Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

September 08, 2005 14:21 ET

Golden Band Confirms the Continuity of High Gold Grades at the EP Zone, Northern Saskatchewan

SASKATOON, SASKATCHEWAN--(CCNMatthews - Sept. 8, 2005) - Golden Band Resources Inc. (TSX VENTURE:GBN) is very pleased to announce the results of a drilling program carried out on its 100%-owned EP gold zone. Nineteen drillholes were completed between July 21 and August 10, 2005 on a gold zone that is located 200 metres east of the Company's Komis gold deposit in the Upper Waddy Lake area of northern Saskatchewan. Of the 19 holes drilled this summer, twelve returned gold values of up to 215 grams per tonne (g/t) over intervals between 0.1 and 0.55 metres (m).

The 2005 EP drilling program's objective was to in-fill at an approximate spacing of 7.5 metres between previous drillholes which encountered similar high grades of up to 200 g/t gold. This program, which consisted of one east-west and one north-south profile, has successfully proved that these high-grade gold values are continuous at this detailed scale.

The 2005 drilling program completed 19 HQ-diameter (63.5 mm) holes each approximately 30 m in length (614.4 metres total). All holes drilled to-date on the EP Zone are shown on the attached map, with the recent holes being numbered. The assay data are summarized in Table 1 (attached). Some additional metallic assays are pending.

In 2003 and 2004, Golden Band had drilled 41 short, vertical, drillholes and confirmed the existence of a shallow (15 to 20 metres below surface), high-grade, but localized gold zone over an area of approximately 50 by 60 metres (see news releases of April 23, 2004, January 26, 2004, and November 28, 2003).

The gold mineralization of the EP Zone is associated with a sub-horizontal shear zone within a flat, south dipping, intermediate dyke of two to five metres in thickness that intrudes andesitic lavas. The EP gold mineralization is confined to one or more fault gouges within these sub-horizontal shear zone(s) and the occasional 10 to 30 centimetre-wide dirty quartz layer. Coarse-grained gold, encapsulating quartz, and other mineral grains (bornite, native copper, and pyromorphite (lead chlorophosphate)) are found within both the fault gouge and the quartz layers.

Microscopic studies have confirmed that this paragenesis is likely the consequence of a supergene (i.e., near surface) enrichment of these metals. Supergene enrichment is not usually preserved in glaciated terrains but the remnants of this enrichment seem to have survived the glacial erosion because of the extremely flat, sub-horizontal, dip of the EP Zone.

It is interpreted that the setting of the primary gold mineralization of the EP Zone is similar to the nearby Komis deposit which is controlled at the intersections of steep, north dipping, east-west oriented granodiorite dykes and swarms of north-south extensional quartz veins. High grade values in excess of 100 g/t gold are known from the Komis deposit. A resource estimate of the EP Zone will be compiled by a consultant.

The longest recovered intersection of this gold mineralization in this program is 0.55 m, but the true length may be more because the very friable nature of the mineralization and host rock resulted in core losses that approach 50% within the critical intervals. While drillholes EP-76, EP-78, EP-79, EP-81, EP-82, EP-88, and EP-90 apparently contained no significant gold mineralization, this may be due at least in part to core losses during drilling. Any additional drilling will see steps introduced to increase the core recovery so that the grade and thickness of the mineralization can be better defined.

Golden Band's management is extremely pleased with these drilling results. Vice President of Exploration, Klaus Lehnert-Thiel notes that, "We are encouraged that the EP Zone, given sufficient reserves, may provide high-grade millfeed together with that from the Bingo deposit for the Company's Jolu mill. The EP Zone has been shown to be continuous both north-south and east-west and likely still remains open."

The intention is to possibly combine the high grade mineralization of the EP Zone with those of the Company's Bingo deposit as potential mill feed for the 100%-owned Jolu mill located halfway between the two deposits. In 2005, Golden Band completed two successful drilling campaigns on the Bingo deposit (see news releases of May 25, 2005 and August 22, 2005). A new resource calculation and a scoping study are planned on the Bingo deposit.

All assays were carried out at the Saskatchewan Research Council in Saskatoon. A quality control program is in place and the field operations, data compilation, and reporting are under the supervision of Klaus Lehnert-Thiel, P.Eng., P.Geo., the qualified person responsible for the program.

