Golden Band Resources Receives Positive Pre-Feasibility Study on La Ronge Gold Project



    SASKATOON, Jan. 20 /CNW/ - Golden Band Resources Inc. (Golden Band or the
Company; GBN: TSX-V) is pleased to announce today that an independent
Pre-Feasibility Study (PFS) has been completed on the Company's La Ronge Gold
Project (the Project) in northern Saskatchewan by P&E Mining Consultants Inc.
(P&E). P&E has concluded that the operating plan for the four-year project
described in the PFS is economically viable based on the open pit mining of
the Komis and EP gold deposits, underground mining of the Bingo gold deposit,
and using the Company's existing Jolu mill. This PFS follows the Company's
positive Updated and Expanded Preliminary Economic Assessment (PEA; see news
release of February 26, 2008) and the positive initial Preliminary Economic
Assessment (Scoping Study; see news release of April 19, 2007).
    Rodney Orr, Golden Band's President and CEO stated, "Golden Band is very
pleased with the robust results of our Pre-Feasibility Study. With this, we
are continuing to move aggressively towards the delivery of our business plan
to achieve gold production in 2009. Our environmental permitting process is
well advanced and we expect to commence construction once our permits are in
place in late spring - all aimed for an expected start of gold production in
late 2009.
    The PFS is based only on Proven and Probable Mineral Reserves that define
an initial four-year project life. The April 2008 PEA had included Inferred
Mineral Resources that sustained an eight-year project but inferred category
resources cannot be used at the pre-feasibility study stage. Our business plan
will provide for definition drilling to move resource category material into
the reserve category as the initial Project advances."

    
    Pre-Feasibility Study Highlights

    -   Proven Mineral Reserves totalling 80,000 tonnes @ 7.27 g/t gold
        for 18,700 gold ounces and total Probable Mineral Reserves of
        682,000 tonnes @ 6.09 g/t gold for 133,600 gold ounces.

    -   Total production of 141,400 ounces of gold over a four-year total
        project life, including a pre-production period of four months.

    -   Robust project economics for a four-year project, underpinned by
        mining of the high-grade Bingo deposit; excellent accessibility to
        grid power, water, labour and provincial highways; and good existing
        infrastructure.

    -   Base Case Net Present Value (NPV) after taxes and royalties of
        $8.5 million (using a 7% discount rate), for an Internal Rate of
        Return (IRR) of 24.9%.

    -   Pre-production capital cost of C$26.0 million with a total capital
        cost of C$32.1 million over the project life and a capital payback
        period of two years.
    

    "This study provides a firm basis for Golden Band to continue moving
towards a production decision. Although the Pre-Feasibility Study only
represents the initial four years of the project, we remain committed to a
longer-term plan for the La Ronge Gold belt. It is not unusual to have
reserves for the initial commencement of production and also have a large
pipeline of resources that will continue to be advanced for future production.
This was demonstrated in the updated PEA presented in April 2008," stated Gary
Haywood, VP Operations and COO.
    The summary of the PFS base case (after taxes and depreciation) and a
comparison to the updated PEA (before taxes) are provided in Table 1. Please
note that, as required under National Instrument 43-101 (NI 43-101), the PEA
includes Inferred category mineral resources, while the PFS includes only
reserve category ounces. It is for this reason that the PFS project is based
on a four-year duration, while the PEA was based on an eight-year project. All
currency amounts are in Canadian dollars except as otherwise indicated.

    
       Table 1: Comparison of 2009 PFS Base-Case and 2008 PEA Base Case
                 Golden Band Resources: La Ronge Gold Project

