Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

August 22, 2005 12:39 ET

Golden Band Resources Inc.: Bingo Gold Deposit Drilling Program Confirms Grade and Extends the Zone North and South

SASKATOON, SASKATCHEWAN--(CCNMatthews - Aug. 22, 2005) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to announce the results of the recently completed summer drilling program carried out on its 100%-owned Bingo gold deposit in northern Saskatchewan. With this latest drilling, the gold-bearing structure now approaches 600 metres in strike length and still remains open primarily to the north and at depth. As well, the gold grade and continuity of the Bingo Main Zone on the 350-metre level were again confirmed in this latest round of drilling. Gold grades of up to 45 g/t Au over one metre and 8.8 g/t over 5.9 metres were intersected (see attached table and see attached map).

This drilling also has proven that the Bingo NW, Bingo Main, and the Adit zones (see news release of May 25, 2005) are continuous far south as hole WD-106 and represent a single gold-mineralized structure that also contains favourable second-order structural features such as a steep north-plunging gold-bearing shoot with higher than average widths and grades.

Nineteen holes (1,269.8 m) of NQ-diameter diamond drilling were completed between June 16 to July 14, 2005. These drillholes are identified on the attached map, as are the locations of all previous drillholes. Ranging between 50 and 100 m long, all of these latest drillholes examined the Bingo gold zone only at shallow depths. The depth extent remains largely untested.

Bingo Deposit Drilling Results

Four drillholes (WD-95, 96, 97, and 112; see map and inset) tested the structural target at the northern end of the Bingo zone from both sides and at different angles. In summary, these holes indicate the existence of a steep, north plunging gold-bearing shoot created by either a fold or a dilatational jog. These holes also confirmed the grade of the mineralization above and below the shoot in the 12 to 28 g/t gold range over widths of 1.5 to 2.5 metres. These included metre-long intervals in the 30 to 45 g/t gold range. A summary of the aggregated assay results for all 19 drillholes reported here is presented in Table 1.

Holes WD-103 and WD-104 were targeted to intersect the mineralization perpendicular to the structural plunge of the gold-bearing shoot. While these holes returned good gold grades over appreciable lengths (e.g., 8.80 g/t Au over 5.9 m in WD-103) it is unclear whether they intersected the nose of the fold or were drilled down-dip in the zone.

The majority of the holes (WD-98, 99, 100, 101, 102, 105, 106, 107, 108, and 109) were step-outs at 25 m spacings along the Bingo zone to the south of the last holes drilled (see news release of May 25, 2005). The gold mineralized structure was confirmed as far south as WD-106 with varying grades and widths adding about 200 metres of additional strike length. The best intersection, in hole WD-98, returned 33.4 g/t Au over 1.5 m, with adjacent lower grades.

The drillholes south of WD-106 intersected sub-economic, individual narrow gold mineralized quartz veins without the accompanying Bingo-type structural deformation. With the information on hand it is unclear whether this represents the southern limit of the Bingo zone or whether the zone has shifted en echelon to the east or west.

The most encouraging step-out drillhole is WD-111 that tested the north-south trending Bingo Main Zone 150 m north of the last previous mineralized intersection. It returned 6.02 g/t Au over 2.5 m between 71.5 and 74.0 metres and 2.83 g/t Au over 0.5 metres in the lowermost interval sampled at 80.9 to 81.4 m. Additional sampling is required in this drillhole, as is further drilling warranted along strike. A follow-up hole (WD-94) on the Cockrum Zone returned scattered metre-long intercepts in the range of 1 to 4 g/t Au. The attitude and economic importance of the Cockrum zone is not yet clear from the drilling.

Golden Band remains very encouraged by these latest results. Klaus Lehnert-Thiel, Vice President Exploration, notes, "Bingo continues to respond very favourably in terms of its size potential and we are very pleased with both the gold grades and continuity of the mineralized structure that we are seeing. These latest results emphasize the fact that additional exploration drilling is required to fully discover the potential of the Bingo deposit." While gold mineralization at Bingo is seen to be well-constrained by the overall structure, drilling in the last two programs has indicated potential for better grades and widths within related, local-scale, structures.

