Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

January 17, 2006 12:17 ET

Golden Band Resources: 2006 Winter Drilling Program Update

SASKATOON, SASKATCHEWAN--(CCNMatthews - Jan. 17, 2006) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to announce initial results of the winter drilling program that is currently underway on its 100%-owned gold projects in northern Saskatchewan (see news release of November 23, 2005). To date, eight drillholes (737.6 m) have been completed at the Bingo deposit; 13 drillholes (514.9 m) on the Halfmoon Lake Prospect; two drillholes (198.1 m) on the Burnt Rock Prospect; and 16 drillholes of an expected 18-hole program have been completed on the Birch Crossing Prospect (see news releases of February 21, and April 5, 2005). Assay results are currently available for the Bingo Deposit.
The target at Bingo was to follow-up the results of drillhole WD-111 drilled last summer at the north end of the Bingo structure, 150 metres beyond the last previous mineralized intersection (see news release of August 22, 2005; and Figure 1). Although WD-111 is not typical of the Bingo zone because of a lack of quartz, it contained 6.02 g/t gold over 2.5 metres and 2.83 g/t gold over 0.5 metres. This winter's drilling was designed to intercept the interpreted on-strike extension of the Bingo structure on several levels, along a strike length of 140 metres, with the objective to determine if other higher-grade ore shoots occur.

Six of the eight drillholes completed at Bingo contain gold mineralization greater than 1 g/t gold over short intervals (0.3-0.6 m), to a maximum of 11.9 g/t gold over 0.6 m (Table 1).



Table 1: Bingo Deposit Assay Data, 2005-6 Winter Drilling Program
Aggregated Results Based on 266 +/- 0.5 m Samples
(range: 0.2 to 1.2 m, average 0.55 m)
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Standard
Bingo Fire Assay
Deposit Drillhole Data Gold Intersection(1) Results(2)
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Total Gold
Drillhole Core Depth Azi- From To Width Grade
Number Size m muth Dip m m m g/t
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WD-113 NQ 137.2 240 -60 No significant assay results.
degrees degrees
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WD-114 NQ 97.5 240 -45 48.25 48.85 0.60 0.6
Degrees degrees
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WD-115 NQ 82.3 60 -45 27.20 27.65 0.45 1.2
degrees degrees
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WD-116 NQ 106.7 60 -60 40.85 41.35 0.50 0.5
degrees degrees
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42.50 42.80 0.30 1.2
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WD-117 NQ 70.1 60 -45 3.45 3.75 0.30 4.0
degrees degrees
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WD-118 NQ 64.0 60 -45 52.70 53.30 0.60 0.5
degrees degrees
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54.40 54.86 0.46 3.2
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WD-119 NQ 73.2 60 -45 36.05 36.58 0.53 1.0
degrees degrees
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WD-120 NQ 106.7 60 -45 36.50 40.80 4.30 3.0
degrees degrees
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including: 36.50 37.10 0.60 11.9
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(1) As measured along the drill hole. (2) Uncut assays.
Abbreviations: NQ equals 47.6 millimetres diameter drillcore;
m equals metres; g/t equals grams per tonne


Based on these drillholes, approximately 40 metres apart along strike and 100 to 200 metres north of the Bingo Zone, the continued presence of gold mineralization, albeit weaker, is very encouraging. Also of potential significance is the fact that the gold mineralization seen in WD-120 is likely hosted by another structure. There is evidence 400 metres to the south of a paralleling mineralized structure,100-150 metres west of the Bingo Zone, in drilling done in the 1990's. Further assessment of the geological interpretation of all these results is required to better establish the potential of the northern extension of the Bingo structure and possible flanking structures. To the south, the Bingo Zone and associated deposit is some 400 metres long. It remains largely untested at depth.

Assays have not yet been received for the Halfmoon, Burnt Rock, or Birch Crossing programs. The initial results are expected by late January. Ground geophysics (magnetometer and VLF-EM) is underway in the Dog Creek area where two gold-in-till targets are proposed to be tested in the current program. Drilling at Dog Creek is expected to start in late January after completion of the Birch Crossing program. It is also planned to test the Kruger Lake target during this winter's program. Access may be affected in some areas, however, because of poor winter freezing conditions.

The drilling program is being carried out under the supervision of Klaus Lehnert-Thiel, P.Eng., P.Geo., a qualified person. All assays were carried out at the Saskatchewan Research Council in Saskatoon, Saskatchewan. A quality control program is 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 72,000 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.

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 statements.


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

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