Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
The Saskatchewan government has given approval for Golden Band Resources Inc. to open its Golden Heart gold mine in northern Saskatchewan.
Minister of Environment Dustin Duncan granted the approval Feb. 6 after his department determined environmental effects from the mine would be minimal.
“This is a major milestone in the progression of Golden Band Resources as it opens the way for mining on our Golden Heart Mine within our La Ronge Gold Project,” said president and CEO Rob Garden.
The company (TSX-V:GBN) is planning to mine about 460,.000 tonnes of ore during the four-year life of the mine. The mine is estimated to provide 25 full-time jobs. Once in production, the mine will be the fourth for Saskatoon-based Golden Band Resources, which is already mining at its Roy Lloyd and EP mines, and planning underway for its third mine at Komis.
The Golden Heart ore will be milled at the Jolu gold mill that has been in gold production since January 2011, treating ore initially from the company’s Roy Lloyd underground mine and now also from the EP open pit mine.
Golden Band Resources hopes to produce 75,000 ounces of gold annually over 10 years.
