Golden Band Resources Inc. reported earnings results for the third quarter and nine months ended January 31, 2013. For the quarter, the company reported revenue of CAD 6,430,000 against CAD 17,053,000 for the same period last year. Net loss from operations was CAD 6,838,000 against net income from operations of CAD 89,000 for the same period last year. Net loss was CAD 7,381,000 against CAD 81,000 for the same period last year. Cash from operations was CAD 1,418,000 against CAD 6,533,000 for the same period last year. Capital expenditures were CAD 3,055,000 against CAD 5,479,000 for the same period last year.

For the nine months, the company reported revenue of CAD 31,790,000 against CAD 52,692,000 for the same period last year. Net loss from operations was CAD 15,482,000 against net income from operations of CAD 1,478,000 for the same period last year. Net loss was CAD 13,715,000 against CAD 1,097,000 for the same period last year. Cash from operations was CAD 123,000 against CAD 27,141,000 for the same period last year. Capital expenditures were CAD 12,504,000 against CAD 15,351,000 for the same period last year. Approximately CAD 2.8 million of that was spent at Roy Lloyd mine on development and resource delineation. That program included both surface and underground drilling to delineate additional ounces below the 1,175 level. At Komis, CAD 7.8 million was expended on stripping costs of the open pit, which was capitalized during the commissioning phase. In addition, CAD 1.9 million was expended on the tailings management facilities, other capital resource property projects and mine, mill and equipment.

For the quarter, the company poured 3,767 gold ounces against 9,679 gold ounces for the same period last year. The reduction in gold production was a result of lower grade ore from Roy Lloyd mine as scheduled, and dilution due to challenges faced with shrink stoping. The delay in getting Komis mine into production also impacted gold poured in quarter as a higher percentage of mill feed was sourced from near-surface ore, which has a lower grade than ore at depth. The company processed 31,813 tonnes of ore at the Jolu mill with a mill head grade of 4.63 g/t gold in quarter2013, compared 30,382 tonnes at an average head grade of 10.98 g/t gold in quarter 2012. Total cash cost per ounce produced was CAD 3,006 in 2013 compared to total cash cost per ounce produced of CAD 1,300 in 2012.

For the nine months, the company produced 19,201 ounces compared to 32,482 ounces for the same period last year. Production was impacted by the transition to the shrink stopping method of mining at Roy Lloyd mine and the delay getting Komis into production. Total cash cost per ounce produced for the nine months ended January 31, 2013 was CAD 1,706 per ounce. This was higher than expected and reflects the lower grades mined.

For fiscal 2013, the company's gold production is now forecast to be approximately 22,000 ounces. Roy Lloyd mine will continue with a combination of long hole and shrink stope mining methods and the daily production target is 150 tonnes per day at a grade averaging just under 10.0 g/t gold. For the remainder of the 2013 fiscal year, capital will be spent on improving the road to the Golden Heart deposit which will facilitate the development of the open pit for mining which is anticipated to commence mid 2013. For exploration for the 2013 fiscal year, the company and its joint venture partner, Masuparia Gold Corporation, will be participating in a bulk sample of the Greywacke deposit. The bulk sample is expected to be approximately 6,000 - 8,000 tonnes which will be processed at the Jolu mill.