Golden Band Resources Inc.

Golden Band Resources Inc.

October 31, 2006 09:30 ET

Golden Band Resources Holds 2006 Annual General Meeting

SASKATOON, SASKATCHEWAN--(CCNMatthews - Oct. 31, 2006) - Golden Band Resources Inc. (the "Company") (TSX VENTURE:GBN) is pleased to announce that its Annual General Meeting was held on October 30, 2006. In business conducted at the AGM, all of the items put before the shareholders were approved by the requisite numbers of shareholders. These included the election of Ronald Netolitzky, Klaus Lehnert-Thiel, A. Robson Garden, Robert Ingram, Stuart Diamond, and John Tosney as Golden Band's board of directors.

In keeping with Golden Band's strategy and plans to advance the Company though a combination of exploration, acquisition, and production, an overview of the on-going and planned exploration and pre-development activities was presented following the business meeting. Titled "The Path to Production", it explained the Company's updated plans.

The Company's pre-development work continues, with substantial preparatory work either having been completed or in progress. The key piece in setting the future direction of the development is the re-focused scoping study that is studying the higher-grade, lower-tonnage scenario using the existing Jolu Mill, with production coming from Bingo and from higher-grade portions of the deposits that the Company now has. A minimum of a five-year project life is being considered. The expected completion of the revised scoping study is the first quarter of 2007.

To assist in this planning, updated resource estimates are to be completed for the deposits that are not NI 43-101-compliant. These include the Niko/Kaslo, Corner Lake deposits, as well as the EP and Birch Crossing deposits where the Company recently completed additional drilling. The Greywacke deposit in which Golden has acquired a 49% interest (see news release of October 30, 2006) will also require an updated resource estimate.

Golden Band's mid-term (5 years) goal, based on a positive scoping study, is the staged development using the centrally-located Jolu Mill, with a 5 year project life at a daily milling capacity of 450 to 500 tonnes, producing some 35,000 ounces per year. The Company's vision beyond this first step, based on a successful start-up, has as the long-term (10-year) goal of maintaining gold production for another 10 years in the La Ronge Gold belt at a central milling facility at 1,500 tonnes per day, producing some 115,000 ounces per year.

Among the engineering-related studies described, it was noted that a detailed order-of-magnitude review on the start-up of the Jolu Mill has indicated the cost will be on the order of $6.5 million and could require six to eight months to complete. While higher than an estimate made in 2003, this compares favourably with either the construction and permitting of a new 500 tonne per day (tpd) mill and tailings management facility, estimated to be at least $35 million, or the initially considered 2,000 tpd mill with a capital cost of over $70 million.

Also described in the presentation, the predevelopment-related studies either completed or in progress are: (i) Order of Magnitude Refurbishment Cost Review Jolu Mill; Development of an Underground Sampling Protocol for the Bingo Underground Exploration; (ii) Order of Magnitude Cost Study and Permitting Review for the Expansion of the Jolu Tailings Management Facility; (iii) Review and preparation of Permitting and Project Application for Bingo Underground Contract Tender; (iv) Bathymetric Survey and conceptualization of an expansion of the Jolu Tailings Management Facility; (v) review of the $ 55 M Exploration and Mining Database; (vi) Energy Supply Study through SaskPower for the Jolu Central Mill; (vii) Environmental Base Line Study for Waddy Lake area and potential Jolu Haul Road Corridor; (viii) Property Risk Control Evaluation of the Jolu Mill; and, (ix) revised Bingo Underground Exploration Tender plans.

Continued delays in the receipt of assay data from the summer exploration program did not allow for a presentation of the summer drilling results. As previously reported, these assay data are not expected from the lab before mid-November. The announcement of the 2007 exploration program will be made after the receipt and review of the summer exploration results.

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.

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

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