Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

August 15, 2006 17:45 ET

Golden Band Resources Acquires 100% Ownership of Golden Heart Deposit

SASKATOON, SASKATCHEWAN--(CCNMatthews - Aug. 15, 2006) - Golden Band Resources Inc. (the "Company") (TSX VENTURE:GBN) is pleased to report that it has acquired the 50.1% interest held by Tyler Resources Inc. ("Tyler") in the Golden Heart gold deposit. Golden Band purchased Tyler's interest in the deposit and the underlying mineral disposition for $1,000,000 in cash and 500,000 common share purchase warrants in Golden Band, with each warrant exercisable for one common share in Golden Band for a period of two years following the closing date at a price of $0.55 per warrant share. The completion of the acquisition is subject to the receipt of all necessary regulatory approvals.

With the acquisition of 100% of the Golden Heart deposit, Golden Band has further consolidated its control of the La Ronge Gold Belt where it now owns eight gold deposits. Golden Heart's measured plus indicated mineral resources of 4,486,400 tonnes grading 1.80 grams per tonne (g/t) gold and inferred resources of 598,800 tonnes grading 1.66 g/t gold represent 259,900 ounces and 31,900 ounces respectively (Table 1). The Company believes that there is a very good potential for higher-grade zones in the Golden Heart deposit to possibly contribute mill feed to the Jolu mill as part of its plans to start gold production from a number of deposits in the Belt using the 100%-owned Jolu mill.

Golden Band's measured and indicated gold resource bases now total 724,200 ounces in the Greater Waddy Lake area, based upon only four of the Company's seven deposits (see news release of April 6, 2006). Updated NI 43-101 compliant resource estimates for the EP, Corner Lake, and Niko-Kaslo deposits will be undertaken together with the newly discovered Birch Crossing deposit after completion of this summer's drilling program.

The Company's eighth deposit is the Bingo, containing an estimated 22,900 tonnes grading 13.8 g/t gold (10,200 ounces) in the indicated category, with 136,500 tonnes grading 12.74 g/t gold in the inferred category (55,900 ounces; see news release of June 29, 2006).

The Company's plans are for near-term development of the high-grade Bingo deposit with the ore being processed at the Company's 100% Jolu mill. A scoping study is examining the potential for this and the development of higher-grade zones within the seven Greater Waddy-area deposits. The resource estimates for four of the Greater Waddy Project deposits are summarized in Table 1.



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Table 1: Mineral Resource Estimates for Greater Waddy Project
Gold Deposits (1 g/t gold cut-off grade)
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Deposit: Golden Heart(1) Tower East(1)
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Tonnes Tonnes
less than less than
or Grade or Grade
Resource equal to g/t In-situ equal to g/t In-situ
Category Cutoff Au Ounces Cutoff Au Ounces
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Measured 562,200 2.02 36,500 1,071,400 2.28 78,600
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Indicated 3,924,300 1.77 223,400 3,715,700 2.01 240,000
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Meas.+Ind. 4,486,400 1.80 259,900 4,787,100 2.07 318,600
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Inferred 598,800 1.66 31,900 567,800 1.49 27,200
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Deposit: Memorial Komis(2)
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Tonnes Tonnes
less than less than
or Grade or Grade
Resource equal to g/t In-situ equal to g/t In-situ
Category Cutoff Au Ounces Cutoff Au Ounces
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Measured 70,684 4.21 9,561
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Indicated 288,378 2.83 26,220 848,599 4.03 109,923
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Meas.+Ind. 919,283 4.04 119,484
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Inferred 90,876 2.49 7,272 86,585 3.18 8,852
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(1) Figures for Golden Heart and Tower East have been rounded to the
nearest 100 tonnes resulting in the combined measured and
indicated category appearing to be marginally less than the sum.

(2) Komis resource estimates were announced on April 6, 2005 at a
0.5 g/t Au cutoff. Those values were 990,000 tonnes grading
3.81 g/t Au for 121,300 ounces in the measured and indicated
category, and 94,000 tonnes grading 2.98 g/t Au for 9,000
ounces in the inferred category.
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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 and/or designed and carried out under the 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 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 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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