Golden Band Resources Inc.

Golden Band Resources Inc.

April 11, 2007 18:14 ET

Golden Band Announces EP Gold Deposit Resource Estimates

SASKATOON, SASKATCHEWAN--(CCNMatthews - April 11, 2007) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to announce that it has received a summary of the resource estimates prepared by an independent consultant for the Company's EP gold deposit. The 100%-owned EP deposit is within Golden Band's Greater Waddy Lake Project in the La Ronge Gold Belt of northern Saskatchewan, and is some 250 metres east of the Company's Komis gold deposit.

The EP deposit is shallow (12 to 20 metres deep) and nearly flat-lying. Golden Band has undertaken detailed HQ-diameter (63.5 mm) drilling over only a portion of the deposit (see previous news releases of November 6, 2006, September 26, 2006, September 8, 2005, April 23, 2004, January 26, 2004, and November 28, 2003). EP requires additional drilling in the southeast portion of the deposit where only nine widely-spaced drillholes have been completed to-date. The area contained within the current resource estimates is 120 x 80 metres.

The Company believes that with further drilling, an increase in the tonnage at EP is probable since poor core recoveries in drilling prior to 2005 have likely underestimated the grades and thicknesses of those earlier results. As previously reported (November 6, 2006), the range of metallic screen assays for detailed drilling in the northwest portion of the EP deposit is from 6.3 grams per tonne (g/t) gold over 0.64 metres (EP-96) to 724 g/t gold over 0.8 metres (EP-95), with intersections of up to 313 grams per tonne gold over 2.6 metres (EP-95) noted. Gold grades were capped by the consultant at 77 g/t prior to compositing the assays for the resource estimates. Composited intervals from 48 drillholes representing 210.7 metres of core were used in the block model estimation.

As compared to the 2005 and 2006 drilling results, core losses occurred during drilling in up to half of the drillholes used in this study, with the result that the Company expects the current resource estimate may significantly underestimate the overall potential of the EP deposit.

The EP deposit is estimated to contain an Indicated Mineral Resource of 22,700 tonnes grading 7.18 g/t gold at a cut-off of 1 g/t gold over 2-metre downhole composites. An additional 62,600 tonnes averaging 3.84 g/t gold is classified as an Inferred Mineral Resource. The resources were classified as indicated or inferred based on the density of sample data and distance to the closest sample composites. The table below presents the EP resource estimates using a cut-off grade of 1.0 g/t gold.

EP Gold Deposit Mineral Resources
Indicated Category Inferred Category
Grade, Gold, Grade, Gold,
Tonnes g/t Gold Ounces Tonnes g/t Gold Ounces
22,700 7.18 5,240 62,600 3.84 7,729

Ronald G. Simpson, P.Geo., principal of Geosim Services Ltd., completed the resource estimates for the project and is an independent qualified person as defined by NI 43-101. Mr. Simpson has read and approved the contents of this news release. A detailed NI 43-101-compliant technical report will be completed and filed on SEDAR within 45 days. 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.

Methodology & Quality Control

These mineral resource estimates were prepared pursuant to Canadian Institute of Mining (CIM) Standards on Mineral Resources and Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council December 11, 2005 and published in the CIM Bulletin of November 2005 and compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Exploration and Development and Mining Properties. Numbers have been rounded subsequent to calculation.

Resource estimation was constrained by a three-dimensional solid model developed from geological and analytical data. Block size was 5x5x2 metres and grade estimation was carried out by the inverse distance cubed method (ID3) using 2-metre downhole drillhole composites. Blocks were estimated in two passes using search distances of 15 and 40 metres. Tonnages were calculated using an average specific gravity of 2.74 grams/cm3 based on 9 representative density measurements on drillcore samples. In order to be classified as indicated, a block was required to have at least 3 composites within a radius of 15 metres and in at least 5 adjacent octants.

Drill samples for assay ranged from 0.05 to 1.7 metres in length of split BQ (36.5 mm diameter), NQ (47.6 mm diameter), and HQ-size (63.5 mm diameter) core. Reference standard pulps with known gold values were inserted into the sample sequence at the approximate rate of one in every 15 core samples. Sample blanks (no measurable gold) were inserted into the sample sequence at the rate of one in every 30 core samples to monitor laboratory performance as part of the Company's quality control/quality assurance program.

Gold was determined by standard fire assay. The metallic screen assay method was used in cases where coarse gold was observed or suspected, with all standard fire assays containing over 20 g/t gold confirmed by metallic screen fire assays. All analytical work was conducted at the Saskatchewan Research Council (SRC), which is an ISO/IEC 17025 accredited laboratory for mineral analyses testing located in Saskatoon, Saskatchewan.

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 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 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 from the Company's Bingo, Komis, and EP deposits 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.

Contact Information

  • Golden Band Resources Inc.
    Ronald K. Netolitzky
    President and CEO
    (306) 955-0787 or Toll Free: 1-866-684-4209
    (306) 955-0788 (FAX)
    Ascenta Capital Partners
    Rory Quinn
    (604) 628-5800 or Toll Free: 1-866-684-4209