By Angela Hill

Golden Band agrees to purchase interests from Cameco

Aug 27, 2011 | 7:26 AM

Golden Band is looking to do some more exploring.

The gold mining company agreed to purchase Cameco Corporation’s interests in the Preview Lake and Little Deer Lake projects in the southern La Ronge Gold Belt.

“Cameco wasn’t ready until recently to sell those and that’s when we were able to step up and make a deal with them,” said Rodney Orr, vice-president of corporate development for Golden Band.

These two properties are 60 kilometres north of La Ronge, near the former Contact Lake mine site.
While the former mine is not available for purchase, having land nearby is good news, Orr said.

“It is (an asset) in a number of ways. The exploration potential is excellent. There is an old saying, of course, that the best place to look for a new mine is where there is an old mine and Contact Lake was a very attractive mine in its day,” he said.

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The Contact Lake mine wasn’t shut down because of a lack of gold, but due to historical-low gold prices, which, with today’s gold prices, makes the area an attractive target, Orr said.

Golden Band has been involved in the La Ronge gold belt since the late 90s and looking to acquire these properties since 2008.

Rob Gereghty, spokesman for Cameco, said the properties solely have gold interests, no uranium.

“We are focused exclusively on uranium mining and fuel processing and this announcement is consistent with our strategy,” he said.

Golden Band plans to do data review during the winter and hit the ground in the spring and summer for exploration of the 100 square kilometre area.

ahill@panow.com