Golden Band Resources - Bingo exploration update



    GBN: TSX Venture Exchange

    SASKATOON, Feb. 2 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) is
pleased to provide the final update on the 2008 fall exploration program on
the Company's Bingo gold deposit and surrounding target areas. In total, 25
drillholes (5,419 m) were completed and 1,124 core samples were sent for
assay. Prospecting was also carried out over the project area and 289 grab and
channel rock samples were collected and submitted for assay. All assay results
have now been received.

    Bingo Area Exploration Targets

    As previously announced (see news release of November 26, 2008), the
results from the deep drilling at the Bingo Deposit are very positive and
indicate that the high-grade gold mineralization continues to depth along a
steep plunge to the north for an additional 200 m (see Figure
1(http://www.goldenbandresources.com/02-02-09-fig1.cfm for the location of the
drillhole intercepts in a longitudinal section and Figure
2(http://www.goldenbandresources.com/02-02-09-fig2.cfm for the drillhole
locations in map view). An updated resource estimate for the Bingo deposit
will now be undertaken.
    In addition to surface diamond drilling on the Bingo Deposit, several
nearby exploration targets were also tested (see previous news release of
November 26, 2008). These include the Cockrum Zone, Bingo East Showing, and
the Quarry Showings. The significant gold assay intersections from this
drilling are presented in Table 1
(http://www.goldenbandresources.com/02-02-09-table1.cfm) (on the Golden Band
website), and the drillhole locations can be seen in Figure 2
(http://www.goldenbandresources.com/02-02-09-fig2.cfm).

    
    Cockrum Zone
    ------------
    
    Due to its close proximity to Bingo (within 50 m of the decline entrance)
and previous positive drilling results, this target warranted follow-up.
Discovered by Golden Band and first drilled in the winter of 2005, the Cockrum
Zone initially returned a highlight assay of 300 g/t Au over 0.4 m (see
previous news releases of April 11, 2005 and May 25, 2005). Four diamond-drill
holes completed with a bazooka drill and four diamond-drill holes completed
with a conventional surface drill (total 476.7 m) were completed with the
intent of confirming the strike of the structure and the continuity of the
gold mineralization.
    Highlights include 5.39 g/t Au over 7.19 m (WDB-003), 5.83 g/t Au over
2.66 m (WDB-004), and 13.0 g/t Au over 0.5 m (WD-175; see Table
1(http://www.goldenbandresources.com/02-02-09-table1.cfm) and Figures
1(http://www.goldenbandresources.com/02-02-09-fig1.cfm) and
2(http://www.goldenbandresources.com/02-02-09-fig2.cfm)), and confirmation of
the mineralized structure's strike that also indicates it is a separate
structure to that hosting the main Bingo deposit.
    This drilling indicates that the Cockrum gold zone has the potential to
contribute a significant gold resource to the Bingo gold deposit and the
Cockrum gold zone could be easily accessed from the existing and future
underground development. At present the Cockrum zone is interpreted to have a
strike length of at least 200 m based on existing drillhole intersections and
is open to the northeast and to depth. Follow up investigation is warranted.

    
    Bingo East Showing
    ------------------
    
    Exploration on the historic Bingo East Showing, located approximately 300
m to the northeast of the Bingo Deposit decline, was carried out using a mix
of surface grab and channel samples as well as two short diamond-drill holes
completed with a bazooka drill (see Figure
2(http://www.goldenbandresources.com/02-02-09-fig2.cfm)). The showing consists
of a series of quartz veins that vary in size up to 1 m wide over a zone width
up to 10 m, with an exposed surface strike length of 90 m. Assays of the rock
grab samples returned gold values from trace levels up to 3.25 g/t Au. Channel
sampling was carried out over the outcrop with encouraging results ranging up
to 46.8 g/t Au over 0.8 m (see Table 2
(http://www.goldenbandresources.com/02-02-09-table2.cfm) on the Golden Band
website for channel sampling highlights). Two bazooka holes, WDB-008 and
WDB-009, returned moderate results (see Table
1(http://www.goldenbandresources.com/02-02-09-table1.cfm)). WDB-009 had
significant intersections at 13.72 m (29.5 g/t Au over 0.48 m) and 20.52 m
(16.40 g/t Au over 0.21 m) that align with the structures that were channel
sampled. Follow up investigation is warranted.

