Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

April 06, 2006 16:57 ET

Golden Band Resources Inc.: Resource Estimates for Golden Heart, Tower East, and Memorial Deposits

SASKATOON, SASKATCHEWAN--(CCNMatthews - April 6, 2006) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to announce that independent Technical Reports and Resource Mineral Estimates have been received for the Golden Heart, Tower East, and Memorial gold deposits. The Tower East and Memorial deposits are owned 100% by Golden Band. The Company holds a 49.9% direct interest in the Golden Heart deposit. Tyler Resources Inc. has the remaining 50.1% interest. The reports have been filed by the Company on SEDAR.

With these new estimates, Golden Band now has NI 43-101 compliant mineral resources for four of its Greater Waddy Project deposits. An independent scoping study (Preliminary Economic Analysis) on these four deposits by P&E Mining Consultants Inc. is expected to be completed in May 2006.

Ron Netolitzky, President of Golden Band, states, "We are pleased to be able to announce these updated resource estimates as they validate the work we have done and give Golden Band a solid resource base to work towards achieving our long-term goals. In addition, ongoing exploration throughout our extensive property is expected to add additional resources."

The resource estimates for all four Greater Waddy Project deposits at a 1 gram per tonne (g/t) gold cut-off grade are summarized in Table 1.



Table 1: Mineral Resource Estimates for
Greater Waddy Project Gold Deposits
(at 1 g/t Au cutoff grades)

--------------------------------------------------------------------
--------------------------------------------------------------------
Deposit: Golden Heart(1) Tower East(1)
--------------------------------------------------------------------
--------------------------------------------------------------------
Tonnes Tonnes
greater greater
than/ than/
Resource equal to Grade In-situ equal to Grade In-situ
Category Cutoff g/t Au Ounces Cutoff g/t Au Ounces
--------------------------------------------------------------------
Measured 562,200 2.02 36,500 1,071,400 2.28 78,600
--------------------------------------------------------------------
Indicated 3,924,300 1.77 223,400 3,715,700 2.01 240,000
--------------------------------------------------------------------
Meas.+Ind. 4,486,400 1.80 259,900 4,787,100 2.07 318,600
--------------------------------------------------------------------
Inferred 598,800 1.66 31,900 567,800 1.49 27,200
--------------------------------------------------------------------
--------------------------------------------------------------------

--------------------------------------------------------------------
--------------------------------------------------------------------
Deposit: Memorial Komis(2)
--------------------------------------------------------------------
--------------------------------------------------------------------
Tonnes Tonnes
greater greater
than/ than/
Resource equal to Grade In-situ equal to Grade In-situ
Category Cutoff g/t Au Ounces Cutoff g/t Au Ounces
--------------------------------------------------------------------
Measured 70,684 4.21 9,561
--------------------------------------------------------------------
Indicated 288,378 2.83 26,220 848,599 4.03 109,923
--------------------------------------------------------------------
Meas.+Ind. 919,283 4.04 119,484
--------------------------------------------------------------------
Inferred 90,876 2.49 7,272 86,585 3.18 8,852
--------------------------------------------------------------------
(1) Figures for Golden Heart and Tower East have been rounded to
the nearest 100 tonnes resulting in the combined measured and
indicated category appearing to be marginally less than the sum.
(2) Komis resource estimates were previously announced on April 6,
2005 at a 0.5 g/t gold cutoff. Those values were 990,000 tonnes
grading 3.81 g/t Au for 121,300 ounces in the measured and
indicated category, and 94,000 tonnes grading 2.98 g/t Au for
9,000 ounces in the inferred category.


Golden Heart Deposit:

The Golden Heart gold deposit is estimated to contain a measured and indicated resource of 4.49 million tonnes averaging 1.8 g/t gold at a cut-off grade of 1.0 g/t gold. An additional 598,800 tonnes grading 1.66 g/t gold is classified as inferred (Table 1). The Technical Report contains additional grade and tonnage data for grade cutoffs between 0.50 and 2.00 g/t gold.

The current database for the Golden Heart Deposit consists of 18,693 assayed intervals from 147 drill holes (total drilling is 27,690.4 metres) completed in several phases between 1982 and 1996. Bulk density measurements were performed on 20 drill core composites and the average density value of 2.79 g/cm3 was used for tonnage calculations.

