Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

August 13, 2007 14:48 ET

Golden Band Resources Expands Development Plans; Project Update

SASKATOON, SASKATCHEWAN--(Marketwire - Aug. 13, 2007) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to provide an update on its development-related activities and on the progress of the summer exploration program.

Jolu Central Mill Project - Expanded Scoping Study Underway

The Preliminary Economic Assessment (PEA or scoping study) previously announced by the Company on April 19, 2007 is being expanded and updated as follows:

- Expanded project life with the addition of the Tower East gold deposit by open pit mining and ore haulage to Jolu mill;

- Updated resource models for Bingo, EP, and Tower East deposits incorporating the latest winter and summer drill results;

- Revised mining concept for the Bingo deposit, including a small starter pit mining operation and a revised underground mining method utilizing long hole open stoping;

- Alternative operating models for open pit mining at Komis, EP and Tower East using contractor services; and,

- Revised and update of Jolu mill expansion costs.

The basis for this expanded scoping study is to further improve the overall project economics by increasing the project life, reduce the payback period, and decreasing cash operating costs. While expected to increase capital costs moderately, the project economics of the expanded project scenario are expected to be more than offset by lower overall cash costs, faster capital payback, thus giving additional economic protection in the event of lower gold prices.

The project life is expected to increase from approximately four years to at least eight years, providing Golden Band with a stronger position to negotiate supply contracts. The alternative mining methods to be considered for the Bingo project are expected to again lower operating costs while also increasing production. A revised operating method utilizing contract mining for the open pit operations is expected to reduce capital cost and reduce project risk. P&E Mining Consultants Inc. has been retained to carry out this work.

Gary Haywood, VP of Operations, notes that, "This expanded scoping study will result in an increase in the number of ounces produced, lower operating costs, and a quicker payback on the invested capital. All of this will lead to a much more robust mining and milling project for Golden Band. Also, with costs being a moving target in these very busy times in the mining industry, an updated scoping study will provide us with much better capital requirement estimates for budgeting and planning." The completion of this expanded scoping study is expected to preclude the requirement of a full feasibility study, thereby saving considerable time and expense.

The company expects that the expanded and updated PEA will provide the necessary information and confidence for the board of directors to make a decision on the go-ahead for the full project in the first quarter of 2008, which is in keeping with the original project timelines.

Summer Exploration Program

Drilling at the Bingo gold deposit (see previous news release of June 18, 2007) was finished successfully on August 2, 2007. A total of 43 drillholes (3,407.4 m) was completed in order to upgrade and extend known resources, both along strike and down-plunge of the deposit. All of the core samples have been submitted for assay. The first sample consignment was shipped on July 4, but no assay results have yet been received. Results will be announced as they are received.

Exploration drilling has also been completed on the Oven Lake target (2 drillholes, 153.0 m). Again, these results will be announced as those assays are received. The drilling crew is now on a break, with drilling scheduled to resume on the EP deposit and Charlie's Eye Crossing Prospect beginning in the third week of August.

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 information. Actual results may differ materially from those currently anticipated in such statements. 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.

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