:05pm
271 Views
Post# 19349058

RE: RE: RE: Published Reserve

RE: RE: RE: Published Reserve

Good post Fungi. From what I see this was over two years ago, more than enough time to update the Reserve to indicate this no?

Don't forget that the mining costs go up the deeper you go and evenually you will need to upgrade the ventilation which is not cheap. the long section plan also shows a diminishing strike length and the drill holes you rencently posted indiate the zone narrows.

There seems to be no doubt the zone goes to depth but there is doubt whether or not it is economic to mine. Yes, you could get lucky and find a parallel zone that has it but those are chickens that haven't hatched yet.

My concern would be that you have mined the jelly from the donut and now you have the crust left over with mining costs increasing, tonnes per vertial foot decreasing and most likely grade decreasing.

It will be tough going from here on in and maybe that is why Haywood is leaving, he knows what a Reserve vs a Resource is. JMHO

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