Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

January 30, 2007 11:58 ET

Golden Band Resources Bingo Underground Exploration Program and Development Plans Update

SASKATOON, SASKATCHEWAN--(CCNMatthews - Jan. 30, 2007) - Golden Band Resources ("Golden Band") (TSX VENTURE:GBN) is pleased to announce that the Board of Directors has approved the Company's intention to proceed with the Bingo underground exploration program. Management is preparing the final plans and budget and an announcement of the project start is expected by spring. The work is anticipated to begin during the summer of 2007 and it will require up to 12-months to complete the two underground levels of exploration that are planned.

Phase 1 will see a 220-metre decline driven to the 350-metre level (50 metres below surface) and 130 metres of underground drifting along the strike-length of deposit. If warranted, the second phase would then proceed to the 300-metre level where another 120 m of strike-length would be sampled along a drift. The objective is to define the grade continuity of this high-grade deposit in an underground setting using detailed channel sampling of the mineralization. The expected 5,000 tonnes bulk sample excavated from the deposit on the two levels will be stockpiled for eventual processing through the Jolu mill. Consultation with the local communities will take place and an application to construct the underground access and conduct the sampling program will be filed with the regulatory agencies in the near future.

In parallel with this exploration development work, Golden Band is proceeding with its scoping study, the objective of which is to assess the near-term development opportunities from its gold deposits. These plans include treating the ore at the Company's 100%-owned Jolu mill. The Bingo, Komis, and EP deposits are the focus of this assessment for near-term production potential. The scoping study (a pre-prefeasibility study) is expected to be completed by the end of March 2007. If warranted, the project may then proceed directly to feasibility. If the outcome of the feasibility study is positive, production is anticipated in the second half of 2008.

Ongoing pre-development work related to these production plans include an engineering study to increase the production capacity of the Jolu mill; a study to increase tailings capacity at Jolu; the economics of grid versus diesel power; and environmental-related studies.

About Golden Band

Golden Band Resources is a well-financed Saskatchewan-based company whose focus is the long-term, systematic exploration and development of its La Ronge Gold Belt properties, the majority of which are 100%-owned. Since 1994, Golden Band has assembled through staking and strategic acquisition a land package of more than 750 km2, including ten known gold deposits, four former producing mines, and a licensed gold mill. The development of these assets is the subject of a scoping study which is examining the mining of higher-grade mineralization and processing it at the Company's 100%-owned Jolu Mill.

On behalf of the Board of Directors,

Ronald K. Netolitzky, President and CEO

All of Golden Band's exploration programs and pertinent disclosure of a technical or scientific nature are prepared and/or designed and carried out under the supervision of Ron Avery, P.Geo., Golden Band's Exploration Manager, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

Forward-Looking Information: Certain information contained in this document, including any information as to our future financial or operating performance, constitutes "forward-looking statements". The Company may, from time to time, also make oral forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Many factors may affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this document are qualified by these cautionary statements. We disclaim any intention or obligation to update or revise any oral or written forward-looking statements whether as a result of new information, future events, or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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