Bingo gold deposit updated resource estimates



    GBN: TSX Venture Exchange

    SASKATOON, Jan. 8 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) is
pleased to announce an updated mineral resource estimate for its 100%-owned
Bingo gold deposit. Bingo is a high grade quartz vein-hosted gold deposit
located at the southern end of Golden Band's land package in northern
Saskatchewan, and is 45 kilometres southwest of the Company's Jolu gold mill.
The initial disclosure of a mineral resource for the Bingo deposit was made by
the Company on June 29, 2006. This updated mineral resource estimate was
completed by the Company and conforms to National Instrument 43-101 (NI
43- 101) standards for the reporting of mineral resources.
    The Bingo deposit is estimated to contain an Indicated Mineral Resource
of 97,109 tonnes grading 14.11 grams per tonne (g/t) gold at a cut-off of
5 g/t gold over a minimum width of 2.0 metres (vs. a 1.3 m width in the
initial estimate). An additional 136,560 tonnes averaging 14.03 g/t gold is
classified as an Inferred Resource. The resources were classified as indicated
or inferred based on the density of sample data and distance to the closest
composites. Due to the high nugget-effect, grade continuity has not been
sufficiently established by surface drilling to allow the assigning of any
resources to a measured category (even in areas with drillhole spacing as
close as 12.5 metres). For comparison, the initial resource estimates are also
provided below.

    
    Bingo Gold Deposit Mineral Resources - Updated Estimate (January 8, 2008)
    -------------------------------------------------------------------------
          Indicated Category                       Inferred Category
    -------------------------------------------------------------------------
    Tonnes     Grade,       Gold,          Tonnes       Grade,        Gold,
              g/t Gold     Ounces                      g/t Gold      Ounces
    -------------------------------------------------------------------------
    97,109     14.11       44,056         136,560       14.03        61,577
    -------------------------------------------------------------------------

    Bingo Gold Deposit Mineral Resources - Initial Estimate (June 29, 2006)
    -------------------------------------------------------------------------
          Indicated Category                       Inferred Category
    -------------------------------------------------------------------------
    Tonnes     Grade,       Gold,          Tonnes       Grade,        Gold,
              g/t Gold     Ounces                      g/t Gold      Ounces
    -------------------------------------------------------------------------
    22,900     13.80       10,200         136,500       12.74        55,900
    -------------------------------------------------------------------------
    

    Golden Band is encouraged by the very positive increases in width,
tonnage, and grade as they again confirm the potential for further increases
of the Bingo deposit's resources with additional detailed exploration. The
increase in the Indicated category tonnes by 4.23 times, coupled with the 2.3%
higher gold grade, has increased the Indicated gold ounces by 4.3 times over
the intial resource estimate. The Inferred category contains 10.2% more ounces
of gold than the initial estimate largely due to the 10.1% increase in grade.
    As reported by the Company on October 22, 2007, surface drilling also
showed that the deposit remains open to depth and also has the potential for
improved grades in areas along strike. The underground exploration program
that is currently underway at Bingo (see news release of September 19, 2007)
will confirm the continuity and grade of the mineralization to a much higher
level of confidence than can be obtained from surface drilling. The Bingo
deposit is a key part of the Company's plans to restart gold production in the
La Ronge gold belt, with an expanded Scoping Study currently in the final
stages of preparation.
    The resource estimates are classified as Mineral Resources that are
consistent with the guidelines in "CIM Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines" (2003) as required by National
Instrument 43-101. Mineral resources are not mineral reserves and by
definition do not demonstrate economic viability. Golden Band is not aware of
any issues that may materially affect its estimates of mineral resources.

    Estimation Methodology & Quality Control

    As previously reported (see news releases of July 12, September 20,
October 10, and October 22, 2007), the purpose of the 43-hole diamond drilling
program (3,407.4 m) completed during June and July, 2007 was to expand the
known gold resources and to convert inferred category resources to indicated
or measured resource categories, as would be required for future pre- and
feasibility studies. The results from the 43 drillholes were incorporated into
the Bingo assay database and were used to update the mineral resource.
    The quality assurance/quality control of the fire assay data was
monitored by a series of 63 sample standards and sample blanks which were
routinely inserted into the sample sequences that were consigned for assaying
to Accurassay Laboratories in Thunder Bay, Ontario. Accurassay is an ISO/IEC
guideline 17025 accredited facility. The gold content of 63 samples was
further verified by metallic screen assays performed by Accurassay.
    Resource estimation was constrained by a three-dimensional solid model
developed from geological and analytical data. Block size was 5x5x5 metres and
grade estimation was carried out by the inverse distance squared method
(ID(2)) using 1-metre downhole composite samples. Composites from 52 surface
channel samples and assay intervals from 120 core holes were used in the
updated resource estimation. Blocks were estimated in 2 passes using maximum
search distances of 12.5 metres for indicated and 50 metres for inferred
categories. As in the initial resource estimate, a topcut of 70 g/t gold was
used prior to compositing. Tonnages were calculated using an average specific
gravity of 2.75 grams/cm(3) based on 147 measurements taken on mineralized
core samples. In order to be included in the estimate, a block was required to
have at least 2 composites within a maximum radius of 50 metres.
    Frank Hrdy, Golden Band's VP of Exploration serves as the Qualified
Person as defined by NI 43-101. These mineral resource estimates were prepared
pursuant to the Canadian Institute of Mining (CIM) Standards on Mineral
Resources and Reserves prepared by the CIM Standing Committee on Reserve
Definitions that were adopted by the CIM Council December 11, 2005 (published
in the CIM Bulletin of November 2005), and are compliant with National
Instrument 43-101 - Standards of Disclosure for Mineral Exploration and
Development and Mining Properties.

