Komis Gold Deposit updated resource estimate increases grade

SASKATOON, Dec. 9 /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 Komis Gold Deposit in the La Ronge Gold Belt of northern Saskatchewan. A past gold producer, Komis is now estimated to contain an Indicated Mineral Resource of 191,740 tonnes grading 7.85 grams per tonne (g/t) gold (48,398 contained gold ounces) and an Inferred Mineral Resource of 10,746 tonnes grading 7.91 g/t Au (2,731 gold ounces; see Table 1 and Figure 1 - http://www.goldenbandresources.com/figure1Dec9.html).

Frank Hrdy, Golden Band's Vice President of Exploration states, "We have successfully increased the gold grade of the Komis deposit which will optimize our mining plans to achieve lower capital and operating costs. All of the existing underground geological and mining information was re-compiled and studied in detail to produce a new geological model that outlines very well the high-grade portions of the ore body. As a result, the higher grade resource at Komis has potential for near-term development and, importantly, the new geological model clearly demonstrates that excellent potential exists for these multiple high-grade zones to continue to depth and along strike - all of which will be incorporated into Golden Band's plans for gold production to start in 2010."

    
             Table 1: Komis Deposit - NI 43-101 Resource Update
        Capped, with Cutoff Grades of 4, 5, 6 g/t Gold for Comparison
    -------------------------------------------------------------------------
                                 Grade                       Grade
              Cutoff   Tonnes   g/t Au   Ounces   Tonnes    g/t Au    Ounces
      Cap      Grade  -------------------------------------------------------
     g/t Au   g/t Au       Indicated Category         Inferred Category
    -------------------------------------------------------------------------
      115       4.0   191,740    7.85    48,398   10,746     7.91      2,731
    -------------------------------------------------------------------------
      115       5.0   141,690    9.05    41,235    6,945     9.78      2,184
    -------------------------------------------------------------------------
      115       6.0   110,611   10.05    35,750    5,469    10.92      1,920
    -------------------------------------------------------------------------
    

Ron Netolitzky, Executive Chairman of Golden Band, stated, "This review 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 new plans to mine Komis using the existing underground access and workings will substantially lower the upfront capital costs for development."

The Company's initial resource estimate and subsequent mining plans for Komis were based on a large-tonnage, low-grade resource. This new Resource Estimate is based on existing geological information from the Komis Gold mine which operated in 1996-7 and incorporates all of the underground channel samples, underground mapping and underground development from the mine records, as well as surface mapping and sampling, and all drillhole data.

Figure 1 (http://www.goldenbandresources.com/figure1Dec9.html) corresponds to Table 1 and is an oblique section view of the capped block model for the Komis Gold deposit that demonstrates the extent of the gold mineralization and its grade distribution. The brown areas represent the surface and the blue areas represent the existing underground development consisting of ramps and stopes. The colours representing the various gold grades are explained in the legend. The high-grade gold mineralization defined by drilling beneath the existing development extends to 175 metres below surface and remains open to depth and along strike. A new reserve estimate will be calculated after underground exploration and resource definition are completed and which will be part of a larger program that should include drill testing of the deposit to depth and along strike.

A cut-off grade of 4 g/t gold over a diluted minimum width of 2.0 metres and a 115 g/t gold statistically derived grade cap was used for both the Indicated and the Inferred Resource categories. The initial disclosure by the Company of a mineral resource for the Komis deposit was made in January 2005 (see previous news release of April 6, 2005). This updated mineral resource estimate was completed by the Company and conforms with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and are reported in accordance with Canadian Securities Administrators' National Instrument ("NI") 43-101 standards for the reporting of mineral resources. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.

Estimation Methodology & Quality Control for the Komis Resource Update

Assay sample quality for drill holes after 1990 (no samples taken prior to 1990 were used in this estimate) were verified during the time of the initial writing of the Technical Report and Resource Estimate published in January 2005, and no additional drill holes have been completed on the property since that time. Fire assay data for channel samples taken in 1996-7 during the underground development and mining were digitized and incorporated into the database. Sample locations were again reviewed for accuracy in the sample database during the creation of the new geological model.

The new Geological Model and updated Resource Estimate derived from this model was created by Frank Hrdy, P.Geo., and V.P. of Exploration for the Company. Surpac Geological Modelling Software version 6.1.3 was used for both the creation of the Geological Model and 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 (sub-blocked to 1.25 m) and grade estimation was carried out by the inverse distance squared method (ID(2)) using 1-metre down-hole composite samples. A statistically derived cap grade of 115 g/t gold was applied to all assay results used in both the Indicated (25 metres from any drill hole) and Inferred (25 to 50 metres from any drill hole) categories for this estimation. Blocks were estimated using a search ellipse at an orientation of 300 degrees, -80 degrees dip, and 0 degrees plunge. Tonnages were calculated using an average specific gravity of 2.80 grams/cm(3), based on several composite samples taken from drill core within the Komis 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.