    -------------------------------------------------------------------------
                                            PFS Base Case   April 2008 PEA(1)
                                              (Four Years)    (Eight Years)
                                              After Tax &     Before Tax and
                                              Depreciation     Depreciation
    -------------------------------------------------------------------------
    Gold Price (by years)         US$/ounce   Y1-Y2: $825       Y1-Y4: $680
                                            ---------------------------------
                                              Y3-Y4: $775       Y5-Y8: $609
    -------------------------------------------------------------------------
    Exchange Rate                    US$:C$   Y1-Y2: 0.85
                                            -------------------     0.91
                                              Y3-Y4: 0.90
    -------------------------------------------------------------------------
    Internal Rate of Return (IRR)                 24.9%             20.6%
    -------------------------------------------------------------------------
    Total Recovered Ounces Gold                141,400(2)        303,400(3)
    -------------------------------------------------------------------------
    Average Mine Recovered Grade   g/t gold       6.21              4.45
    -------------------------------------------------------------------------
    Net Present Value (NPV)
     @ 7% discount rate                   $8.5 million      $11.1 million
    -------------------------------------------------------------------------
    Cash Flow (non-discounted)              $14.4 million      $23.1 million
    -------------------------------------------------------------------------
    Payback                          years         2.0               1.9
    -------------------------------------------------------------------------
    Operating Cost           per ore tonne       $111.87            $67.20
                            -------------------------------------------------
                                 per ounce        US$528            US$427
    -------------------------------------------------------------------------
    Pre-Production Capital Cost             $26.0 million      $28.7 million
    -------------------------------------------------------------------------
    Total Capital Cost                      $32.1 million      $51.5 million
    -------------------------------------------------------------------------

    (1) PEA financial analysis on a pre-tax basis.
    (2) PFS includes only NI 43-101 Reserve Category gold.
    (3) PEA includes NI 43-101 Measured + Indicated and
        Inferred category gold.
        All currency amounts are in Canadian dollars except as
        otherwise indicated.
    

    The PFS is authored by P&E Mining Consultants Inc. of Brampton, Ontario
with input from Wardrop Engineering Inc. of Saskatoon, Saskatchewan (Capital
Cost Estimate Section, Geotechnical Section), and Clifton Associates Ltd. of
Regina, Saskatchewan (Project Infrastructure and Capital Cost Estimate
Section). The NI 43-101 PFS technical report will be filed by the Company on
SEDAR (www.sedar.com) and Golden Band's website at
(www.goldenbandresources.com) within 45 days of the date of this news release.

    Project Economics

    The PFS base case is conservatively evaluated on a gold price of
US$825/oz (18-month trailing average as of November 30, 2008) for years one
and two, and at US$775/oz (the 24-month trailing average as of November 30,
2008) for years three and four. The US$:C$ exchange rate used in the updated
study is 0.85 for years one and two and 0.90 for years three and four. All
dollar amounts are Canadian dollars unless otherwise indicated.
    The Project was evaluated in the PFS on an after-tax cash flow basis and
generates a net cash flow of $14.4 million after tax. This results in an after
tax IRR of 24.9% and an after-tax NPV of $8.5 million when using a 7% discount
rate. In the base case scenario, the project has a payback period of 2.0
years. Table 2 shows the NPV of the PFS base case at various discount rates.

    
         Table 2: Pre-Feasibility Study Net Present Value at Various
                               Discount Rates
                 Golden Band Resources: La Ronge Gold Project

    -------------------------------------------------------------------------
    Discount Rate            0%             5%             7%            10%
    -------------------------------------------------------------------------
    NPV                  $14.4M         $10.0M          $8.5M         $6.5M
    -------------------------------------------------------------------------
    

    The pre-production capital expenditures of the project are estimated in
the PFS at $26.0 million. The total estimated life-of-mine capital expenditure
for the project is $32.1 million. This includes costs for the pre-stripping of
open pit mines at Komis and EP; pre-production development work for the Bingo
underground mine; increasing the Jolu mill's capacity from 500 tonnes per day
(tpd) to 700 tpd; and construction of key infrastructure such as offices,
workshops, 25kV grid power line to the Jolu mill, and a workforce
accommodation facility at the Jolu mill site.
    Based on the four-year project, the PFS estimates the total operating
costs for the Project are calculated at $111.87 per ore tonne processed or
US$528 per recovered ounce of gold. The higher costs for the four-year project
in the PFS when compared to the eight-year project in the earlier PEA are the
result of the project having a higher average pit strip ratio, higher average
mining costs and a shorter mine life.
    In addition to the PFS base case, P&E also calculated sensitivity
scenarios to evaluate the La Ronge Gold Project's potential at gold prices and
dollar exchange rates that reflect their potential volatility and upside
potential. With all other economic and technical factors left unchanged, the
first scenario assumes a constant gold price of US$800 per ounce over the
project life, the second uses US$900 per ounce over the project life, and
finally $US1,000 per ounce over the project life. In all three cases, a
further evaluation was carried at three exchange rates, being 0.80, 0.85 and
0.90.