    Updated Gold Resources

    With this increase in the Bingo deposit's resources and the recent
announcements for the Tower East and Birch Crossing deposits (December 3 &
December 17, 2007, respectively), an updated summary of the NI
43-101- compliant gold resources contained in seven of the 10 deposits owned
by the Company brings the total Measured + Indicated category to 756,551
ounces of gold. An additional 249,543 ounces of gold are contained in the
Inferred Category. Once the assays for drilling completed in 2007 on the EP
deposit are received, an updated resource estimate will be prepared.

    
    ------------------------------------------------------------------------
                                     Measured + Indicated Resources
    ------------------------------------------------------------------------
    Deposit         Assays      Cut      Tonnes      Grade      Resources
                    Capped      off                  (g/t        (ounces
                      at       (g/t                   Au)          Au)
                   (g/t Au)     Au)
    ------------------------------------------------------------------------
    Komis             70       1.0      990,000      3.81         121,300
    ------------------------------------------------------------------------
    Tower East        15       1.0    5,019,080     1.858         299,835
    ------------------------------------------------------------------------
    Golden Heart      24       1.0    4,486,400      1.80         259,900
    ------------------------------------------------------------------------
    Memorial          30       1.0      288,400      2.83          26,220
    ------------------------------------------------------------------------
    EP                77       1.0       22,700      7.18           5,240
    ------------------------------------------------------------------------
    Birch Crossing   120
    ------------------------------------------------------------------------
    Bingo             70       5.0       97,109     14.11          44,056
    ------------------------------------------------------------------------
    ------------------------------------------------------------------------
                           Totals:   10,903,689                   756,551


    ------------------------------------------------------------------------
                                           Inferred Resources
    ------------------------------------------------------------------------
    Deposit                     Cut      Tonnes      Grade      Resources
                                off                  (g/t        (ounces
                               (g/t                   Au)          Au)
                                Au)
    ------------------------------------------------------------------------
    Komis                      1.0       94,000      2.98          9,000
    ------------------------------------------------------------------------
    Tower East                 1.0      902,020     1.516         43,965
    ------------------------------------------------------------------------
    Golden Heart               1.0      598,800      1.66         31,900
    ------------------------------------------------------------------------
    Memorial                   1.0       90,900      2.49          7,272
    ------------------------------------------------------------------------
    EP                         1.0       62,600      3.84          7,729
    ------------------------------------------------------------------------
    Birch Crossing             2.0      536,300      5.11         88,100
    ------------------------------------------------------------------------
    Bingo                      5.0      136,560     14.03         61,577
    ------------------------------------------------------------------------
    ------------------------------------------------------------------------
                             Totals:  2,421,180                  249,543
    ------------------------------------------------------------------------
    

    About Golden Band

    Golden Band Resources is a well-financed, Saskatchewan-based, publicly
listed company (GBN:TSXV) 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 750 km(2), including ten known gold deposits, four former
producing mines, and a licensed gold mill. The Company's near-term goals call
for development and production from the Bingo, Komis, and EP deposits with
processing at the Company's 100%-owned Jolu mill - a project that has received
a positive Preliminary Economic Assessment (scoping study) on April 19, 2007.
Longer-term objectives include production from the Company's other deposits
and the continuation of its highly successful exploration and acquisition
strategy.

    On behalf of the Board of Directors of

    Golden Band Resources Inc.,

    "Rodney G. Orr"
    Rodney G. Orr, P.Geo., President & CEO

    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 Frank Hrdy, P.Geo., Golden Band's VP Exploration, 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, who
serves as the qualified person (QP) under the definitions of National
Instrument 43-101.

    Cautionary Statements on Forward-Looking Information: The statements made
in this News Release may contain certain forward-looking information. Actual
results may differ materially from those currently anticipated in such
statements. Certain risk factors may also affect the actual results achieved
by the Company.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00007862E




For further information:

For further information: Golden Band Resources Inc.: Rodney Orr,
President, (306) 955-0787 extension 13, rodney.orr@goldenbandresources.com;
Motivia Communications: Roger Francis, (306) 242-0694, toll free:
1-866-501-5651, info@goldenbandresources.com

Organization Profile

Golden Band Resources Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890