GOLDEN BAND RESOURCES INTERSECTS HIGH-GRADE GOLD MINERALIZATION AT GOLDEN HEART DEPOSIT

GBN: TSX Venture Exchange

SASKATOON, SK, May 30, 2011 /CNW/ - Golden Band Resources Inc. (TSXV: GBN) announced today the assay results of the previously announced resource infill drilling program at the Company's 100% owned Golden Heart gold deposit. The Company is pleased to report these highlights for the following drillholes:

  • W-11-150: 18.07 grams per tonne (g/t) gold over 1.5 metres (m) within an intersection grading 1.79 g/t gold over 28.0 m
  • W-11-153: 7.32 g/t gold over 1.42 m within an intersection grading 5.23 g/t gold over 2.74 m
  • W-11-155: 13.57 g/t gold over 1.36 m within an intersection grading 6.57 g/t gold over 2.98 m
  • W-11-158: 27.05 g/t gold over 1.18 m within an intersection grading 13.75 g/t gold over 2.33 m
  • W-11-159: 9.07 g/t gold over 2.06 m within an intersection grading 6.06 g/t gold over 3.38 m

Ron Netolitzky, Executive Chairman, notes, "These assay results are very promising as they further validate the high-grade potential of this deposit and give us the required data to upgrade the Golden Heart deposit open pit resource to a Measured and Indicated Resource. We also believe there is strong potential that the resources can be expanded as these results indicate that the high-grade zones extend outside of the known resource limits. Our business plan is to advance the Golden Heart deposit toward development within the next two years."

These drill holes tested the high-grade zones within the preliminary pit design limits to enable the Inferred Resource to be upgraded to the Measured and Indicated category. A total of 1,120 metres of diamond drilling in 16 holes was completed in January 2011 (see news releases of October 28, 2010 and March 3, 2011). Not including these latest drillholes, the Golden Heart deposit contains an estimated Inferred Resource of 671,650 tonnes grading 9.1 g/t gold uncapped (196,549 contained gold ounces) at a cut-off grade of 4 g/t Au over a diluted width of 2 m (see previous news release of December 4, 2009). The updated resource estimate will be included in the Company's upcoming year-end statement of resources and reserves, as part of the MD&A report.

The assays reported for each sample interval are the average of a combination of up to seven Standard Fire assays and Metallic Screen assays for that sample length. For intervals that include more than one sample, the length-weighted average is provided. A summary of the total of 753 assays follows (Table 1) with the drillhole location plan available on the Company website. http://www.goldenbandresources.com/gbn-nr-30-may-11.html

Table 1: Golden Heart Gold Deposit Resource Definition Drilling -- 2011 Assay Summary Results
Hole ID Attitude Drillhole
Length (m)
Sample Assay
g/t Au*
Interval From (m) To (m) Length (m)
W11-150 142°/-50° 175.91   0.00 8.76 8.76 0.93
including 0.00 4.00 4.00 1.42
and 68.45 69.86 1.41 2.19
and 71.97 99.97 28.00 1.79
including 71.97 91.47 19.50 2.43
including 81.97 91.47 9.50 4.23
including 84.45 87.45 3.00 12.34
including 84.45 85.95 1.50 18.07
W11-151 142°/-50° 124.09   No significant assays >1.0 g/t Au
W11-152 142°/-50° 108.94   68.54 80.38 11.84 1.17
including 72.90 77.39 4.49 2.30
including 74.45 75.91 1.46 5.24
and 90.85 92.38 1.53 1.36
and 98.33 99.80 1.47 1.50
and 101.22 107.25 6.03 0.79
including 102.74 105.79 3.05 1.02
W11-153 142°/-50° 102.74   31.79 34.70 2.91 1.30
and 37.46 40.20 2.74 5.23
including 37.46 38.88 1.42 7.32
and 45.84 53.24 7.40 1.45
including 47.37 50.26 2.89 2.23
and 56.11 79.57 23.46 1.11
including 56.11 60.36 4.25 2.14
including 63.11 64.61 1.50 2.28
including 67.22 70.08 2.86 1.62
and 82.60 86.86 4.26 0.72
W11-154 142°/-50° 93.6   23.57 25.10 1.53 1.57
and 29.57 33.98 4.41 1.67
and 36.92 42.64 5.72 1.38
including 39.83 41.22 1.39 3.48
and 44.15 82.32 38.17 1.90
including 44.15 53.04 8.89 2.53
including 51.50 53.04 1.54 7.29
including 60.48 63.42 2.94 3.12
including 61.98 63.42 1.44 4.76
including 67.75 75.30 7.55 3.45
including 67.75 73.27 5.52 4.24
including 69.21 70.68 1.47 6.68
W11-155 142°/-50° 81.4   43.59 46.57 2.98 6.57
including 43.59 44.95 1.36 13.57
W11-156 142°/-50° 60.06   18.38 21.20 2.82 0.62
and 53.52 60.06 6.54 2.63
including 53.52 57.97 4.45 3.59
including 53.52 54.96 1.44 3.72
W11-157 142°/-50° 50.91   No significant assays >1.0 g/t Au
W11-158 142°/-50° 50.91   48.58 50.91 2.33 13.75
including 48.58 49.76 1.18 27.05
W11-159 142°/-50° 50.91   3.00 27.86 24.86 1.55
including 3.00 6.38 3.38 6.06
including 3.00 5.06 2.06 9.07
W11-160 142°/-50° 44.82   10.91 44.82 33.91 0.94
including 13.82 15.02 1.20 2.22
including 27.70 29.04 1.34 2.30
including 35.52 43.16 7.64 1.62
including 38.49 41.49 3.00 2.10
W11-161 142°/-50° 38.72   7.87 10.88 3.01 0.88
and 16.56 22.54 5.98 1.98
including 17.99 19.59 1.60 4.16
W11-162 142°/-50° 41.74   7.67 31.92 24.25 0.98
including 10.42 11.80 1.38 2.05
including 19.91 26.41 6.50 1.46
including 22.47 23.75 1.28 2.70
W11-163 142°/-50° 32.62   5.00 8.00 3.00 1.48
including 6.36 8.00 1.64 2.57
W11-164 142°/-50° 32.62   No significant assays >1.0 g/t Au
W11-165 142°/-50° 29.57   15.71 18.81 3.10 0.67
including 17.28 18.81 1.53 1.10
Total Length =  1,119.56  
*NOTE: Length-weighted average of all assays, with sample lengths as measured along the DH. 
Assays are averages of Standard Fires assays (up to 4 per sample) and Metallic Screen Assays (up to 3 per sample).