A new resource estimate will be undertaken incorporating the results of the last two drilling programs. This is expected by late fall, at which time it is expected that the underground sampling program will be decided. A scoping study (preliminary economic analysis) will then be considered to identify and review the options regarding the economic viability of mine development and production.

Metallurgical testing of a 154 kg composite of the core obtained from the winter drilling program is underway at Lakefield Research Limited. This includes gold recoveries using gravity separation and cyanidation. The final results are expected soon.

A comprehensive aquatic and terrestrial baseline environmental assessment for the Bingo Project that was started in 2004 by Canada North Environmental Services LP and has now been completed and the report has been delivered.

The drilling program was carried out under the supervision of Klaus Lehnert-Thiel, P.Eng., P.Geo., a qualified person. All assays were carried out at the Saskatchewan Research Council in Saskatoon, Saskatchewan. Because the mineralization consists predominantly of coarse gold greater than 100 microns (0.1 mm) in size, metallic screen fire assaying has been used in the mineralized intervals to provide more-accurate results than are obtainable from standard fire assays. Standard fire assays were used outside of the known gold mineralized intersections in the program. A quality control program is in place.

About Golden Band

Golden Band's near-term objective is to delineate sufficient ounces of high-grade gold resources (greater than 10 g/t gold, such as at the Company's 100%-owned Bingo deposit) that are within trucking distance of the Company's Jolu mill. This would form a core resource to commence operations. It is anticipated that production could begin with a relatively low capital investment within a few months of a positive feasibility study and receipt of the necessary approvals.

The Company's longer-term objective is production from its gold deposits in the Greater Waddy Lake area. These deposits currently have an existing indicated-category resource inventory that exceeds 1,000,000 ounces of gold with an open pitable grade of at least 1 to 3 g/t gold, plus over 387,000 ounces in the inferred resource category (both uncut; see the news release of April 6, 2005 for all data). This level of gold resources, located within trucking distance of a central mill complex, could potentially support a long-term mine-mill operation.

On behalf of the Board of Directors,

Ronald K. Netolitzky, President

Forward Looking Statement:

Some of the statements in this news release contain forward-looking information which involves inherent risk and uncertainty that may affect the business of Golden Band Resources Inc. Actual results may differ materially from those currently anticipated in such statements



Table 1: Bingo Deposit Assay Data, 2005 Summer Drilling Program
Aggregated Results Based on 682 +/-0.5 m Samples
(range: 0.1 to 1.3 m, average 0.6 m)

