Golden Band Resources Inc.

Golden Band Resources Inc.

January 02, 2007 14:23 ET

Golden Band Resources Completes 49% Acquisition of Greywacke Gold Deposit

SASKATOON, SASKATCHEWAN--(CCNMatthews - Jan. 2, 2007) - Further to Golden Band Resources Inc.'s ("Golden Band") (TSX VENTURE:GBN) news release dated October 30, 2006, Golden Band is pleased to announce that it now holds a 49% interest in the Greywacke gold deposit following the completion of its purchase of the 49% interest from JNR Resources Inc. and Shane Resources Ltd. (the "Greywacke Vendors") for $100,000 in cash and 250,000 common shares on closing, 250,000 common shares and on the first anniversary of the closing, and the receipt by the Greywacke Vendors of a 2% Net Smelter Return Royalty which allows for the buy-down to a 1% royalty for $1 million.

Golden Band has also acquired, in a separate transaction, the 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 on closing, 150,000 common shares on the first anniversary of the closing, and the receipt by the Dickens Vendors of a 2% Net Smelter Return Royalty which allows for the buy-down to a 1% royalty for $500,000.

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.

About Golden Band

Golden Band Resources is a well-financed Saskatchewan-based company whose focus is the long-term, systematic exploration and development of its La Ronge Gold Belt properties, the majority of which are 100%-owned. Since 1994, Golden Band has assembled through staking and strategic acquisition a land package of more than 70,000 hectares, including ten known gold deposits, four former producing mines, and a licensed gold mill. The development of these assets is the subject of a scoping study which is examining the mining of higher-grade mineralization and processing it at the Company's 100%-owned Jolu Mill.

On behalf of the Board of Directors,

Ronald K. Netolitzky, President and CEO

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.

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

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