Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

May 23, 2006 15:37 ET

Golden Band's Follow-Up Drilling on Kruger Lake Gold Prospect

SASKATOON, SASKATCHEWAN--(CCNMatthews - May 23, 2006) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to announce the 2006 drilling results from its 100%-owned Kruger Lake gold prospect in the La Ronge Gold Belt of Saskatchewan. This drilling is a follow-up on a gold-in-till anomaly discovered six kilometres north of the Company's Bingo Gold Deposit, and which is located a few kilometres north of the Churchill River near Provincial Highway 102.

Four holes totalling 558 metres were completed at 100 m intervals near the contact between Kruger Lake pluton to the northwest and mafic metavolcanics to the southeast. Sporadic, low grade gold mineralization was intersected in all holes, the best intercept amounting to 4.3 grams per tonne (gpt) Au over two metres. The results are summarized in attached Table 1 along with the highlights of the 2002 drilling.

Golden Band is encouraged by these results as a major mineralized structure has been identified and this prospect is open in all directions. Additional diamond drilling is required to further evaluate this unusual but very prospective geological setting.

The original discovery of the Kruger Lake gold-in-till anomaly (Bay zone) was made in 1989 by Uranerz Exploration and Mining Limited. From the discovery until 1992 when the project was abandoned, Uranerz conducted systematic soil surveys, line cutting, geophysical surveys, follow-up bulldozer trenching, and diamond drilling (holes KL-01 to KL14). The showing was re-evaluated by Golden Band in 2001 and subsequently staked. Bulk till sampling at the Bay Zone had recovered significant amounts of fine gold grains in the minus 25 micron size range, confirming the validity of this zone as a bona fide gold-in-till anomaly. Two drill holes (K-15 and KL-16) were subsequently completed by Golden Band on the Bay Zone in 2002 (Map 1: http://www.goldenbandresources.com/i/pdf/2006-05-23_NRM1.pdf, Section 1, Table 1).

The Kruger Lake prospect most likely represents a Proterozoic porphyry-type alteration zone of potentially significant size. The outer and larger biotite alteration halo within the Kruger Lake diorite pluton is at least one kilometre along its southwest-northeast axis with a smaller sericite alteration zone in the Bay Zone area which coincides with a structure that is up to 100-metres-wide and which probably parallels the contact to the volcanic host rock (see Cross Section 1). This structure is marked by shearing, brecciation and alteration of the diorite host rock. The alteration consists of hematization, biotitization, sericitization, carbonatization and pyritization with quartz-carbonate veins. The average gold content within this structure is about 0.2 gpt Au but with higher intervals of up to 4.3 gpt Au over two metres.

This structure has been intersected by two holes (KL-15 and KL17: http://www.goldenbandresources.com/i/pdf/2006-05-23_NRM2.pdf) and, should the structure strike northeast, by a third drillhole (KL-16). The attached section depicts drillhole KL-15 and KL-17 and the position of the shear zone in relation to the contact. Anomalous high gold values are also noted within the larger biotite alteration halo amounting to 100 to 200 ppb Au of gold over intervals of up to 12 metres.

The drilling program was carried out under the supervision of Klaus Lehnert-Thiel, P.Eng., P.Geo., a qualified person. All assays were performed at the Saskatchewan Research Council in Saskatoon, Saskatchewan. A quality control program was in place.

About Golden Band

Golden Band Resources continues to advance towards its goal of re-establishing gold production in the La Ronge Gold Belt of northern Saskatchewan. Since 1994, Golden Band has assembled through staking and acquisition a land package in excess of 70,000 hectares, including seven known gold deposits, four former producing mines, and a licensed gold mill. Scoping studies are underway to assess potential production opportunities, both from renewed production at the Jolu mill of material from the Bingo deposit and from new production at a planned central complex in the Greater Waddy Lake area where the four main deposits contain over 724,000 ounces of gold in the measured plus indicated categories, and with over 75,000 ounces in the inferred category.

Another major asset is the data resulting from over $50 million of exploration undertaken by various companies across the project area since 1985. Exploration work also continues to expand the resource base of known deposits and identifying new targets. These land holdings, resource base, and ownership of a permitted mill present a unique opportunity to resume gold production at a low capital cost and low risk profile.

Golden Band's main objective is to advance its existing resource base towards commercial production. The Company's short-term plan is to bring the Bingo and other high-grade deposits into production and process the ore at the Company's 400 tonne per day Jolu mill. This fully licensed mill and tailings facility, presently on a standby mode, is 54 kilometres by road from the Bingo deposit.

On behalf of the Board of Directors,

Ronald K. Netolitzky, President

All of Golden Band's exploration programs and pertinent disclosure of a technical or scientific nature are prepared by or prepared under the direct supervision of Klaus Lehnert-Thiel, P.Eng., P.Geo., Golden Band's Vice President of Exploration, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

Forward-Looking Statements: Some of the statements in this news release contain forward-looking information which involves inherent risk and uncertainty that may affect the business of Golden Band Resources Inc. Actual results may differ materially from those currently anticipated in such statement.



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Table 1: Kruger Lake Assay Data, 2006 Winter Follow-up Drilling
Program Aggregated Uncut Results Based on 286 Samples
(range: 0.5 to 3.1 m, average 2.0 m)
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Total Assay Assay Assay Gold
Depth From to Interval (g/t)
Drillhole Dip (m) (m) (m) (m) (1)
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KL-17 -55 140.2 12.5 18.0 5.5 0.221
degrees
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18.0 20.0 2.0 4.300
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20.0 103.0 83.0 0.096
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Including 20.0 22.0 2.0 0.529
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Including 53.0 55.0 2.0 0.292
------------------------------------------
Including 63.0 65.0 2.0 0.110
------------------------------------------
Including 81.0 83.0 2.0 0.608
------------------------------------------
Including 93.0 97.0 4.0 0.113
------------------------------------------
Including 99.0 103.0 4.0 0.293
------------------------------------------
109.0 111.0 2.0 0.135
------------------------------------------
127.0 129.0 2.0 0.275
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KL-18 -55 140.2 77.0 79.0 2.0 0.104
degrees
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91.0 93.0 2.0 0.158
------------------------------------------
107.5 108.3 0.8 0.700
------------------------------------------
119.0 121.0 2.0 0.149
------------------------------------------
137.0 138.6 1.6 0.123
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KL-19 -55 140.2 24.0 32.0 8.0 0.118
degrees
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41.0 42.5 1.5 0.180
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56.0 60.0 4.0 0.152
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62.0 64.0 2.0 0.301
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80.0 81.0 1.0 0.467
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90.0 102.0 12.0 0.134
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120.0 122.0 2.0 0.146
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KL-20 -55 138.2 3.0 10.0 7.0 0.120
degrees
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13.9 16.0 2.1 0.161
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26.0 26.6 0.6 0.459
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2002 Drill Holes
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KL-15 -45 114 8.0 30.0 22.0 0.191
degrees
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30.0 71.0 41.0 0.152
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KL-16 -45 114 10.0 16.0 6.0 0.118
degrees
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(1) Length-weighted averages


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