About Golden Band

Golden Band's near-term objective is to delineate sufficient ounces of high-grade gold resources (greater than 10 g/t gold, such as at the Company's 100%-owned Bingo deposit) that are within trucking distance of the Company's Jolu mill. This would form a core resource to commence operations. It is anticipated that production could begin with a relatively low capital investment within a few months of a positive feasibility study and receipt of the necessary approvals.

The Company's longer-term objective is production from its gold deposits in the Greater Waddy Lake area. These deposits currently have an existing indicated-category resource inventory that exceeds 1,000,000 ounces of gold with an open pitable grade of at least 1 to 3 g/t gold, plus over 387,000 ounces in the inferred resource category (both uncut; see the news release of April 6, 2005 for all data). This level of gold resources, located within trucking distance of a central mill complex, could potentially support a long-term mine-mill operation.

On behalf of the Board of Directors,

Ronald Netolitzky, President and Director

Forward Looking Statement:

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 statements.



Table 1: EP Zone Assay Data, 2005 Summer Drilling Program

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Fire Metallic
Total Assay Assay Assay Assay Assay
Drill- Depth From To Interval (g/t) (g/t)
hole Inclination (m) (m) (m) (m) Gold Gold
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EP-73 -90 degrees 30.5 14.10 14.30 0.20 3.29
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14.30 14.40 0.10 31.84
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14.40 14.70 0.30 215.30
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14.70 14.80 0.10 3.71
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15.20 15.50 0.30 2.53
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EP-74 -90 degrees 30.5 13.60 14.10 0.50 11.50
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14.10 14.60 0.50 4.03
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16.20 16.60 0.40 8.74
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16.60 17.50 0.90 5.50
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18.50 19.40 0.90
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19.40 19.90 0.50 65.90
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19.90 20.10 0.20 1.15
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EP-75 -90 degrees 30.5 17.80 18.05 0.25 166.40
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18.05 18.30 0.25 4.30
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18.30 20.00 1.70 1.62
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22.50 23.00 0.50 4.51
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EP-76 -90 degrees 30.5 no significant intersection
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EP-77 -90 degrees 30.5 17.50 18.30 0.80 3.13
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21.60 22.70 1.10 10.80
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28.60 29.70 1.10 2.33
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EP-78 -90 degrees 30.5 no significant intersection
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EP-79 -90 degrees 30.5 no significant intersection
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EP-80 -90 degrees 36.6 5.70 6.20 0.50 33.30
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6.20 6.70 0.50 1.33
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7.70 8.20 0.50 3.66
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8.20 8.70 0.50 1.40
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EP-81 -90 degrees 33.5 no significant intersection
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EP-82 -90 degrees 33.5 no significant intersection
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EP-83 -90 degrees 33.5 24.10 24.40 0.30 1.99
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24.40 24.90 0.50 92.70
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24.90 25.40 0.50 4.71
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25.40 25.90 0.50 2.10
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25.90 26.40 0.50 17.43
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EP-84 -90 degrees 30.5 12.60 12.70 0.10 149.60
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12.70 13.40 0.70 3.46
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20.70 20.90 0.20 23.80
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20.90 21.40 0.50 3.88
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24.00 24.30 0.30 2.74
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24.30 24.50 0.20 25.20
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25.60 26.00 0.40 2.86
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EP-85 -90 degrees 30.5 19.40 19.50 0.10 161.60
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19.50 19.70 0.20 2.57
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19.70 19.80 0.10 13.30
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20.30 20.35 0.05 2.27
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EP-86 -90 degrees 30.5 15.50 16.00 0.50 1.67
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16.00 16.70 0.70 28.40
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16.70 17.50 0.80 4.55
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17.50 18.30 0.80 5.26
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EP-87 -90 degrees 30.5 18.00 19.00 1.00 18.00
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19.00 19.20 0.20 1.24
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EP-88 -90 degrees 24.4 no significant intersection
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EP-89 -90 degrees 30.5 14.00 14.60 0.60 4.45
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14.60 15.15 0.55 116.70
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15.15 15.25 0.10 2.38
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EP-90 -90 degrees 22.9 no significant intersection
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EP-91 259 degrees/
-45 degrees 61.0 24.00 24.40 0.40 1.77
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24.40 24.60 0.15 71.70
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24.60 25.00 0.45 64.80
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30.40 30.60 0.20 36.60
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To view the map attached to this release please click on the following link: http://www2.ccnmatthews.com/database/fax/2000/0908gbn.jpg

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