    
           Table 3: Pre-Feasibility Study Price of Gold Scenarios
                 Golden Band Resources: La Ronge Gold Project

    ----------------------------------------------------------------------
    Exchange Rate  IRR                    NPV                    Payback
    ----------------------------------------------------------------------
    US$:C$           %    @ 0%  @ 5%  @ 7%  @ 10%     Years
    ----------------------------------------------------------------------
                                Scenario 1: US$800/oz

    .80          34.2%     $20.2M   $15.0M   $13.2M    $10.8M      1.70
    ----------------------------------------------------------------------
    .85          23.0%     $14.3M    $9.7M    $8.1M     $6.1M      2.32
    ----------------------------------------------------------------------
    .90          11.7%      $7.5M    $3.7M    $2.4M     $0.8M      3.03
    ----------------------------------------------------------------------
                                Scenario 2: US$900/oz

    .80          58.9%     $32.7M   $26.0M   $23.7M    $20.7M      0.94
    ----------------------------------------------------------------------
    .85          45.7%     $26.1M   $20.2M   $18.2M    $15.5M      1.27
    ----------------------------------------------------------------------
    .90          34.3%     $20.3M   $15.0M   $13.2M    $10.9M      1.70
    ----------------------------------------------------------------------
                                Scenario 3: US$1,000/oz

    .80          81.6%     $44.8M   $36.6M   $33.8M    $30.0M      0.77
    ----------------------------------------------------------------------
    .85          68.4%     $37.8M   $30.5M   $28.0M    $24.6M      0.86
    ----------------------------------------------------------------------
    .90          56.1%     $31.4M   $24.8M   $22.6M    $19.6M      0.97
    ----------------------------------------------------------------------
    

    The $8.5 million base case NPV, at a 7% discount rate, was evaluated for
changes in the value of the following items: $Cdn/$US exchange rate; gold
metal price; gold head grade; gold metallurgical recovery; operating costs;
and capital costs.
    This base case NPV is most sensitive to the $Cdn/$US exchange rate,
followed by the price of gold and metallurgical recoveries. The following
spider graph summarizes the results of this sensitivity analysis (Figure 1).
    To view Figure 1 please visit: 
www.goldenbandresources.com/html/news/press_releases/jan2009_graph/index.cfm

    Gold Resources and Reserves

    Since the April 2008 PEA, the Bingo, Komis, and EP Measured and Indicated
Resource category gold ounces have increased by 25% and the Inferred Resource
category gold ounces have decreased by 62% through conversion from the
Inferred Resource to Measured and Indicated Resource categories. This
reduction in Inferred Resource category ounces reflects the successful
drilling programs completed at the Bingo and EP deposits to upgrade resources
to Measured and Indicated status which are then available to be converted into
reserves (NI 43-101 does not permit Inferred Resources to be used in a
pre-feasibility-level study).
    An independent initial resource estimate of the Komis open pit resource
was prepared by A.C.A. Howe International Limited (announced on April 6,
2005), while the initial Bingo underground and EP open pit resource estimates
were prepared by GeoSim Services Inc. (announced on June 29, 2006, April 11,
2006 respectively).
    Updates of the gold resource estimates at Bingo and EP were conducted by
Golden Band and P&E respectively (announced in press releases on November 5,
2008 and December 4, 2008 respectively). Table 4 summarizes the gold resources
that became the basis for the PFS reserve determination.

    
    -------------------------------------------------------------------------
             Table 4: Classification of Gold Resource Estimates
                 Golden Band Resources: La Ronge Gold Project
    -------------------------------------------------------------------------
    Deposit     Resource Category        Tonnes       Gold (g/t)   Gold (oz)
    -------------------------------------------------------------------------
    Bingo(1)    Measured                 33,000          12.19       12,900
               --------------------------------------------------------------
                Indicated               116,000          14.56       54,200
               --------------------------------------------------------------
                Measured + Indicated    149,000          14.04       67,100
               --------------------------------------------------------------
                Inferred                 42,000          14.75       20,000
    -------------------------------------------------------------------------
    Komis       Measured                 53,000           4.35        7,400
               --------------------------------------------------------------
                Indicated               563,000           4.34       78,600
               --------------------------------------------------------------
                Measured + Indicated    616,000           4.34       86,000
               --------------------------------------------------------------
                Inferred                 16,000           3.33        1,700
    -------------------------------------------------------------------------
    EP          Indicated               102,000           3.81       12,500
    -------------------------------------------------------------------------
    Total       Measured                 86,000           7.36       20,300
               --------------------------------------------------------------
                Indicated               781,000           5.79      145,400
               --------------------------------------------------------------
                Measured + Indicated    867,000           5.94      165,700
               --------------------------------------------------------------
                Inferred                 58,000          11.60       21,600
    -------------------------------------------------------------------------

    (1) The Bingo deposit resources do not include drilling results announced
        on November 26, 2008.

