Golden Band Resources Inc.

Golden Band Resources Inc.

July 09, 2007 09:00 ET

Golden Band Resources: Approval Received for Bingo Construction

SASKATOON, SASKATCHEWAN--(Marketwire - July 9, 2007) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to announce that it has received approval from Saskatchewan Environment to construct the underground decline and drifts for access during the underground exploration program of its Bingo gold deposit. This work is in anticipation of and in preparation for near-term development of the deposit, as was described in the scoping study (Preliminary Economic Assessment) announced by Golden Band on April 19, 2007. The scoping study considered that mining the Bingo, Komis, and EP gold deposits and processing the ore at the Company's Jolu mill is economically viable. All of these assets are in the La Ronge gold belt and are owned 100% by Golden Band. The Company anticipates being able to make a decision to re-start gold mining in the La Ronge camp during the first quarter of 2008, with production starting by the end of 2008, subject to a successful underground exploration program at Bingo and receiving the necessary permitting and approvals.

The objectives of the underground exploration of the Bingo deposit are to better define the grade and geological continuity of the gold mineralization, and to upgrade the existing inferred resources to measured or indicated status by developing ore drifts within the defined resources and conducting extensive channel sampling of the mineralization. The expected 5,000 tonnes bulk sample extracted from the deposit will be stockpiled for eventual processing through the Jolu mill.

Further to this, Golden Band is negotiating with an experienced mining contractor for the related underground exploration work. Mobilisation to site in preparation for development of the decline access will commence once all necessary permits and approvals are in place. As part of the underground exploration project, a request for the usual exploration permits has been submitted to Saskatchewan Environment. Consultation with the local communities is an integral and ongoing commitment of Golden Band throughout its project process.

About Golden Band

Golden Band Resources is a well-financed, Saskatchewan-based, publicly listed company (TSX VENTURE:GBN) 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 Company's near-term goals call for development and production from the Bingo, Komis, and EP deposits with processing at the Company's 100%-owned Jolu mill - a project that received a positive Preliminary Economic Assessment (scoping study) on April 19, 2007. Longer-term objectives include production from the Company's other deposits and the continuation of its highly successful strategy of exploration and acquisition.

On behalf of the Board of Directors of Golden Band Resources Inc.,

Rodney G. Orr, P.Geo., President & CEO

All of Golden Band's exploration programs and pertinent disclosure of a 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. All of Golden Band's development-related programs and pertinent disclosure of a development nature are prepared and/or designed and carried out under the supervision of Gary Haywood, P.Eng., Golden Band's VP of Operations, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

Cautionary Statements on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

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
    Rodney G. Orr, P.Geo
    President & CEO
    (306) 955-0787 or Toll Free: 1-866-684-4209
    (306) 955-0788 (FAX)
    Ascenta Capital Partners
    Investor Relations
    (604) 628-5800 or Toll Free: 1-866-684-4209