Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

April 16, 2007 18:53 ET

Golden Band Resources-Interim Winter Drilling Results and Update

SASKATOON, SASKATCHEWAN--(CCNMatthews - April 16, 2007) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to announce the results of its 2007 winter drilling program on the Company's 100%-owned Tower East gold deposit, the Phantom Zone, and Charlie's Eye prospect in the La Ronge Gold Belt of northern Saskatchewan. The complete listing of significant intercepts in the current phase of drilling is presented in the attached tables.

Tower East Deposit Winter Drilling Results

Nine vertical NQ coreholes (T-216 to 224: 1,024.1 m) were completed in the northeast portion of the Tower East deposit during the winter drill program (Figure 1) (To view the Figures accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/GoldenBand.pdf). The objective of this drilling was to determine if a higher-grade starter pit could be defined on the land portion of the Tower East deposit as a possible nearer-term source of mill feed for the Jolu mill. While Tower East is not currently considered as a deposit for near-term production, exploration drilling was warranted to test for near-surface resources that were suggested in the ongoing resource modelling of the deposit by the Company. Winter access conditions are required in this area. Currently, the Tower East gold deposit has a measured + indicated resource estimate of 4.8 million tonnes grading 2.07 g/t gold (318,600 ounces) and an inferred resource estimate of 568,000 tonnes grading 1.49 g/t gold (27,200 ounces; see news release of April 6, 2006).

As listed in the assay highlights table below, all of the holes in this program are well mineralized, with grades ranging from 6.8 g/t Au/7.97 m (T-216) in holes adjacent to the Byers Fault (Figure 1) to intervals of 3.06 g/t Au/81.0 m (T-220) and 2.06 g/t Au/83.5 m (T-223) in holes collared within the central portion of the Tower Main deposit south of the Byers Fault. The true lengths of these mineralized intersections range from 7.58 m (T-216) to 79.4 m (T-223). Golden Band is very encouraged by these results and especially by the lengths of some the mineralized intervals. An updated resource model and estimate for the Tower East deposit will be completed including these results.

Phantom Zone Results

NQ diamond corehole drilling (4 holes, 371.8 m; Figure 1) were undertaken during the winter on the ice covered western portion of Tower Lake to test the suspected bedrock source area of the Phantom gold-in-till anomaly that extends southwest of the lake (see previous news release of April 5, 2005). The four holes were collared south of the Byers Fault, along strike to the west of the Tower East deposit and were based on a re-interpretation of previous drill results.

The Phantom drillholes intersected variable quantities of gold ranging from 0.47 g/t Au/1.5 m (PH-07) up to 5.25 g/t Au/6.0 m (PH-09). The true lengths of these mineralized intersections range from 1.42 to 5.70 m. The gold mineralization in these holes was seen within quartz diorite and granodiorite rocks of the Brindson Lake Pluton, similar to that seen in the Tower East deposit, 300 m to the east (Figure 1). Golden Band is encouraged by these results and is satisfied that the source area for the Phantom gold-in-till anomaly south of Tower Lake has been explained by the drilling.

Charlie's Eye Crossing Prospect Results

Seven vertical coreholes (CE-20 to 26: 576.1 m; Figure 2) were completed in the Charlie's Eye Crossing prospect during the 2007 winter drill program. The intention of the drilling was to provide further information on the structural controls associated with the Charlie's Eye breccia that forms a very shallow (ca. 10 degrees), south dipping, tabular panel of breccia-hosted mineralization on the order of 3.2 to 5.0 m in width. Previous drilling in the prospect area was reported on March 13 and September 20, 2006.

As seen in the accompanying table, all of the holes completed during the winter drill program are mineralized, with intersections of the Charlie's Eye breccia returning grades ranging from 2.03 g/t Au/3.2 m (CE-20) to 4.40 g/t Au/5.0 m (CE-25). The true lengths of these mineralized intersections range from 2.65 to 4.13 m. The Company is encouraged by these results and the fact that the shallow dipping Charlie's Eye gold mineralization is close to surface. Additional follow-up work will be evaluated.

Birch Crossing Update

The assay results of the second phase of this winter's drilling on the Birch Crossing deposit are expected by the end of April. Seven drillholes were completed before break-up, including five holes completed on a successive series of 25 m step-outs to the east of the currently defined Red Cube zone hosted mineralization. The total drilling completed on Birch Crossing in the 2007 winter program is 22 drillholes (2,989.8 m), for an overall total to date of 89 drillholes (9,809.9 m) in the deposit area.

Other Winter Drilling Targets

Winter drilling planned for the Bingo and Kaslo deposits and the Dog Creek Bay prospect was not undertaken due to time available and prioritization of the prospects, with the more important targets drill being tested.

