Band-Ore Resources Ltd.

Band-Ore Resources Ltd.

May 24, 2006 16:00 ET

Band-Ore Resources Ltd.: Proposed Option Agreement on GQ Diamond Property Terminated

TORONTO, ONTARIO--(CCNMatthews - May 24, 2006) - Band-Ore Resources Ltd. (TSX:BAN) reports that the Letter of Intent that was announced on November 9, 2005 with a private company "Privco" on the GQ diamond property has been terminated by "Privco" and the property will revert back to 100% ownership by Company.

Based on an agreement reached last week with "Privco", field crews were mobilized by Band-Ore to start a prospecting and sampling program on the property. Management is currently considering its exploration options going forward and will consider contacting other potential partners.

The "GQ Diamond Property" covers an area of 39 square kilometres where over 20,000 microdiamonds and 121 macrodiamonds have been recovered from caustic fusion processing. Band-Ore also has recovered a 0.254 carat white octahedral broken diamond from a mini bulk sample taken from the Engagement Zone.

Immediately to the north of the GQ property, Goldcorp Inc. (G-TSX) has earned a 50% interest in Pele Mountain's (GEM-TSXV) Festival diamond property. Diamond results are expected soon from a 300 tonne bulk sample which was extracted by Goldcorp from the Cristal diamond occurrence, located just north of the GQ property boundary. A 0.72 carat diamond has been previously recovered by Pele Mountain from the Cristal occurrence.

In Chabanel Township, located adjacent to the south of Musquash Township, Dianor Resources (DOR-TSXV) and Dr. Charles (Chuck) Fipke's, Metalex Ventures (MET-TSXV) have teamed up to explore the Leadbetter Diamond Property. Several commercial sized diamonds have been recovered from the Leadbetter Property including a 1.39 carat gem quality diamond which was found in a creek. Dianor is currently conducting an aggressive exploration program consisting of core drilling and mini bulk sampling.

About the Company

Band-Ore Resources is focused on exploring and developing gold and precious metal properties with a focus in Timmins, Ontario where it controls a 100% interest in over 80 square kilometres of property in the West Timmins mining camp and adjoining Lake Shore Gold's (LSG-TSX) Timmins West gold project. Band-Ore and Sydney Resource Corporation (SYR-TSXV) announced a plan of arrangement on March 30, 2006 to merge their existing assets and form two new companies, focused, respectively, on gold exploration in Timmins, Ontario, completely surrounding Lake Shore Gold's property and on gold-silver exploration in the Sierra Madre District of Mexico. Details on the proposed merger and the two new companies are available at Earlier this week Sydney closed a non-brokered, pre-merger, $4.9 million private placement with institutional investors which shows strong support for both Companies exploration programs and plans in West Timmins and Mexico.

This press release has been reviewed and approved for release by Robert Duess, Professional Geologist, and the Company's Qualified Person.

Safe Harbour - Certain statements in this document constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, to be materially different from any future results, performance or achievements expressed by such forward-looking statements. Such factors include, among others, exploration works as detailed within may not be continually successful, that by virtue of exploration there is never a guarantee of economic or profitable outcomes; that exploration companies may have a history of operating losses and no guarantee of future profitability or uncertainty of access to additional capital, environmental liability claims and insurance; dependence on and priority conflicts joint-venture partners; should the company profiled herein seek such a partner.

S.E.C. EXEMPTION: #82-4233

SHARES: 42,253,147

Contact Information