Golden Band Resources - Jolu-Decade exploration update



    GBN: TSX Venture Exchange

    SASKATOON, Feb. 3 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) is
pleased to provide an update on the 2008 fall exploration program on the
Company's Jolu and Decade gold deposits.
    All field portions of the Jolu (Alimak)-Decade exploration project are
complete. In total, 39 drillholes (4,317 m) were completed and 2,241 core
samples were sent for assay. All Jolu and Decade drilling results have been
received. A portion of the samples from this program will be sent to another
laboratory for check assays as part of the Company's QA/QC program.

    
    Highlights

    -   The results from the drilling at the Jolu Deposit's Alimak Zone
        indicate that this zone, as it is named in the former Jolu mine's
        plans, remains un-mined and that this gold-hosting mineralization
        extends from the existing underground workings to the southwest as
        multiple gold mineralized veins and confirms the existence of near
        surface gold.
    

    Jolu/Alimak Gold Deposit:

    Twenty-nine NQ diameter diamond-drill holes totalling 2,902.6 m were
completed in the vicinity of the former Jolu gold mine (see previous news
releases dated September 10 and November 26, 2008). Eighteen holes were
planned on 25-metre spacing to intersect near-surface gold mineralization, to
help outline the extents of a planned open pit, and to test for (i) the
southwestern strike extension of the Alimak Zone (the southwest extension of
the Rod Zone; which is the main mineralized zone at the former Jolu gold mine)
and (ii) the Alimak Raise Zone (named here due to its close proximity to the
"Alimak" vent raise when the Jolu mine was in production). The remaining
eleven holes were designed to test for the southwestern down-plunge extension
of the Alimak Zone and the Alimak Raise Zone (see Table
1(http://www.goldenbandresources.com/03-02-09-table1.cfm) on the Company
website for a complete listing of the significant assay results, Figure
1(http://www.goldenbandresources.com/03-02-09-fig1.cfm) for a longitudinal
section view of the grades, and Figure
2(http://www.goldenbandresources.com/03-02-09-fig2.cfm) for a plan view of
drillhole locations).
    The Alimak zone structure was intersected by twenty-one of the
drillholes. Gold values returned from this zone are somewhat variable, ranging
from trace values to a maximum of 22.0 g/t Au/1.0 m (AK-18-08: 25.05-26.05 m).
Both the near-surface and the down-plunge holes have confirmed that the
"Alimak zone" remains un-mined and that the strike-length of this zone
continues at least 100 m further to the southwest than what was previously
known. Gold values on the order of 3.86 g/t Au/1.24 m have been returned from
depths of up to 110 m below surface.
    The Alimak Raise zone is somewhat discontinuous with variable gold
grades. Of the twenty holes re-interpreted as having intersected this
structure, five returned anomalous values greater than 1 g/t gold, with a
maximum value of 3.05 g/t Au/0.49 m returned from AK-05-08 (153.55-154.04 m).
This drilling indicates a near-surface strike-length of the Alimak Raise zone
of at least 250 m. The down-plunge drilling returned anomalous gold values up
to 105 m below surface (Figure
1(http://www.goldenbandresources.com/03-02-09-fig1.cfm)).
    Drillhole AK-15-08 intersected a significant interval further to the
southeast than either the Alimak or Alimak Raise Zone (Figure
1(http://www.goldenbandresources.com/03-02-09-fig1.cfm)), consisting of a 7 mm
wide zone with approximately 1% visible gold grains that are hosted within
sheared volcanic rocks. This may represent an additional zone sub-parallel to
the Alimak Zone. A metallic screen assay value of 682 g/t Au/0.30 m
(74.82-75.12 m) was returned from this sample by metallic screen assay; a fire
assay done on this sample returned a value of 1,210 g/t Au/0.3 m for an
average value of 946 g/t Au/0.30 m.
    The successful intersecting of both the Alimak and the Alimak Raise zone
beyond what was known from the historic drilling is very encouraging,
especially in light of the continuity of mineralization observed at depth
(refer to Figure 1(http://www.goldenbandresources.com/03-02-09-fig1.cfm),
drillholes AK-12-08, AK-16-08 and AK-17-08). Additional drilling will be
required to increase the confidence in this mineralization, to test for
additional high-grade mineralization in the vicinity of the visible gold
intersection in AK-15-08, and to define a potential mineral resource.
    The standard fire assay and metallic screen assay results for all
drillholes completed during the 2008 fall diamond drilling program at the
Jolu/Alimak deposit are summarized in Table
1(http://www.goldenbandresources.com/03-02-09-table1.cfm). All assay intervals
reported are as measured along the core axis and may not represent true
lengths. Results are presented as aggregate, length-weighted averages greater
than 1.0 g/t Au. A longitudinal section with pierce point intersections of
significant drillholes is shown in Figure
1(http://www.goldenbandresources.com/03-02-09-fig1.cfm). The locations of all
the drillhole collars in map view are shown in Figure
2(http://www.goldenbandresources.com/03-02-09-fig2.cfm).