Resource estimation was constrained by 3-dimensional solid models created in concert with a low grade shell defined by indicator kriging. Block estimation was carried out by ordinary kriging using a top-cut of 200 g/t. The influence of samples grading between 24 and 200 g/t Au was restricted to a range of 10 metres. Blocks were classified based on a combination of sample spacing and kriging variance. Due to the quality of downhole survey information, measured blocks were also restricted to within 150 metres of the surface (300 metre level). Blocks below that depth (approximately 150 m below surface) are included in the indicated or inferred categories.

Tower East Deposit:

The Tower East gold deposit is estimated to contain a measured and indicated resource of 4.8 million tonnes averaging 2.07 g/t gold at a cut-off grade of 1.0 g/t gold. An additional 568,000 tonnes grading 1.49 g/t gold is classified as inferred (Table 1). The Technical Report contains additional grade and tonnage data for grade cutoffs between 0.50 and 2.00 g/t gold.

The current Tower East gold deposit database consists of 254 diamond-drill holes completed between 1984 and 2005. The current assay database for the Tower East Deposit consists of 28,181 samples from 237 drill holes completed in several phases between 1994 and 2005. Bulk density measurements were performed on 16 core samples from the mineralized zone and the median value of 2.72 g/cm3 was used in for tonnage calculations.

Resource estimation was constrained by a low grade shell defined by indicator kriging and limited to the hangingwall of the Byers Fault Zone. Block estimation was carried out by ordinary kriging using a top-cut of 65 g/t Au. The influence of samples grading between 15 and 65 g/t Au was restricted to a range of 10 metres. Blocks were classified based on a combination of sample spacing and kriging variance.

Memorial Deposit:

The Memorial deposit is estimated to contain an indicated resource of 288,400 tonnes averaging 2.83 g/t gold and an inferred resource of 90,900 tonnes grading 2.49 g/t gold at a cut-off grade of 1 g/t gold (Table 1). The Technical Report contains additional grade and tonnage data for grade cutoffs between 0.50 and 2.00 g/t gold.

The assay database for the Memorial Deposit consists of 4,525 samples from 79 drill holes completed in several phases between 1998 and 2004. Bulk density measurements were performed on 25 core samples from the mineralized zone and the average value of 2.83 g/cm3 was used in this study.

Resource estimation was constrained by 3-dimensional solid models developed from geological and analytical data. Block estimation was carried out by ordinary kriging using a top-cut of 90 g/t Au. The influence of samples grading between 30 and 90 g/t Au was also restricted. Blocks were classified based on a combination of sample spacing and kriging variance.

The resource estimates are classified as Mineral Resources that are consistent with the guidelines in "CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" (2003) as required by National Instrument 43-101. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. Golden Band is not aware of any issues which may materially affect its estimates of mineral resources. These estimates are contained in NI 43-101 compliant Technical Reports that have been filed on SEDAR by the Company. The effective dates of the reports and resource estimates are: Golden Heart: March 23, 2006; Tower East: March 20, 2006; and Memorial: March 22, 2006.

Mr. Ronald Simpson of Geosim Services Ltd. is the author of the Golden Heart, Tower East, and Memorial deposit reports and resource estimates and Mr. Simpson has read and approved the contents of this news release. As reported by the Company on April 6, 2005, A.C.A. Howe is the author of the 2005 Technical Report and Resource Estimate for the Komis Deposit.

About Golden Band

Within Golden Band's 100% property position in the Greater Waddy Lake area, additional deposits identified by historical exploration have not been brought up to current reporting standards. These include the Niko, Kaslo, Corner Lake, Oven Lake, and the EP zones. Golden Band has no plans at present to undertake technical reports on these deposits, and will not include them in any future report of resource estimates until such time that technical reports are available. In addition, the recently announced Birch Crossing discovery has the potential to add additional resources (see news release February 27, 2006).

Scoping studies are currently underway to assess potential production opportunities, both from renewed production at the Jolu mill of material from the Bingo deposit and from new production at a planned central complex in the Greater Waddy Lake area.

Golden Band's main objective is to advance its existing resource base towards commercial production. The Company's short-term plan is to bring the Bingo and other high-grade deposits into production and process the ore at the Company's 400 tonne per day Jolu mill. This fully licensed mill and tailings facility, presently on a standby mode, is 54 kilometres by road from the Bingo deposit. These land holdings, resource base, and ownership of a permitted mill present a unique opportunity to resume gold production at a low capital cost and low risk profile.

On behalf of the Board of Directors of Golden Band Resources Inc.,

Ronald K. Netolitzky, President

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.


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

Contact Information