Alimak Zone Assay Results

The Company is also pleased to report the drillcore assay results of the previously announced resource infill drilling program at the Company's 100% owned Alimak Zone (see news releases of October 28, 2010 and March 3, 2011). A total of 99 metres of diamond drilling in 4 holes was completed in January 2011 (Table 2).

Table 2: Alimak Zone, Jolu Mine Area Resource Infill Drilling Assay Results
Hole ID Attitude Drillhole
Length (m)
From (m) To (m) Interval (m) Fire Assay
g/t Au
Metallic
Assay g/t Au
AK-30-11 330°/-50° 26.52 6.07 7.36 1.29 2.07  
AK-30-11 330°/-50° 19.51 No significant assays >2.0 g/t Au
AK-30-11 330°/-50° 26.52 6.52 10.14 3.62 2.71  
    Including 9.14 10.14 1.00 4.94 6.66
AK-30-11 330°/-50° 26.52 No significant assays >2.0 g/t Au
Total Length =  99.07  

Diamond-drillhole AK-32-11 returned 6.66 g/t gold over 1.0 metre, within an overall intersection grading 2.71 g/t gold over 3.62 metres. This drill hole tested the near surface extension of the Alimak Zone. The Alimak Zone is a near-surface portion of the previously mined Jolu underground mine.

Decade Drilling Update

The previously reported diamond drilling program at the Decade gold deposit was cancelled due to poor ice conditions on the Mallard Tailings Management Facility (TMF).

QA/QC

The Golden Heart assay results are based on the Standard Fire Assay method derived from split NQ drill core and utilization of a 50-gram assay charge. All widths listed represent the downhole length of the interval and not the true width. Assays were done by the Saskatchewan Research Council Geoanalytical Laboratories operating in accordance with ISO/IEC 17025:2005 (CAN-P-4E) Standards. The final results for this program include check assays of the significant intervals. Standard Fire Assay results greater than 3 g/t gold were re-assayed using the Screened Metallic Assay method for the significant intervals. The quality assurance/quality control of the assay results was monitored by a series of sample standards and sample blanks that Golden Band routinely inserts into the sample sequences. Due to normal variations in assay results between the standard fire and screened metallics assays in some intervals, the Jolu Mill assay laboratory was also used to independently conduct check assays in those intervals.

The Alimak Zone assay results are based on the standard fire assay method derived from split NQ drill core and utilization of a 50-gram standard fire assay charge. Assays were done by TSL Laboratories Inc. of Saskatoon, operating in accordance with ISO/IEC Standard 17025 guidelines. The final results for this program include check assay results of the significant intervals. Standard Fire Assay results greater than 3 g/t gold were re-assayed using the Screened Metallic Assay method for the significant intervals. All widths listed represent the downhole length of the interval and not the true width. The quality assurance/quality control of the assay results is monitored by a series of sample standards and sample blanks that Golden Band routinely inserts into the sample sequences that are consigned for assaying.

About Golden Band

Golden Band Resources, already Saskatchewan's leading gold explorer, is now also its newest gold producer. Golden Band is a Saskatchewan-based, publicly listed company (TSXV: GBN) whose focus is the long-term, systematic exploration and development of its 100%-owned La Ronge Gold Belt properties. Since 1994, Golden Band has assembled through staking and strategic acquisition a land package of more than 765 km2, including 12 known gold deposits, four former producing mines, and a licensed gold mill. Golden Band's key value drivers are the methodical and systematic targeting of primary to advanced-stage exploration while progressing along a parallel path of being a sustainable gold producer. The Company is aggressively pursuing its near-term goal of commercial production of its Bingo, Komis, and EP deposits with processing at the 100%-owned Jolu mill. The Company's objective, supported by a positive Pre-Feasibility Study completed in January 2009, is the annual production of at least 75,000 ounces of gold over a ten-year project life. Other longer-term objectives include the continuation of its highly successful exploration and acquisition strategy.

On behalf of the Board of Directors of Golden Band Resources Inc.,

"Ronald K. Netolitzky"
Ronald K. Netolitzky, Executive Chairman

All of Golden Band's exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Charlie Harper, P.Geo., who serves as the qualified person (QP) under the definitions of National Instrument 43-101. All of Golden Band's development-related programs and pertinent disclosure of a development nature are prepared and/or designed and carried out under the supervision of Gary Haywood, P.Eng., Golden Band's VP of Operations and COO, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

Cautionary Statements on Forward-Looking Information: This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the planned use of proceeds of the Offering, repayment of the Notes according to their terms, development and exploration activities generally, and future plans and objectives of Golden Band 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. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

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.

For further information:

Gary Haywood, P.Eng., COO
Golden Band Resources Inc.
Phone: 306 385 7124
Fax: 306 955 0788
Email: gary.haywood@goldenbandresources.com

Investor Relations: 
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852
Email: info@goldenbandresources.com
www.goldenbandresources.com

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Golden Band Resources Inc.

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