GBN: TSX Venture Exchange
SASKATOON, April 16 /CNW/ - Golden Band Resources Inc. ("Golden Band" or the "Company") (GBN: TSXV) is pleased to announce that it has completed the buy back of the 8% participating interest in the Bingo, Alimak/Decade, and RKN properties held by Virginia Energy Resources Inc. (formerly Santoy Resources Ltd.) (see previous news release of April 9, 2010). Golden Band once again holds a 100% interest in these properties.
Under the terms of the agreement, Golden Band paid to Virginia Energy a cash payment of $750,000 and issued to Virginia Energy a total of 7,500,000 common shares in the capital of Golden Band. The common shares will be held in escrow pending release on a quarterly basis, beginning November 1, 2010.
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 (TSXV: GBN) whose focus is the long-term, systematic exploration and development of its largely 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 development and production from 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
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 release of the common shares issued in connection with the transaction described herein 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.
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: firstname.lastname@example.org, www.goldenbandresources.com; Wani Capital Corp., Raju Wani, (403) 240-0555, Email: email@example.com, www.goldenbandresources.com