    Note : Mineral resources which are not mineral reserves do not have
    demonstrated economic viability. The estimate of mineral resources
    may be materially affected by environmental, permitting, legal, title,
    taxation, socio-political, marketing, or other relevant issues.

    The quantity and grade of reported inferred resources in this estimation
    are uncertain in nature and there has been insufficient exploration to
    define these inferred resources as an indicated or measured mineral
    resource and it is uncertain if further exploration will result in
    upgrading them to an indicated or measured mineral resource category.

    The mineral resources in this press release were estimated using the
    Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
    Standards on Mineral Resources and Reserves, Definitions and Guidelines
    prepared by the CIM Standing Committee on Reserve Definitions and adopted
    by CIM Council December 11, 2005.
    

    The gold reserves at Komis and EP were determined by P&E via Whittle 4X
pit optimizations and subsequent open pit designs. The Bingo gold reserve was
determined by P&E subsequent to an underground development and stoping design
based on long-hole sublevel stoping and a small, shallow (15m) open pit mine
design.
    The following operational gold cut-off grades were established for the
reserve determination in the PFS depending on the size and nature of the
operation (Table 5). These operational cut-off grades differ marginally from
the design cut-off grades applied in the resource definitions.

    
    -------------------------------------------------------------------------
                    Table 5: PFS Base Case Mining Factors
                 Golden Band Resources: La Ronge Gold Project
    -------------------------------------------------------------------------
                                  Mine:     Bingo        Komis         EP
                                         Underground    Open Pit    Open Pit
    -------------------------------------------------------------------------
    Mining Rate (ore & waste)      tpd           425       5,850     2,400
    -------------------------------------------------------------------------
    Milling Rate                   tpd           350         520        45(2)
    -------------------------------------------------------------------------
    Waste/Ore Ratio                                       10.6:1    17.6:1
    -------------------------------------------------------------------------
    Mining Cost/Tonne Ore(1)       $/t       $124.19      $55.97    $40.24
    -------------------------------------------------------------------------
    Ore Transportation
     to Mill Cost                  $/t        $11.90      $11.13    $11.13
    -------------------------------------------------------------------------
    Milling Cost                   $/t        $32.94      $32.94    $32.94
    -------------------------------------------------------------------------
    General & Administration       $/t         $3.95       $5.44     $4.34
    -------------------------------------------------------------------------
    Process Plant Recovery           %         95.9%       90.3%     97.3%
    -------------------------------------------------------------------------
    Gold Cut-Off Grade(*)       g/t Au          5.78        3.88      2.92
    -------------------------------------------------------------------------
    Operating Cut-Off Grade(3)  g/t Au          4.70        1.63      1.59
    -------------------------------------------------------------------------

    Note:  (1) Includes sustaining capital and operating costs.
           (2) Blended from stockpile over a 3-year period.
           (3) Result includes mining, haulage, processing and G&A, and
               excludes sustaining capital.

    Based on the design cut-off grades, P&E calculated the following reserve
estimates by classification into proven and probable categories (Table 6).

    -------------------------------------------------------------------------
                   Table 6: Classification of Gold Reserves
                 Golden Band Resources: La Ronge Gold Project
    -------------------------------------------------------------------------
    Deposit      Classification       Tonnes      Gold (g/t)      Gold (oz)
    -------------------------------------------------------------------------
    Bingo        Proven               28,000         12.55          11,300
                -------------------------------------------------------------
                 Probable             99,000         14.96          47,600
                -------------------------------------------------------------
                 Proven & Probable   127,000         14.43          58,900
    -------------------------------------------------------------------------
    Komis        Proven               52,000          4.43           7,400
                -------------------------------------------------------------
                 Probable            532,000          4.50          77,000
                -------------------------------------------------------------
                 Proven & Probable   584,000          4.49          84,400
    -------------------------------------------------------------------------
    EP           Probable             51,000          5.51           9,000
    -------------------------------------------------------------------------
    Total        Proven               80,000          7.27          18,700
                -------------------------------------------------------------
                 Probable            682,000          6.09         133,600
                -------------------------------------------------------------
                 Proven & Probable   762,000          6.21         152,300
    -------------------------------------------------------------------------

    Note : The mineral reserves in this news release were estimated using the
    Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
    Standards on Mineral Resources and Reserves, Definitions and Guidelines
    prepared by the CIM Standing Committee on Reserve Definitions and adopted
    by CIM Council, December 11, 2005.
    

