Golden Band Resources Inc.
TSX VENTURE : GBN

Golden Band Resources Inc.

August 15, 2005 11:44 ET

Golden Band Starts Scoping Study on Upper Waddy Lake Projects

SASKATOON, SASKATCHEWAN--(CCNMatthews - Aug. 15, 2005) - Golden Band Resources Inc. (TSX VENTURE:GBN) is pleased to announce the start of the Scoping Study (Preliminary Economic Analysis) for the Company's Upper Waddy Lake Project. Encompassing the Komis, Golden Heart / Weedy, Tower East, and Memorial deposits, this study is a significant milestone in Golden Band's plans to become the next gold producer in Saskatchewan's La Ronge gold belt.

The contract for this NI 43-101 report has been awarded to P & E Mining Consultants Inc. Eugene Puritch, P.Eng., and Wayne Ewert, PhD., P.Geo., the principals of P & E, have a combined 60 years experience in the mining industry. Mr. Puritch is a specialist in 3D-geological modelling and mine design, with extensive experience in engineering and operations of both open-pit and underground mines. Dr. Ewert is a geologist with comprehensive experience in project generation and development. P & E has provided independent resource estimates, scoping, and feasibility studies for a number of mining companies and professional clients including A.C.A. Howe International Ltd., Aker Kvaerner, Golder Associates, Micon International, Anaconda Gold Corp., Intrepid Minerals Corp., and Strathcona Mineral Services Ltd.

The objective of the Scoping Study is to complete an independent first-level analysis of the four gold deposits in order (i) to identify and review the options regarding the economic viability for open pit mine development and production based on up to four deposits providing on the order of 2,000 tonnes per day of millfeed to a central mill complex; (ii) to determine whether the expense of a full pre-feasibility study and later full feasibility study are warranted; or, if that is not found to be the case, (iii) to indicate what additional gold resources are required to attain a positive economic potential.

Verification of all the relevant historical data by the Company and preparation of independent NI 43-101 technical reports are currently underway and the Company has also commissioned updated independent resource estimates for the Tower East and Memorial deposits that will incorporate the extensive drilling programs completed in 2004 and 2005. Site visits to the four deposits were completed by P & E last week. It is expected that the Scoping Study will be completed by January 2006.

Golden Band is also pleased to report that it has been successful in having a major shareholder agree to divest its holdings (approximately 14% of the Company's issued shares). This has allowed those shares to be acquired by shareholders that share more-fully in the Company's longer-term perspective and objectives.

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 government approvals. The summer drilling program on the Bingo deposit has been completed and final results are expected to be available before month-end.

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 that involves inherent risk and uncertainty affecting 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