    Decade Gold Deposit:

    Ten NQ diameter diamond-drill holes totalling 1,414.3 m were completed
along the margins of the former Decade gold deposit, which is located 325
metres northeast of the Jolu mill (Figure
4(http://www.goldenbandresources.com/03-02-09-fig4.cfm)). Seven drillholes
were completed to test for the western, down-plunge extension of the three
gold-bearing zones (Decade, Roberts, North) which comprise the Decade gold
mineralization (refer to previous news releases dated February 7 and March 11,
2008). Three drillholes were completed to test for the extension of the
Hangingwall (HW) zone gold mineralization identified by Golden Band during its
November 2007 drilling program (refer to previous news release dated February
7, 2008).
    The standard fire assay and metallic screen assay results for these
drillholes are summarized in Table
2(http://www.goldenbandresources.com/03-02-09-table2.cfm ) on the Company
website for a complete listing of the significant assay results. All assay
intervals reported are as measured along the core axis and may not represent
true lengths. Results are presented as aggregate, length-weighted averages
greater than 1 g/t Au. An updated longitudinal section with pierce point
intersections is shown in Figure
3(http://www.goldenbandresources.com/03-02-09-fig3.cfm). The locations of all
the drillhole collars are shown in map view in Figure
4(http://www.goldenbandresources.com/03-02-09-fig4.cfm).
    The seven holes (DC-30-08 through DC-35-08, DC-39-08) testing for the
down-plunge, western extension of the Decade gold mineralization intersected
structural features believed to be the extensions of those seen further to the
east. However, no significant gold values were returned from any of the holes.
Historic drilling at Decade indicates economic gold values as far west as the
1800E profile (Figure 3
(http://www.goldenbandresources.com/03-02-09-fig3.cfm)), while the fall 2008
drilling was carried out between 1700E and 1750E.
    The HW zone drilling met with limited success. Both DC-36-08 and DC-37-08
intersected intervals with tourmaline and minor sulphide mineralization much
earlier than anticipated in the drillholes, which may suggest a different
orientation for the HW structure than previously interpreted. DC-38-08
intersected a narrow zone of massive tourmaline with sulphide mineralization
at the appropriate depth to be part of the HW zone as seen in drillholes
DC-04-07, DC-06-07 and DC-07-07. It is unclear whether the intersections in
DC-36-08 and DC-37-08 represent a change in the orientation of the HW zone or
a new structure (such as a second HW zone). Only the intersection in DC-36-08
returned potentially economic gold values, with a metallic screen assay result
of 7.94 g/t Au/0.50 m, from a tourmaline-rich quartz vein with minor visible
gold.
    This program tested whether or not the high-grade gold mineralization at
the former producing Decade gold mine has a shallow plunge. Follow-up work is
required to test whether the high-grade gold mineralization has a steeper
plunge.

    QA/QC

    The 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 and utilization of a 50g standard fire assay charge. The final
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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