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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:GBN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
TSX.V: GBN
SASKATOON, Aug. 28, 2015 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (TSXV: GBN) has reported results for the fourth quarter 2015 and year ended April 30, 2015.
The Company incurred a net loss before the impairment provision on mine, plant and equipment in amount of $12,817,607 in 2015 compared to a loss of $36,626,706 in 2014. The management reassessed the expected cash flows from its mining projects and considered the recoverability of its property, plant and equipment. The impairment provision in amount of $15,484,261 (2014 – 71,000,000) was recognized as a difference between the carrying value of the mine, mill and equipment and the present value of the discounted estimated future cash flows.
The Company incurred a net loss of $18,958,002 in Q4 2015 compared to a loss of $80,099,915 in Q4 2014. The decrease in the net loss in Q4 2015 in comparison to Q4 2014 is mainly due to the suspension of the mining operations. The net loss includes an impairment provision on properties in amount of $15,484,261 (Q4 2014: $71,000,000).
A summary of financial results is presented below. All dollar amounts presented are Canadian dollars, unless otherwise specified.
SUMMARY QUARTERLY INFORMATION
CDN $ |
Q4 2015 |
Q3 2015 |
Q2 2015 |
Q1 2015 |
Q4 2014 |
Q3 2014 |
Q2 2014 |
Q1 2014 |
Gold ounces sold |
- |
- |
667 |
- |
3,1784 |
5,000 |
800 |
- |
Revenues ($000's) |
- |
$2247 |
$9327 |
-7 |
$4,2974 |
$6,683 |
$1,064 |
- |
Cash cost of sales ($000's) |
1,724 |
$755 |
$1,660 |
$948 |
7,876 |
15,329 |
4,572 |
$1,8015 |
Net loss before ($000's) |
$(5,175) |
$(2,353) |
$(2,399) |
$(2,891) |
$(9,100) |
$(15,631) |
$(7,654) |
$(4,242) |
Impairment provision on |
$(15,484) |
- |
- |
- |
$(71,000) |
- |
- |
- |
Net loss ($000's) |
$(20,659) |
$(2,353) |
$(2,399) |
$(2,891) |
$(80,100) |
$(15,631) |
$(7,654) |
$(4,242) |
Net loss per share1 |
$(0.07) |
$(0.01) |
$(0.01) |
$(0.01) |
$(0.28) |
$(0.06) |
$(0.03) |
$(0.01) |
Cash from (used in) operations ($000's) |
$(109) |
$(866) |
$(63) |
$(1,077) |
$2,5666 |
$(8,147)6 |
$(8,704)6 |
$(8,080)6 |
Total cash costs per ounce of gold sold 3 |
- |
- |
$2,489 |
- |
$2,478 |
$3,066 |
$5,715 |
- |
Average realized gold price/ounce |
- |
- |
$1,397 |
- |
$1,352 |
$1,337 |
$1,330 |
- |
During Q4 2015 and Q4 2014 the Company did not produce any gold ounces due to the shutdown of the mill and the suspension of the mining operations since February 2014. The Company received income in amount of $356,535 for the camp lodging (Q4 2014 – nil).
HIGHLIGHTS FOR 2015
SUMMARY ANNUAL INFORMATION
SELECTED ANNUAL INFORMATION
Year ended April 30, | |||
2015 |
2014 |
2013 | |
$ |
$ |
$ | |
Revenue |
1,155,544 |
12,043,943 |
37,665,266 |
Net Loss before impairment provision on mine, plant |
(12,817,607) |
(36,626,706) |
(26,850,868) |
Impairment provision on mine, plant and equipment |
(15,484,261) |
(71,000,000) |
- |
Net Loss |
(28,301,868) |
(107,626,706) |
(26,850,868) |
Net Loss per Share (Basic and Diluted) |
($0.10) |
$(0.38) |
$(0.09) |
Total Assets |
10,114,552 |
30,268,038 |
88,728,950 |
Total Liabilities |
110,986,024 |
102,860,842 |
53,758,577 |
Working Deficit |
(109,062,302) |
(97,201,710) |
(13,364,243) |
For the year ended April 30, 2015, the Company sold 667 gold ounces at an average realized gold price of $1,397 and 2,906 silver ounces at an average realized price of $19.47 per ounce of silver. The Company also received an amount $166,924 as a final payment for gold in carbon sold in late 2014. The total revenue generated from sale of metal transactions is $1,155,544 during the year ended April 30, 2015. For year ended April 30, 2014, the Company sold 8,978 gold ounces at an average realized gold price of $1,341, for revenue of $12,043,943 (the amount is net of 1,124 ounces of Company's portion of gold sold for the total value of $1,534,327, which was recovered from Greywacke bulk sample).
Cost savings have been initiated through the Company with the intent to return to full production as soon as possible. From a sustainable production platform the Company intends to resume its efforts towards growth and expansion from its extensive property portfolio. It will be essential to resume permitting efforts on a number of our deposits to ensure an adequate supply of mill feed.
For full details of the Company's financial statements and management's discussion and analysis for the fourth quarter and year ended April 30, 2015, 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 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 restructuring of operations, 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.
Copyright 2015 Canada NewsWire
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