Updated Gold Resources

With the updated Komis and Golden Heart (see news release of December 4, 2009) resource estimates, an updated summary of the NI 43-101 mineral resources for Golden Band's deposits in the La Ronge Gold Belt is provided. For eight of the Company's 12 deposits, the total Measured + Indicated Resource is 485,077 ounces of gold and 413,037 ounces in the Inferred category (Table 2).

    
    Table 2: Golden Band Resources Inc. Updated NI 43-101 Compliant Resources

    -------------------------------------------------------------------------
                                              Measured + Indicated Resources
    -------------------------------------------------------------------------
                           Assays
                         Capped at   Cut off            Grade     Resource
    Deposit               (g/t Au)   (g/t Au)  Tonnes  (g/t Au)  (ounces Au)
    -------------------------------------------------------------------------
    Golden Heart          uncapped     4.0
    -------------------------------------------------------------------------
    Bingo               105 and 70     5.0    174,668   13.14       73,777
    -------------------------------------------------------------------------
    Komis                   115        4.0    191,740    7.85       48,398
    -------------------------------------------------------------------------
    EP                       40        1.0    102,000    3.81       12,494
    -------------------------------------------------------------------------
    Birch Crossing          120        2.0
    -------------------------------------------------------------------------
    Memorial                 30        1.0    288,400    2.83       26,220
    -------------------------------------------------------------------------
    Tower East               15        1.0  5,019,080    1.86      299,835
    -------------------------------------------------------------------------
    Greywacke*          33.15        5.0     90,160    8.40       24,353
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Totals                                  5,866,048              485,077
    -------------------------------------------------------------------------


    ----------------------------------------------------
                               Inferred Resources
    ----------------------------------------------------
                                     Grade    Resource
    Deposit              Tonnes    (g/t Au)  (ounces Au)
    ----------------------------------------------------
    Golden Heart        671,650        9.1    196,549
    ----------------------------------------------------
    Bingo               155,074      13.89     67,756
    ----------------------------------------------------
    Komis                10,746       7.91      2,731
    ----------------------------------------------------
    EP
    ----------------------------------------------------
    Birch Crossing      536,300       5.11     88,100
    ----------------------------------------------------
    Memorial             90,900       2.49      7,272
    ----------------------------------------------------
    Tower East          902,020       1.52     43,965
    ----------------------------------------------------
    Greywacke*         28,420       7.29      6,664
    ----------------------------------------------------
    ----------------------------------------------------
    Totals            2,395,110               413,037
    -------------------------------------------------------------------------
    Updates are pending for Bingo, Birch Crossing, Greywacke, Memorial and
    Tower East. The Jolu/Alimak, Decade, Corner Lake, and Niko/Kaslo deposits
    do not have NI 43-101 compliant resource estimates.
    * Golden Band owns 49% of the Greywacke gold deposit and only that
    portion is included in the table.
    -------------------------------------------------------------------------
    

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, 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, 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.,

    
    "Ronald K. Netolitzky"
    Ronald K. Netolitzky
    Executive Chairman
    

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: This document contains certain forward-looking statements relating but not limited to the Company's expectations, intentions, plans and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "intent", "estimate", "may" and "will" or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information may include reserve and resource estimates, estimates of future production, unit costs, costs of capital projects and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to establish estimated resources and reserves, the grade and recovery of mined ore varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from expected results.

Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Shareholders are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections, and various future events will not occur. Golden Band Resources 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 which affect this information, except as required by law.

Cautionary Note to US Investors Concerning Resource Estimate: The resource estimates in this document were prepared in accordance with National Instrument 43-101, adopted by the Canadian Securities Administrators. The requirements of National Instrument 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"). In this document, we use the terms "measured," "indicated", and "inferred" resources. Although these terms are required and recognized in Canada, the SEC does not recognize them. The SEC permits US mining companies, in their filings with the SEC, to disclose only those mineral deposits that constitute "reserves." Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally extracted at the time the determination is made. United States investors should not assume that all or any portion of a measured or indicated resource will ever be converted into "reserves". Further, "inferred resources" have a great amount of uncertainty as to their existence and whether they can be mined economically or legally, and United States investors should not assume that "inferred resources" exist or can be legally or economically mined, or that they will ever be upgraded to a higher category.

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, Vice President, 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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