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Fire Assay
Results(2)
-----------------
Bingo Gold Standard Metallic
Deposit Drill hole Data Intersection(1) Assay Assay
------- -------------------------- --------------- -----------------
Gold Gold
Core Total Azi- From To Width Grade Grade
DH No. Size Depth m muth Dip m m m g/t g/t
--------------------------------------------------------------------
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WD-94 NQ 70.1 165 -45
degrees degrees 31.1 32.1 1.0 4.45
--------------------------------------------------------------------
40.1 41.1 1.0 1.13
--------------------------------------------------------------------
49.1 50.1 1.0 4.12
--------------------------------------------------------------------
52.1 53.1 1.0 1.24
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-95 NQ 51.8 88 -45
degrees degrees 17.0 18.5 1.5 22.00
--------------------------------------------------------------------
32.5 33.5 1.0 8.67
--------------------------------------------------------------------
34.5 37.1 2.6 14.30
--------------------------------------------------------------------
inclu-
ding 35.0 36.0 1.0 29.40
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-96 NQ 51.8 48 -50
degrees degrees 8.7 11.2 2.5 15.17
--------------------------------------------------------------------
inclu-
ding 8.7 9.7 1.0 30.15
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-97 NQ 54.9 48 -50
degrees degrees 19.5 21.5 2.0 28.38
--------------------------------------------------------------------
inclu-
ding 19.5 20.5 1.0 45.50
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-98 NQ 61.0 88 -50
degrees degrees 33.5 34.5 1.0 4.62
--------------------------------------------------------------------
36.5 38.0 1.5 33.40
--------------------------------------------------------------------
inclu-
ding 37.0 38.0 1.0 44.45
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-99 NQ 61.0 88 -50
degrees degrees 41.5 42.5 1.0 2.04
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-100 NQ 61.0 88 -50
degrees degrees 26.5 27.0 0.5 7.65
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-101 NQ 61.0 88 -50
degrees degrees 7.3 7.6 0.3 1.87
--------------------------------------------------------------------
18.5 18.9 0.4 1.37
--------------------------------------------------------------------
47.0 47.5 0.5 4.45
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-102 NQ 61.0 88 -50
degrees degrees 18.0 18.8 0.8 0.56
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-103 NQ 61.0 150 -60
degrees degrees 25.0 25.5 0.5 1.29
--------------------------------------------------------------------
28.0 29.0 1.0 2.70
--------------------------------------------------------------------
46.4 52.3 5.9 8.80
--------------------------------------------------------------------
inclu-
ding 47.8 51.3 3.5 12.35
--------------------------------------------------------------------
64.0 68.5 4.5 1.46
--------------------------------------------------------------------
68.5 70.1 1.6 13.48
--------------------------------------------------------------------
inclu-
ding 68.5 69.5 1.0 19.86
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-104 NQ 99.0 150 -45
degrees degrees 5.1 5.9 0.8 12.86
--------------------------------------------------------------------
18.5 19.4 0.9 3.32
--------------------------------------------------------------------
23.6 26.1 2.5 3.21
--------------------------------------------------------------------
26.1 26.6 0.5 1.45
--------------------------------------------------------------------
26.6 28.6 2.0 2.51
--------------------------------------------------------------------
45.4 50.3 4.9 6.80
--------------------------------------------------------------------
inclu-
ding 48.3 49.1 0.8 23.78
--------------------------------------------------------------------
65.5 67.2 1.7 6.07
--------------------------------------------------------------------
81.3 82.3 1.0 18.20
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-105 NQ 64.0 60 -45
degrees degrees 53.5 54.5 1.0 1.14
--------------------------------------------------------------------
54.5 55.5 1.0 16.57
--------------------------------------------------------------------
55.5 57.0 1.5 1.43
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-106 NQ 79.3 88 -50
degrees degrees 62.0 63.0 1.0 9.49
--------------------------------------------------------------------
65.8 66.4 0.6 1.41
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-107 NQ 79.3 88 -50
degrees degrees No significant intersections
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-108 NQ 61.0 88 -50
degrees degrees 23.3 23.5 0.2 9.34
--------------------------------------------------------------------
33.6 33.7 0.1 1.22
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-109 NQ 57.9 88 -50
degrees degrees 10.0 12.5 2.5 0.59
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-110 NQ 67.1 240 -60 Core spilled,
degrees degrees re-drilled as WD-112
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-111 NQ 100.6 240 -45
degrees degrees 71.5 74.0 2.5 6.02
--------------------------------------------------------------------
80.9 81.4 0.5 2.83
--------------------------------------------------------------------
--------------------------------------------------------------------
WD-112 NQ 67.1 240 -60
degrees degrees 31.0 34.5 3.5 12.42
--------------------------------------------------------------------
inclu-
ding 31.0 33.5 2.5 16.14
--------------------------------------------------------------------
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(1) As measured along the drill hole. (2) Uncut assays
Abbreviations: DH equals drillhole; NQ equals 47.6 mm diameter;
HQ equals 63.5 mm diameter; TD equals total depth; m equals metres;
g/t equals grams per tonne



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