    Mining

    Bingo deposit: Underground and open pit mining of the Bingo gold deposit
is planned. A small open pit will extract the top 15 metres of the deposit
using a local contract mining service that has supplied Golden Band with a
quote based on the mine plan. The underground mining was evaluated using
long-hole sublevel open stope mining with development on ore, and ore
extraction with 3.5-tonne capacity loaders and 26-tonne capacity trucks
through a decline access. Underground mining at Bingo is planned as a contract
mining operation using an internationally experienced mining contractor that
has supplied Golden Band with quotes based on the development and stoping
plan. It is expected that the small open pit will be mined during the
pre-production phase concurrent with underground pre-production development.
Underground stoping is expected to be completed within 12 months of
commencement of mining operations.

    Komis and EP deposits: Mining of the Komis and EP gold deposits is
planned as conventional drill and blast open pit operations using an 85-tonne
class excavator in conjunction with a 4.6m(3) front-end loader, and a haulage
fleet of up to three 54-tonne off-highway rear-dump trucks. Mining was
evaluated on an owner-operator basis with contracted maintenance services and
rental of the major pieces of mining equipment. The open pit mining costs were
based on quotes received from an international equipment rental company. A
three-month pre-production period is planned to remove overburden. In order to
facilitate blending of EP ore over the life of the project, concurrent mining
of the Komis and EP deposits will occur. It is anticipated that the ore
production phase of the EP pit will be completed within 12 months of
commencement of production and that the ore will be partially stockpiled at
the EP site. The stockpiled EP ore will be transported to the Jolu gold mill,
for process blending, over the three-year processing period.
    Production from the Komis, EP, and Bingo mining operations is expected to
deliver 762,000 tonnes of ore to the Company's Jolu mill facility over the
life of the project.

    Ore Transportation

    The Jolu gold mill and tailings management facility are centrally located
75 kilometres by provincial highway southwest of the Komis/EP deposits, and 51
kilometres northeast by highway of the Bingo deposit. Golden Band has received
quotes from a local haulage contractor to provide ore transportation services
based on the mine plan.

    Ore Processing

    As part of the development plans, the existing 500 tpd Jolu gold mill
will be refurbished and upgraded to process up to 700 tpd for the period of
operation as indicated in the PFS. The mill's process flow sheet uses
conventional crushing, grinding, gravity separation, and cyanide leaching with
carbon in pulp to produce doré gold bars. Process improvements contained in
the PFS include upgrades in the gravity circuit by installing an intensive
leach reactor, upgrades in water and effluent treatment, and upgrades to plant
process control and instrumentation.
    The Jolu mill is expected to recover 141,400 gold ounces over the initial
four-year life of the project described in the PFS. Average metallurgical
recovery for gold is expected to be 93% based on the test work by SGS
Lakefield Research Ltd and Knelson Gravity Solutions completed to date. The
project benefits significantly from the high-grade Bingo deposit
reserve-category ore that is processed in the first year of operation.
Tailings from the milling process will initially be deposited in a newly
constructed Jolu Above Ground Tailings Management Facility, with subsequent
deposition in the Company's existing Mallard Tailings Management Facility
(TMF). This two-phase tailings management plan is necessary due to the federal
regulatory permitting requirements of the Mallard TMF that will extend beyond
the provincial permitting period (see previous news release of June 24, 2008).

    Infrastructure

    The Project is located in the La Ronge Gold Belt, a historic gold mining
region of northern Saskatchewan. All operating sites are located in close
proximity to regional infrastructure including year-round provincial highway
access, water, power, and communications. Included in the PFS is a proposal by
SaskPower to supply 25kV grid power to the Jolu mill.
    The Company has planned for the construction of a permanent camp facility
at the Jolu site with contracted catering services. The mining operations are
located close to existing communities and Golden Band has received a proposal
and quotes from a recognized catering company to supply camp and catering
services for the workforce.