    
    Quarry Showing
    --------------
    
    Two short diamond-drill holes completed with a bazooka drill (WDB-007,
010) and two diamond-drill holes completed with a conventional surface drill
(WD-179, 180) tested the newly discovered Quarry Showing (see Figure
2(http://www.goldenbandresources.com/02-02-09-fig2.cfm) for drillhole
locations). The discovery outcrop of the Quarry Showing was suspected to
represent the northern surface extension of the Bingo Zone. The existence of a
Bingo-style setting and anomalous gold mineralization in the drill core, and
that these mineralized intervals appear to be on strike with the Bingo
structure, indicate that this is a northern portion of Bingo and therefore
requires further work. Of note is that this showing is some 350 metres along
strike from the main portion of the Bingo deposit. The significant assay
results are listed in Table 1
(http://www.goldenbandresources.com/02-02-09-table1.cfm).

    
    Bingo Area Prospecting Results
    ------------------------------
    
    With the advances from exploration in recent years in our understanding
of the Bingo-style gold mineralization, several historical gold showings were
revisited. Among these were the 88 Showing; the BMS Showing; the Arseno
Showing; the Pond Lake Showing; the Thunder Hills Prospect; and the Northeast
Prospect (see Figure 3 (http://www.goldenbandresources.com/02-02-09-fig3.cfm)
for locations). A total of 289 grab and channel rock samples were taken.
Assays from these samples have been received and highlights from the grab and
channel samples can be found in Table 2
(http://www.goldenbandresources.com/02-02-09-table2.cfm).
    Of the numerous showings re-visited, the 88 Showing shows the most
promise of becoming a new gold prospect. The 88 Showing is oriented
north/south and is exposed on surface for a strike length of approximately 150
m and consists of a shear zone with quartz stockwork and veining from cm to
metre scale and includes moderate hematite and limonite alteration.
Significant sample results include a grab sample that assayed 240 g/t Au, and
channel samples including 23.2 g/t Au over 0.5m and 2.53 g/t Au over 0.5m and
eight 0.5m assays all over 1 g/t Au as seen in Figure 4
(http://www.goldenbandresources.com/02-02-09-fig4.cfm). Based on these results
6 proposed drill hole locations were selected to test for the continuation of
gold mineralization along strike and to depth.
    Significant results from the Arseno and Pond Lake showings include
channel samples at Pond Lake ranging from 1.015 g/t Au/0.5m to 3.49 g/t
Au/0.5m and a grab sample taken at the Arseno showing that assayed as 2.21 g/t
Au. Based on these results, both of these showings require additional work
including a compilation of new and historic results, additional channel
sampling, detailed mapping and diamond drilling if warranted, with the
objective to advance these showings to become "gold prospects" that
demonstrate resource potential.

    QA/QC

    The assay results in all of the tables are based on the standard fire
assay method utilizing a 1 kg sample derived from approximately 3 kg of split
NQ drill core (or approximately 1.5 kg of AQ core for the bazooka drilling)
and utilization of a 50 g standard fire assay charge. The final QA/QC results
for this program will include check assay results of the significant intervals
and screened metallic assay results for the significant intervals. All widths
listed represent the down-hole 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 which are routinely inserted
by Golden Band into the sample sequences that are consigned for assaying to
ALS Chemex Laboratory located in Vancouver, British Columbia. ALS Chemex is an
ISO/IEC guideline 17025 accredited facility. The check-assays will be
performed by TSL Laboratories located in Saskatoon, Saskatchewan which is also
an ISO/IEC guideline 17025 accredited facility.

    About Golden Band

    Golden Band Resources, already Saskatchewan's leading gold explorer, is
now poised to also become a gold producer. Golden Band 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 12
known gold deposits, five 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
to becoming a sustainable gold producer. The Company is aggressively pursuing
its near-term goal for the development and production of its 100%-owned Bingo,
Komis, and EP deposits with processing at the 100%-owned Jolu mill - a project
that received a positive Pre-Feasibility Study (see news release of January
20, 2009). 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 and COO,
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 materially affect the actual results
achieved by the Company. Potential and current shareholders are cautioned not
to place undue reliance on forward-looking information. The Company undertakes
no obligation to update publicly or otherwise revise any forward-looking
information whether as a result of new information, future events, or other
such factors that may affect this information, except as required by law.

    
    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: Rodney Orr, President & CEO, Golden Band
Resources Inc., Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email:
rodney.orr@goldenbandresources.com, www.goldenbandresources.com; motivia
communications: Roger Francis, (306) 242-0694 x5, Toll free: 1-866-501-5651,
Email: info@goldenbandresources.com

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