Golden Band Resources Announces Interim Financing for La Ronge Gold Project



    GBN: TSX Venture Exchange

    SASKATOON, April 27 /CNW/ - Golden Band Resources Inc. ("Golden Band" or
the "Company") (GBN: TSXV) announced today that it will complete a
non-brokered private placement of up to 20,000,000 units (the "Units") at a
price of $0.20 per Unit for gross proceeds of up to $4,000,000 (the
"Offering"). Each Unit shall consist of one common share in the Company
("Share") and one half common share purchase warrant of the Company
("Warrant") exercisable for a period of 12 months from closing. Two Warrants
shall be exercisable into one common share of the Company at $0.28 per share.
The proceeds of the sale of the Units will be used as interim financing for
the Company's development-related work in connection with its plans to start
gold production on the La Ronge Gold Project, and for general working capital.
For the Company to achieve its target production date, work on certain long
lead items must commence immediately.
    Discussions are underway with several parties to secure the production
financing. The receipt of a financing may depend upon the Company receiving
Provincial environmental assessment approval. As previously reported (see news
release of April 3, 2009), the Company is in the final stage of the Provincial
environmental assessment process and anticipates that the project will receive
Ministerial approval during May 2009. With that approval the Company would be
in a position to apply for all required Provincial construction and
operational permits and licenses. Discussions are also proceeding with the
Kitsaki-Procon Joint Venture on their continued participation in the project
based on the agreement reached with it in 2007 (see news release of September
19, 2007). Kitsaki-Procon is offering participation in underground and open
pit development and mining, mill refurbishment and operations, ore haulage and
road maintenance, and camp accommodation and catering. Grid power for the
project is expected to have a very positive impact on the cost of long term
production, and, overall, significant improvements are anticipated in the cost
and timing of the project due to the current economic downturn. Brush clearing
for the grid power transmission line is currently underway.
    The Company announced a positive pre-feasibility study on January 20,
2009 that defined an initial four-year project from three of the Company's
existing twelve gold deposits and using the Company's permitted Jolu mill,
with a pre-production capital cost of $26,000,000. Golden Band has established
as its business plan, a target of increasing its known reserves and resources
to sustain gold production at a minimum of 75,000 ounces per year for ten
years.
    Golden Band will pay a cash fee of up to seven per cent (7%) of the gross
proceeds of this private placement raised by finders and issue
non-transferable half warrants ("Finder's Warrants") equal to seven per cent
(7%) of the Units sold pursuant to the efforts of finders. Two Finder's
Warrants will be exercisable to acquire one common share at $0.28 expiring 12
months after the closing date. Certain directors and officers of the Company
are expected to participate in the offering on the terms set forth above and
such participation has been approved by the independent directors of the
Company. The Company is relying upon an exemption from the related party
requirements of OSC Rule 61-501. The securities offered hereby will be subject
to a four-month plus one-day hold period from the closing date in accordance
with applicable securities laws. The Company anticipates closing of the
Offering as soon as practicable subject to receipt of all necessary regulatory
and TSX Venture Exchange ("TSXV") approvals.

    
    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 disclaims
any intent and 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.

    
    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




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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Golden Band Resources Inc.

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