Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

October 30, 2006 09:30 ET

Golden Band Resources Acquires 49% Ownership of Greywacke Gold Deposit

SASKATOON, SASKATCHEWAN--(CCNMatthews - Oct. 30, 2006) - Golden Band Resources Inc. (the "Company") (TSX VENTURE:GBN) is pleased to announce that it has made another significant move towards its ongoing property consolidation of the La Ronge Gold Belt with the acquisition of the 49% interest in the Greywacke gold deposit from JNR Resources Inc. and Shane Resources Ltd. (the "Greywacke Vendors"). A letter of intent has been concluded whereby Golden Band will acquire the Greywacke Vendor's interests in the deposit and the underlying mineral dispositions (the "Greywacke Property") for $100,000 in cash and 250,000 common shares in Golden Band on closing, 250,000 common shares in Golden Band on the first anniversary of the closing, and the receipt by the Greywacke Vendors of a 2% Net Smelter Return Royalty (the "Greywacke NSR") which allows for the buy-down to a 1% royalty for $1 million.

Golden Band will also acquire, in a separate transaction, 100% interests in three contiguous claims (the "Dickens Lake Property") from United Carina Resources Corp. and Star Uranium Corp. (the "Dickens Vendors") for $40,000 in cash and 150,000 common shares in Golden Band on closing, 150,000 common shares in Golden Band on the first anniversary of the closing, and the receipt by the Dickens Vendors of a 2% Net Smelter Return Royalty (the "Dickens NSR") which allows for the buy-down to a 1% royalty for $500,000.

The completions of these acquisitions are subject to the receipt of all necessary regulatory approvals and the conclusion within 30-days of definitive agreements.

The Greywacke deposit is located approximately 90 kilometres north of La Ronge and is accessible by a trail extending 11 km from Highway 102. This is situated between the Company's Bingo deposit and its 100%-owned Jolu gold mill. Golden Band believes that there is a good potential that the Greywacke deposit could contribute higher-grade 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 Jolu mill.

The Greywacke deposit was discovered by Cameco in 1988 after surface work had defined three zones of gold mineralization. The best surface channel sample grades were reportedly 33 grams per tonne (g/t) gold over 7 metres (m) and 10.9 g/t gold over 12.5 m. Between 1989 and 1994, the Greywacke deposit was outlined by Cameco with 30 diamond-drill holes, the highlights of which were 12.9 g/t gold over a true width of 4.3 m, and 5.2 g/t gold over 18.37 m being the largest true width. The deepest mineralization outlined at that time was 7.2 g/t gold over 1.8 m true width at a vertical depth of 225 m. Based on these drilling results, in 1991, Cameco estimated a resource of 298,000 tonnes grading 9.2 g/t gold for the Greywacke North Zone across an average width of 3.0 m and along a strike length of 300 m to a depth of 250 m. It must be noted that this historical estimate does not conform to NI 43-101 standards and should therefore not be relied upon as an accurate estimation or representation of the deposit's gold resources. Two other smaller gold zones were also identified. These are the Greywacke South, where the best drilling intersection was reportedly 5.3 g/t gold over 4.25 m, and the Lyons zone where the best intersection was reportedly 26.4 g/t gold over 1.9 m true width. A total of 80 drill holes have been completed across the property, with 49 in the main Greywacke North Zone.

The balance of the interest in the Greywacke property is currently owned by a junior company that is in a joint venture with the Vendors. Drilling by the operator in 2002 apparently indicated that the deposit continues to depth, with a minimum strike length of 160 m at the 200-m level below surface. The best intersections were reported as 10.5 g/t gold over a true width of 1.8 m (including 16 g/t gold over 1.08 m) and 4.9 g/t gold over 1.58 m true width (including 8.2 g/t gold over 0.79 m). Drilling by the operator in 2005 on the main deposit was reported as including a sulphide-rich intersection of 8.2 g/t gold over 26.6 m (45.8-72.5 m) that included 11.9 g/t gold over 16.0 m and 21.4 g/t gold over 4 m.

With the acquisition of 49% of the Greywacke deposit, Golden Band has further consolidated its control of the La Ronge Gold Belt where it already owns 100% of eight gold deposits. Golden Band's measured and indicated gold resource base now totals 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). 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). Updated NI 43-101-compliant resource estimates for the Greywacke, EP, Corner Lake, and Niko-Kaslo deposits will be undertaken together with the newly discovered Birch Crossing deposit. Upon the completion of the Greywacke acquisition it is the Company's intent to complete a 43-101 compliant resource calculation.

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 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 any oral or written forward-looking statements whether as a result of new information, future events, or otherwise.


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