Golden Band Resources Inc.

Golden Band Resources Inc.

September 27, 2005 19:09 ET

Golden Band Resources Inc.: Corporate Update

SASKATOON, SASKATCHEWAN--(CCNMatthews - Sept. 27, 2005) - As a result of a review by the British Columbia Securities Commission, Golden Band Resources Inc. (TSX VENTURE:GBN) is issuing the following press release to clarify our disclosure. In previous disclosures by Golden Band Resources Inc. (the "Company") in news releases, on the Company's website, and in its Management Discussion and Analysis for the year-ended April 30, 2005, it was stated that the Company has indicated-category gold resources that exceed 1,000,000 ounces of gold with an open-pitable grade of 1 to 3 grams per tonne gold. This disclosure is contrary to NI 43-101 and the Company hereby retracts these total resources.

To clarify further, the Company has been requested to restate separately the historical resources and the current resources. The Company is of the opinion that the historical resource estimates (N.B.: under NI 43-101, historical estimates are those made before February 1, 2001) as contained in a news release made by the Company on December 16, 2003 are no longer relevant and cannot be considered reliable in light of more-recent work on these deposits.

Resource estimates made after February 1, 2001, and as contained in news releases issued by the Company on December 16, 2003 and April 6, 2005, are those done for the Company by independent consultants between 2003 and 2005. While the consultants used NI 43-101 definitions in the preparation of their resource estimates for the Bingo, Golden Heart, Tower East, Memorial, Corner Lake, and Niko-Kaslo deposits, as the Company has not filed technical reports in support of the first-time disclosure of the mineral resources for those deposits, the Company hereby states that the disclosure of mineral resources for these deposits is not supported by a compliant NI 43-101 technical report, contrary to NI 43-101. As a result, the Company's mineral resource estimates for the Bingo, Golden Heart, Tower East, Memorial, Corner Lake, and Niko-Kaslo deposits should not be relied on until they are supported by independent technical reports. The Company has contracted the preparation of independent technical reports for the Bingo. Memorial, Tower East, and Golden Heart deposits and they are expected by year-end, 2005. The Company has no plans at present to undertake a technical report on either the Corner Lake or the Niko-Kaslo deposits and will therefore not include those deposits in any future report of resource estimates until such time that technical reports are available.

The current resources disclosed by the Company on April 6, 2005 for the Komis deposit (Table 1) are supported by an independent NI 43-101-compliant technical report that was filed on SEDAR on April 14, 2005. The Technical Report and Resource Estimate was completed by A.C.A. Howe International Limited. The complete disclosure is contained in the news release of April 6, 2005.

Table 1: Komis Deposit NI 43-101-Compliant Resource Estimate
Gold Grade
(grams per Gold Gold
Classification Tonnes tonne) Grams Ounces
Measured 76,000 3.96 300,960 9,700
Indicated 914,000 3.80 3,473,200 111,600
Measured & Indicated 990,000 3.81 3,777,160 121,300
Inferred 94,000 2.98 280,120 9,000

On behalf of the Board of Directors,

Ronald Netolitzky, President and Director

All of Golden Band's exploration programs and pertinent disclosure of a technical or scientific nature are prepared by or prepared under the direct supervision of Klaus Lehnert-Thiel, P.Eng., P.Geo., Golden Band's Vice President of Exploration, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

Forward-Looking Statements: 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. Golden Band expressly disclaims any intention or obligation to update or revise any 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.

Contact Information

  • Golden Band Resources Inc.
    Ronald Netolitzky
    President and Director
    (306) 955-0787 or Toll Free: 1-866-684-4209
    (306) 955-0788 (FAX)