Scoping Study Update

Detailed reviews by Golden Band of the data and assumptions being used in the scoping study by the consulting engineers are well advanced. It is anticipated that a preliminary draft of the scoping study report will be available to the Company by mid-May, with the conclusions and recommendations available by the end of April.

About Golden Band

Golden Band Resources is a well-financed Saskatchewan-based company 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 development of these assets is the subject of a scoping study which is examining the mining of higher-grade mineralization from the Bingo, Komis, and EP deposits and processing it at the Company's 100%-owned Jolu Mill.

On behalf of the Board of Directors,

Ronald K. Netolitzky, President and CEO

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 oral or written forward-looking statements whether as a result of new information, future events, or otherwise.

To view the Figures accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/GoldenBand.pdf.



------------------------------------------------------------------
Tower East Deposit Assay Data,
2007 Winter Drilling Program
Aggregated Uncut Gold Results(1)
Based on 643 Standard Fire Assays (including 50 check samples)
(measured intervals are along the drillhole; range: 0.65 to 3.90 m,
median: 1.46 m)
------------------------------------------------------------------
Drill- Fire
hole Inter- Assay
Drill- Azimuth/ Depth val (g/t
hole Inclination (m) From (m) To (m) (m) Au)
------------------------------------------------------------------
T-216 - / -90 degrees 51.8 24.68 32.65 7.97 6.79
-------------------------------------
including 29.20 30.70 1.50 13.33
------------------------------------------------------------------
T-217 - / -90 degrees 76.2 34.90 50.10 15.20 2.21
-------------------------------------
50.10 60.60 10.50 0.64
------------------------------------------------------------------
T-218 - / -90 degrees 51.8 33.50 35.00 1.50 0.80
-------------------------------------
39.50 41.00 1.50 0.90
------------------------------------------------------------------
T-219 - / -90 degrees 76.2 32.00 34.80 2.80 1.74
-------------------------------------
36.60 43.40 6.80 0.89
------------------------------------------------------------------
18.00 99.00 81.00 3.06
-------------------------------------
including 19.50 21.00 1.50 7.65
-------------------------------------
including 38.00 39.50 1.50 8.56
-------------------------------------
including 42.50 45.50 3.00 10.26
-------------------------------------
T-220 - / -90 degrees 121.9 including 48.50 53.00 4.50 7.07
-------------------------------------
including 66.50 68.00 1.50 5.86
-------------------------------------
including 75.50 81.50 6.00 5.33
-------------------------------------
including 87.50 92.00 4.50 5.85
-------------------------------------
102.00 103.50 1.50 1.06
------------------------------------------------------------------
10.67 54.00 43.33 1.69
-------------------------------------
including 12.00 13.50 1.50 8.94
-------------------------------------
including 25.50 30.50 5.00 2.76
-------------------------------------
including 33.50 35.00 1.50 8.52
-------------------------------------
T-221 - / -90 degrees 155.4 54.00 66.00 12.00 0.92
-------------------------------------
66.00 85.50 19.50 0.39
-------------------------------------
85.50 117.00 31.50 2.60
-------------------------------------
including 100.50 102.00 1.50 14.45
-------------------------------------
including 115.50 117.00 1.50 6.08
------------------------------------------------------------------
14.00 16.00 2.00 1.61
-------------------------------------
25.05 52.50 27.45 1.74
-------------------------------------
including 34.00 37.00 3.00 6.33
-------------------------------------
including 38.00 39.00 1.00 4.40
-------------------------------------
57.00 58.50 1.50 2.02
-------------------------------------
T-222 - / -90 degrees 201.2 75.50 78.00 2.50 1.95
-------------------------------------
94.50 96.00 1.50 2.58
-------------------------------------
115.00 116.50 1.50 1.56
-------------------------------------
133.00 145.00 12.00 0.71
-------------------------------------
170.00 171.00 1.00 0.64
-------------------------------------
180.00 181.00 1.00 0.84
-------------------------------------
187.00 189.25 2.25 1.31
------------------------------------------------------------------
23.00 24.50 1.50 1.24
-------------------------------------
27.50 111.00 83.50 2.06
-------------------------------------
including 63.50 65.00 1.50 9.04
-------------------------------------
T-223 - / -90 degrees 146.3 including 81.70 83.40 1.70 9.33
-------------------------------------
including 104.50 108.20 3.70 16.34
-------------------------------------
124.10 137.60 13.50 2.96
-------------------------------------
including 133.10 134.60 1.50 14.19
-------------------------------------
143.60 145.10 1.50 0.84
------------------------------------------------------------------
22.50 32.00 9.50 10.81
-------------------------------------
including 23.50 24.50 1.00 37.95
-------------------------------------
including 29.00 30.50 1.50 35.0
-------------------------------------
45.50 93.50 48.00 1.79
-------------------------------------
including 60.50 62.00 1.50 5.58
-------------------------------------
including 81.50 83.00 1.50 5.05
-------------------------------------
T-224 - / -90 degrees 143.3 including 87.50 89.00 1.50 17.48
-------------------------------------
105.50 111.75 6.25 6.52
-------------------------------------
including 108.45 110.60 2.15 16.72
-------------------------------------
120.50 122.00 1.50 1.26
-------------------------------------
126.50 128.00 1.50 0.56
-------------------------------------
132.50 134.00 1.50 0.64
-------------------------------------
140.00 141.00 1.00 0.87
------------------------------------------------------------------
(1) Length-weighted averages.