    Environmental and Social Aspects

    Golden Band has completed an environmental assessment of the potential
environmental impacts in support of the Environmental Impact Statement (EIS)
that has been submitted to the Saskatchewan Ministry of Environment and the
Canadian Environmental Assessment Agency. The EIS is undergoing technical
review as part of the harmonized Provincial and Federal Environmental
Assessment process.
    The Company has signed a Memorandum of Understanding (MoU) with the Lac
La Ronge Indian Band (LLRIB or the Band) on whose traditional lands the
project is located (see previous news release of September 19, 2007). Under
the MoU, Golden Band has committed to work with the Band to establish a broad
business relationship that will have mutual benefits. The Company has also
signed a General Services Agreement with Kitsaki Management Limited
Partnership to ensure that business and employment opportunities are available
to the LLRIB members for Golden Band's exploration and development projects
(see previous news release of September 19, 2007).

    Conclusions and Recommendations

    P&E concludes in the PFS that Golden Band's La Ronge Gold Project
operating plan, based on reserves for the Komis, EP and Bingo gold deposits,
and using the Jolu mill, has a realistic potential for economic viability.
Assuming the project can be brought into production by late 2009, the
possibility for significantly higher economic returns above the base case
scenario exists if current rising gold prices continue, particularly during
the first two years of the project. The project's overall attractiveness is
also supported by the significant amount of additional resources owned and/or
controlled by Golden Band in the area and the central location of the Jolu
mill as a potential regional milling centre. These additional resources could
allow the extension of the project well beyond the pre-feasibility study's
initial four-year project at a low additional cost.
    The base case NPV is most sensitive to the $Cdn/$US exchange rate
followed by the gold price and metallurgical recoveries.
    Due to the complex nature of the project with operations in multiple
sites, strict cost management and low-cost approaches are recommended by P&E
that include owner-operation solutions, rental of capital equipment, and
utilization of used equipment.
    P&E has made several other recommendations in the PFS. Golden Band should
develop its La Ronge Gold Project according to the mine production plan and
schedule in the PFS. Continued exploration programs should maintain the focus
on expanding the existing resources to develop potential mill feed beyond the
initial four-year mine life of the project. The near-term focus for the
Company should include a plan to expand the resources at the high-grade Bingo
deposit and to continue to convert these resources into gold reserves. The
ability of the Company to extend the life of mine at the Bingo deposit will
have a significant positive effect on the overall economics of the La Ronge
Gold Project. Exploration in areas within the existing or planned
transportation routes such as the Jolu-Tower East haulage corridor is also
highly recommended.
    Eugene Puritch, P.Eng., Alfred Hayden, P.Eng., James Pearson, P.Eng., and
Alexander Partsch, P.Eng., (all of P&E Mining Consultants Inc.); Ronald G.
Simpson, P.Geo., (principal of Geosim Services Ltd.); Stan Kotowski, P.Eng.
(Wardrop Engineering Inc.); and Wayne Clifton, P.Eng. (Clifton Associates
Ltd.) are independent Qualified Persons responsible for the PFS. Mr. Puritch
has reviewed and approved the contents of this news release.
    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 Chief
Operating Officer, who serves as the Company's Qualified Person (QP) under the
definitions of National Instrument 43-101. Frank Hrdy, P.Geo., Golden Band's
VP Exploration who serves as the Qualified Person (QP) for Golden Band under
the definitions of National Instrument 43-101 is responsible for the update of
the resource estimate for the Bingo deposit.
    Golden Band interprets the results of the PFS as a very encouraging step
in its strategy to bring the La Ronge Gold Project to an early production
start so as to benefit from the current high gold prices.
    "Golden Band is highly encouraged with the results of the PFS and we
fully intend to carry out the recommendations of the report. Our goal now is
to establish the next gold mining operation in Saskatchewan", stated Rodney
Orr. "We will continue to move forward on all fronts including the technical,
financial and permitting requirements for our project, and fully expect that
the conclusion of those requirements will see Golden Band Resources producing
gold in 2009."

    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 10
known gold deposits, four 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 Bingo, Komis, and
EP deposits with processing at the 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.,

    "Rodney G. Orr"
    Rodney G. Orr, P.Geo., President and CEO
    

    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.
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, 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.
    





For further information:

For further information: Rodney Orr, President and CEO, Golden Band
Resources Inc., Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email:
rodney.orr@goldenbandresources.com, www.goldenbandresources.com; Investor
Relations: motivia communications, Roger Francis, (306) 242-0694 x5, Toll
free: 1-866-501-5651, Email: info@goldenbandresources.com

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