Golden Band Resources Agrees to USD$7 Million Gold Note Financing and
Launches Cdn$5 Million Flow-Through Private Placement

GBN: TSX Venture Exchange

SASKATOON, SK, June 22 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (GBN: TSXV) is pleased to announce that Sprott Asset Management LP, for and on behalf of certain managed accounts and funds ("Sprott"), has agreed to provide USD$7,000,000 in senior secured financing to assist with the development of the Company's La Ronge Gold Project (the "Senior Financing").

The Senior Financing will consist of USD$7,000,000 in senior secured gold notes (the "Notes"). As part of the Senior Financing, the Company will issue to Sprott an aggregate of 3,000,000 share purchase warrants (the "Warrants").

The Notes are secured by a first ranking charge over all assets of the Company and will be repaid through monthly cash repayments on a notional amount of 8,235 ounces of gold. Monthly repayments will begin on January 31, 2011 and be equal to the cash equivalent value (using spot prices) of the lesser of 900 ounces of gold, or any remaining portion thereof outstanding and continue on the last business day of each month until the Notes have been fully repaid. It is intended that the Notes be fully repaid on or before October 31, 2011, and, in any event, no later than December 31, 2011.

Each Warrant will be exercisable into one common share in the capital of the Company (a "Common Share") for a period of three years after closing (the "Term"). The exercise price will be set at Cdn$0.40 per Common Share during the first year of the Term and Cdn$0.50 per Common Share during the last two years of the Term.

The Company will also pay a USD$100,000 structuring fee in connection with the Senior Financing.

Golden Band also announces that it has also launched a non-brokered private-placement offerings of flow-through Common Shares and equity common shares to raise gross proceeds of Cdn$5 million to Cdn$7 million (the "Share Offerings"). Pricings of the Share Offerings have yet to be determined and will be announced at a later date.

The closing of the Senior Financing is conditional on raising a minimum of $Cdn5 million on the successful completion of the Offerings, both of which are expected to close on or about July 15, 2010, subject to receipt of all necessary regulatory approval, including approval of the TSX Venture Exchange, subject only to the usual conditions.

The Notes, the Common Shares, the Warrants and the Common Shares issuable upon exercise of the Warrants will be subject to a hold period of four months and one day from the date of closing.

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 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 twelve known gold deposits, four former producing gold mines, and the licensed Jolu 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 Bingo, Komis, EP, and Golden Heart gold deposits, with processing at the 100%-owned Jolu mill. 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.,

"Ronald K. Netolitzky"

Ronald K. Netolitzky, Executive Chairman

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 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 planned development, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of potential financing, development and exploration activities generally, the timing and results of future resource estimates, 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.

%SEDAR: 00007862E

SOURCE Golden Band Resources Inc.

For further information: For further information: Gary Haywood, P.Eng., COO, Golden Band Resources Inc., Phone: 306 955 0787 x7124, 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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