Golden Band Resources: EIS submitted for La Ronge Gold Project



    GBN: TSX Venture Exchange

    SASKATOON, Oct. 9 /CNW/ - Golden Band Resources Inc. (GBN: TSXV)
announced today that it has submitted the Environmental Impact Statement (EIS)
for its La Ronge Gold Project in northern Saskatchewan. With this milestone,
Golden Band is another step closer on its stated path to achieving gold
production. It is expected by the Company that the provincial Environmental
Assessment process will be completed by spring 2009 which will allow for the
planned start of gold production from the Bingo, Komis, and EP mines in late
2009.
    Gary Haywood, Company VP of Operations and COO, noted that "We have
achieved another significant milestone in our plan to put the La Ronge gold
project into commercial production. The process of completing an Environmental
Assessment for this type of operation with a central mill facility and three
satellite mining operations is not a simple task given the areas of influence
and the many aspects that need to be addressed for both environmental and
socio-economic impacts. I believe we have put together an EIS that addresses
the requirements for environmental stewardship and good neighbour practices
with impact communities and traditional land users."
    Rodney Orr, President and CEO, noted "The successful submission of the
EIS further demonstrates our strong commitment to persevere through adversity
and to become a gold producer - notwithstanding the challenges and delays such
as were presented to us by the Fisheries and Oceans Canada during the
preparation of the EIS. Similarly, we have to proceed within the constraints
the financial markets are presenting, but I believe that sitting back and
doing little or no work to advance our goals is not what our shareholders,
directors, and employees want to see how their investments are being used.
Golden Band remains resolute in the execution of our plans to see us producing
gold in 2009."
    The Company is also advancing well on other fronts. The preparation is
progressing well for the full prefeasibility study (see news release of
September 10, 2008). This prefeasibility is based on the positive expanded
Preliminary Economic Assessment that was announced in February 2008 (see news
release of February 26, 2008) and includes the first four years of operations
using mill feed from the Bingo, Komis, and EP gold deposits. The
prefeasibility study is expected to be completed by the independent
consultants by end of October 2008. The current $3 million exploration
program's objective of confirming extended mine life opportunity and
increasing our resource base is progressing very well (see news release of
August 6 and September 10, 2008).
    With respect to the environmental assessment process going forward, the
regulators will now review the EIS and prepare Technical Review Comments. Once
the EIS is considered technically complete by the province the public will be
given the opportunity to comment on the EIS prior to the Minister's decision
on the project. Based on the Province's Guide to the Environmental Assessment
Process, it is anticipated that it will take at least four to six months to
complete. It could therefore be April 2009 before the Saskatchewan Minister of
Environment may be in a position to make a determination that will allow a
production decision and actual start date to be made. As part of the EIS
process, Fisheries and Oceans Canada (DFO) is requiring the Company to
negotiate a habitat compensation agreement for the loss of fish habitat in the
Mallard Tailings Management Facility. It is the Company's assessment that the
TMF represents a negligible habitat as a fisheries resource. The Company has,
nonetheless, presented a plan that it believes is more than commensurate with
the fish habitat that the tailings facility represents. Discussions continue
with DFO to achieve a reasonable agreement.

    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 expanded Preliminary Economic Assessment (scoping
study) on February 26, 2008 (filed on SEDAR on April 10, 2008). 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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