Golden Heart Gold Deposit Updated Resource Estimate - Increased Grade

GBN: TSX Venture Exchange

SASKATOON, Dec. 4 /CNW/ - Golden Band Resources Inc. (GBN: TSX.V) is pleased to announce an updated geological model and corresponding mineral resource estimate for its 100%-owned Golden Heart Gold Deposit. The Golden Heart deposit is now estimated to contain an Inferred Mineral Resource of 671,650 tonnes grading 9.10 grams per tonne (g/t) gold (196,549 contained gold ounces) at a cut-off grade of 4 g/t gold over a diluted minimum width of 2.0 metres, and utilizing uncapped assay results (Table 1).

Frank Hrdy, Golden Band's Vice President of Exploration, states, "Golden Band has intensified its focus for the past 5 months on increasing its high-grade gold Resources through remodelling higher grade portions of its large tonnage but lower grade deposits like Golden Heart, with the result that it now becomes a key deposit for contributing future high-grade mill feed for the Company's planned gold production. The Golden Heart deposit is also open to depth and along strike, and the general area hosts numerous gold showings that require further investigation, like the recently discovered RKN zone".

This updated Golden Heart Resource Estimate is based on a new and detailed geological model that outlines seven high-grade gold zones. This comes as part of the Company's overall mandate to explore for and increase its high-grade gold resources, which will result in lower operating costs on a per ounce basis. The Company is preparing an updated business plan that will incorporate Golden Heart in its near-term development plan.

    
             Table 1: Golden Heart Deposit - Uncapped Resource Update,
                   With Cuts of 4, 5, 6 g/t Gold for Comparison.
            ----------------------------------------------------------
                      Cutoff
             Cap      Grade                           Grade    Ounces
             g/t Au   g/t Au   Category     Tonnes   g/t Au      Au
            ----------------------------------------------------------
               0        4.0    Inferred    671,650     9.10   196,549
            ----------------------------------------------------------
               0        5.0    Inferred    442,050    11.51   163,640
            ----------------------------------------------------------
               0        6.0    Inferred    312,550    14.05   141,164
            ----------------------------------------------------------


             Table 2: Golden Heart Deposit - Capped Resource Update,
                   With Cuts of 4, 5, 6 g/t Gold for Comparison.
    -------------------------------------------------------------------------
                                  Grade    Ounces             Grade   Ounces
              Cutoff    Tonnes   g/t Au      Au     Tonnes   g/t Au     Au
    Cap       Grade   -------------------------------------------------------
    g/t Au    g/t Au       Indicated Category           Inferred Category
    -------------------------------------------------------------------------
    107, 55    4.0     492,800     6.62   104,807   10,500     4.95    1,672
    -------------------------------------------------------------------------
    107, 55    5.0     272,650     8.38    73,423    3,500     5.74      646
    -------------------------------------------------------------------------
    107, 55    6.0     168,000    10.20    55,083    1,400     6.16      277
    -------------------------------------------------------------------------
    

The initial disclosure by the Company of a mineral resource for the Golden Heart deposit was made in March 2006 (see previous news release of April 6, 2006). This updated mineral resource estimate was completed by the Company and conforms to National Instrument ("NI") 43-101 standards for the reporting of mineral resources. In addition, the Company has prepared a second resource estimate (Table 2) that utilizes gold grade caps of 107 and 55 g/t Au (which are statistically derived) to demonstrate the sensitivity of this deposit to the high grades of up to 933 g/t gold that occur in certain zones; see Figure 1 (http://www.goldenbandresources.com/figure1Dec4.html)). The Company believes, however, that the existing sample density is not adequate to have sufficient geological confidence in an appropriate cap grade, and intends to obtain this confidence with more-detailed work, which may include open pit development and underground exploration.

The Company's 2006 resource estimate was based on the definition of a large-tonnage, low-grade resource. Previous estimates of resources and reserves by previous owners for the Golden Heart Gold Deposit dating back to 1983, reported a variety of tonnes and grades (see Technical Report dated March 23, 2006 which can be found on the Company website or on Sedar.com).

Figure 1 (http://www.goldenbandresources.com/figure1Dec4.html) corresponds to Table 1 and is an oblique section view of the uncapped block model for the Golden Heart Gold deposit to demonstrate the extent of the gold mineralization and its grade distribution. The gold mineralization as defined by drilling extends to approximately 400 metres below surface and is open to depth and along strike.

Figure 2 (http://www.goldenbandresources.com/figure2Dec4.html) corresponds to Table 2 and is an oblique section view of the capped block model for the Golden Heart Gold deposit to demonstrate the extent of the gold mineralization and its grade distribution.

Estimation Methodology & Quality Control

Assay sample quality was verified during the time of the initial writing of the Technical Report and Resource Estimate published in April 2006. Since that time, 4 holes were drilled targeting the upper north-eastern portion of the deposit. Those assay results were determined to fall within acceptable tolerance limits as documented in both the assay laboratory internal quality control process, and by the Company's external assay standards and blanks that were placed into the sample stream at regular intervals. The sample database was again reviewed for quality during the creation of the new geological model and was found to be within acceptable limits.

The new geological model was created by James Wong, P.Geo., (in his capacity as a consultant to the Company) on traditional cross sections, and was then entered into Surpac Geological Modelling Software by James Wong and Brian AuCoin, P.Eng. (Mine Engineer employed by the Company). The block model and resource estimation was generated by Frank Hrdy, P.Geo., V.P. Exploration for the Company, in conjunction with James Wong. Surpac Geological Modelling Software version 6.1.3 was used for the resource estimation.

Resource estimation was constrained by a three-dimensional solid model developed from the most current geological and analytical data. Block size is 5x5x5 metres and grade estimation was carried out by the inverse distance squared method (ID(2)) using 1-metre downhole composite samples. Statistically derived cap grades of 107 g/t Au for the first 25 m (Indicated category) and 55 g/t Au (Inferred category) from 25 to 50 m from any drillholes was used for the estimation reported for the purpose of demonstrating the high sensitivity this deposit has to high-grade assay results. No cap was used for the reported Inferred Resource Estimate. Blocks were estimated using a search ellipse at an orientation of 000 degrees, 0 degrees dip, and 0 degrees plunge. Tonnages were calculated using an average specific gravity of 2.80 grams/cm(3), based on 20 composite samples taken from drill core within the Golden Heart deposit. In order to be included in the estimate, a block was required to have at least 3 composites within a maximum radius of 50 metres.

Frank Hrdy, Golden Band's VP of Exploration serves as the Qualified Person as defined by NI 43-101. These mineral resource estimates were prepared pursuant to the Canadian Institute of Mining (CIM) Standards on Mineral Resources and Reserves prepared by the CIM Standing Committee on Reserve Definitions that were adopted by the CIM Council December 11, 2005 (published in the CIM Bulletin of November 2005), and are compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Exploration and Development and Mining Properties.

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, 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 Bingo, Komis, EP, and Golden Heart deposits, with processing at the 100%-owned Jolu. 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 and Director
    

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 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 potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of 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: Golden Band Resources Inc.: Rodney Orr, President & CEO, Phone: (306) 955-0787 x7123, Fax: (306) 955-0788, Email: rodney.orr@goldenbandresources.com; Wani Capital Corp.: Raju Wani, (403) 240-0555, Email: info@goldenbandresources.com, www.goldenbandresources.com

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