------------------------------------------------------------------
Phantom Zone Assay Data,
2007 Winter Drilling Program
Aggregated Uncut Gold Results(1)
Based on 190 Standard Fire Assays (including 15 check samples)
(measured intervals are along the drillhole; range: 0.80 to 2.67 m,
median: 1.51 m)
------------------------------------------------------------------
Drill- Fire
hole Inter- Assay
Drill- Azimuth/ Depth val (g/t
hole Inclination (m) From (m) To (m) (m) Au)
------------------------------------------------------------------
PH-07 340 degrees / 64.0 53.20 54.70 1.50 0.47
-50 degrees
-------------------------------------
56.20 57.70 1.50 0.47
------------------------------------------------------------------
33.53 36.20 2.67 0.58
-------------------------------------
PH-08 340 degrees / 88.4 44.10 47.10 3.00 0.65
-50 degrees
-------------------------------------
54.60 56.10 1.50 1.83
-------------------------------------
75.60 77.10 1.50 0.82
------------------------------------------------------------------
35.40 41.40 6.00 5.25
-------------------------------------
including 35.40 36.90 1.50 10.53
-------------------------------------
PH-09 340 degrees / 97.5 45.90 57.90 12.00 1.46
-50 degrees
-------------------------------------
62.40 65.40 3.00 1.20
-------------------------------------
79.00 80.50 1.50 0.57
-------------------------------------
81.60 82.70 1.10 0.78
------------------------------------------------------------------
18.20 19.70 1.50 0.94
-------------------------------------
30.20 31.70 1.50 2.05
-------------------------------------
58.70 60.20 1.50 1.16
-------------------------------------
69.00 70.50 1.50 0.63
-------------------------------------
PH-10 340 degrees / 121.9 72.80 75.80 3.00 1.51
-50 degrees
-------------------------------------
82.00 88.00 6.00 1.09
-------------------------------------
91.00 92.70 1.70 0.86
-------------------------------------
100.40 101.90 1.50 0.51
-------------------------------------
109.50 111.00 1.50 1.29
------------------------------------------------------------------
(1) Length-weighted averages.


------------------------------------------------------------------
Charlie's Eye Prospect Assay Data,
2007 Winter Drilling Program
Aggregated Uncut Gold Results(1)
Based on 375 Standard Fire Assays (including 29 check samples)
(measured intervals are along the drillhole; range: 0.50 to 2.90 m,
median: 1.41 m)
------------------------------------------------------------------
Drill- Fire
hole Inter- Assay
Drill- Azimuth/ Depth val (g/t
hole Inclination (m) From (m) To (m) (m) Au)
------------------------------------------------------------------
31.70 32.80 1.10 0.79
-------------------------------------
CE-20 - / -90 degrees 70.1 36.50 39.70 3.20 2.03
------------------------------------------------------------------
CE-21 - / -90 degrees 94.5 34.40 39.20 4.80 1.94
------------------------------------------------------------------
CE-22 - / -90 degrees 115.8 40.35 41.65 1.30 1.00
-------------------------------------
52.00 55.00 3.00 1.18
------------------------------------------------------------------
32.60 33.30 0.70 1.94
-------------------------------------
42.50 48.25 5.75 2.46
-------------------------------------
CE-23 - / -90 degrees 54.9 including 47.35 48.25 0.90 7.01
-------------------------------------
48.25 49.25 1.00 0.55
------------------------------------------------------------------
CE-24 - / -90 degrees 70.1 39.40 40.90 1.50 0.66
-------------------------------------
57.50 62.00 4.50 2.23
------------------------------------------------------------------
CE-25 - / -90 degrees 100.6 29.50 31.00 1.50 0.97
-------------------------------------
62.50 67.50 5.00 4.40
------------------------------------------------------------------
CE-26 - / -90 degrees 70.1 61.60 66.60 5.00 1.97
-------------------------------------
66.60 69.30 2.70 0.51
------------------------------------------------------------------
(1) Length-weighted averages.


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

Contact Information