Golden Band Resources Tower East gold deposit updated resource estimate

    GBN: TSX Venture Exchange

    SASKATOON, SK, Dec. 3 /CNW/ - Golden Band Resources Inc. (GBN:TSXV) is
pleased to announce an updated mineral resource estimate for its 100%-owned
Tower East gold deposit. The Tower East deposit is within Golden Band's
Greater Waddy Lake Project in the La Ronge Gold Belt of northern Saskatchewan,
and is some 11 kilometres west-southwest of the Company's Komis and EP gold
deposits and 25 kilometres north-northeast of the Company's Jolu gold mill.
The initial disclosure of a mineral resource for the Tower East deposit was
made by the Company on April 6, 2006. This updated mineral resource estimate
was completed by the Company and conforms to NI 43-101 standards for the
reporting of mineral resources.
    The Tower East gold deposit is estimated to contain a Measured +
Indicated Mineral Resource of 5,019,080 tonnes grading 1.86 grams per tonne
(g/t) gold at a cut-off of grade of 1 g/t gold. An additional 902,020 tonnes
averaging 1.52 g/t gold is classified as an Inferred Mineral Resource.

              Tower East Deposit Gold Deposit Mineral Resources
                         (at 1 g/t Au cutoff grades)

    Resource Category       Tonnes (greater    Grade g/t Gold    In-situ Gold
                            than) Cut-off                        Ounces
    Measured                   1,214,140             2.04            79,515
    Indicated                  3,804,940             1.80           220,319
    Measured + Indicated       5,019,080             1.86           299,835
    Inferred                     902,020             1.52            43,965

    Nine vertical NQ coreholes (T-216 to 224: 1,024.1 m) were completed in
the northeast portion of the Tower East deposit during the 2007 winter drill
program (see news release dated April 16, 2007). The objective of this
drilling was to examine the potential for higher-grade, near-surface resource
in the eastern part of the deposit and to determine if a higher-grade starter
pit could be defined on the land portion of the Tower East deposit as a
possible nearer-term source of mill feed for the Jolu mill.
    These nine drill holes were added to the existing assay database and were
used to update the initial resource estimation. No other changes to the
database were made, and the same data constraints and assumptions as in the
initial resource estimate calculations were again used (see Technical Report
and Mineral Resource Estimate files on SEDAR on April 6, 2006).
    As expected, the results from this Updated Resource Estimation coincide
well when compared with the initial estimate as the Measured Resource tonnes
increase in areas with a higher density of drill holes and the Inferred
Resource tonnes increase in areas with a lower density of drill holes.
    The addition of the assay results from the 2007 winter drill program to
the Tower East gold deposit database increased the Measured Resource by
143,000 tonnes and the Inferred Resource by 334,000 tonnes when compared to
the initial estimates. A slight reduction in the gold grade resulted in a
decrease of 19,000 ounces of gold in the Measured and Indicated resource but
the increase in tonnes resulted in a increase of 17,000 ounces of gold in the
Inferred category. A review of this year's assay results from both assay
laboratories used, Accurassay and Chemex, indicates that the average and
median of the ALS-Chemex values are higher than the Accurassay values, both in
the overall data set and in the 0-10 g/t Au range, perhaps implying that the
Accurassay results are conservative. The Company chose to average the
Accurassay and Chemex assay results and this is partly the cause for the
0.21 g/t reduction in the average gold grade of the Measured and Indicated
resource when compared to the initial resource estimate.

    Methodology & Quality Control

    The current assay database for the Tower East Deposit consists of
27,825 samples from 230 drillholes completed in several phases between 1994
and 2007. Bulk density measurements were performed on 16 core samples from the
mineralized zone and the median value of 2.72 g/cm(3) was used in tonnage
    Resource estimation was constrained by a low-grade shell defined by
indicator kriging and limited at depth to the hangingwall of the Byers Fault
Zone. Block estimation was carried out by ordinary kriging using a top-cut of
64 g/t Au. The influence of samples grading between 15 and 65 g/t Au was
restricted to a range of 10 metres. Blocks were classified based on a
combination of sample spacing and kriging variance.
    For the 2007 drilling, 639 split core samples were sent for gold assaying
to Accurassay Laboratories of Thunder Bay, Ontario, and 163 re-assays were
completed by ALS-Chemex in Vancouver on reject sample material from the
original assays as a external quality control measure. Commercially prepared
reference standards with known gold values were inserted into the sample
sequence at the approximate rate of one in every 15 core samples and sample
blanks (no measurable gold) were inserted into the sample sequence at the rate
of one in every 59 core samples to monitor laboratory performance as part of
the Company's quality control/quality assurance program. The assay data from
both labs were reviewed by an independent consultant and were judged to be
    The resource estimates are classified as Mineral Resources that are
consistent with the guidelines in "CIM Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines" (2003) as required by National
Instrument 43-101. Mineral resources are not mineral reserves and by
definition do not demonstrate economic viability. Golden Band is not aware of
any issues that may materially affect its estimates of mineral resources.

    About Golden Band

    Golden Band Resources 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 ten known gold deposits, four former
producing mines, and a licensed gold mill. The Company's near-term goals call
for development and production from the Bingo, Komis, and EP deposits with
processing at the Company's 100%-owned Jolu mill - a project that has received
a positive Preliminary Economic Assessment (scoping study) on April 19, 2007.
Longer-term objectives include production from the Company's other deposits
and the continuation of its highly successful exploration and acquisition

    On behalf of the Board of Directors of Golden Band Resources Inc.,

    "Rodney G. Orr"

    Rodney G. Orr, P.Geo., President & CEO

    This Mineral Resource was estimated by Frank Hrdy, P.Geo. who is the
Qualified Person for the Resource Estimation as set out in National
Instruments 43-101. The exploration program was carried out under the
supervision of Ron Avery, P.Geo, 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 affect the actual results achieved
by the Company.

    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: Golden Band Resources Inc.: Rodney Orr,
President, (306) 955-0787 extension 13,;
Motivia Communications: Roger Francis, (306) 242-0694, toll free:

Organization Profile

Golden Band Resources Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890