Tuesday, August 23, 2011

Golden Band Resources Acquires Cameco’s Preview Lake and Little Deer Lake Gold Projects in the La Ronge Gold Belt ilc.v, tnr.v, czx.v, rm.v, lmr.v, abn.v, asm.v, btt.v, bva.v, bvg.v, epz.v, fst.v, gbn.v, hao.v, jnn.v, ks.v, ktn.v, kxm.v, mgn, mxr.v, rvm.to, svb, ura.v, nup.ax, srz.ax, usa.ax

"US Dollar Collapse: Inside Job: S&P Downgrades US Long Term Debt to AA+, Outlook Negative. Once the panic settles we will see flight to the Real assets, China will not be able to diversify all 1.2 Trillion holdings in US Treasuries, but the gradual transition will be in place - new world currency will be the Hard one based on Gold, Silver, Copper and access to strategic commodities like Oil, Lithium and REE. We are expecting that first the gold Majors will properly reflect the Gold valuation in their market caps and after that liquidity will go downstream into the Gold and Silver Juniors. Copper juniors will be at the mercy of the M&A consolidation game again and Lithium will show its truly strategic status with every uptick in the Oil price again."

  We are searching for the value among the bitten into the dust by the recent market panic juniors. Strong portfolios, solid management and special situations are the name of this game today as usual.

  The Fear and Panic will pass and the recent turmoil provides another opportunity to accumulate your favorite plays among the Juniors in Gold, Silver, Lithium, REE and Copper. If you have people with money involved in the game your chances for reward will be even more higher. Chinese players with their appetite to secure resources can make not only REE and Lithium plays interesting, but even such a dull and out of love commodity as Zinc can be transformed into the promising value M&A plays.

Golden Band Resources Inc. (GBN:TSX-V) is Saskatchewan's newest Gold Producer. Located in the La Ronge Gold Belt of northern Saskatchewan, GBN has over 775 km2 of claims with 12 known gold deposits and 4 former producing mines. Production has begun at the Roy Lloyd Mine (Bingo Deposit), to be followed initially by our EP and Komis properties. Development of the underground infrastructure at the Roy Lloyd Mine is continuing and on schedule. Production from these deposits will feed our centrally located and 100% owned Jolu mill. We have our provincial environmental permits in place, and we have an established infrastructure including a 400 tonne-per-day mill, year-round road access, and access to grid power. Construction of the grid power line and the above ground tailings facility are now complete.

Saskatoon, Saskatchewan, August 23, 2011. Golden Band Resources Inc. (TSX-V: GBN) (the Company) announced today that it has agreed to purchase Cameco Corporation’s interests in the Preview Lake and Little Deer Lake projects within the southern La Ronge Gold Belt. These properties are 60 kilometres north of La Ronge along Highway 102, near to the former Contact Lake mine which is six km by road from the highway, thereby providing excellent access for exploration in the area. The properties are 40 km by highway south of Golden Band’s operating Roy Lloyd gold mine (Bingo deposit) and 85 km south of the Company’s Jolu gold mill, which has been in production since January.

These two projects saw considerable exploration by Cameco (and its predecessor company, SMDC) dating back to 1979, which led to their discovery of the Contact Lake gold mine in 1989. Golden Band believes that there is considerable exploration potential in these claims given their proximity to the former Contact Lake mine. The total area being acquired is 10,099.7 hectares (17 dispositions covering 8,696.5 at Preview Lake; 1,403.2 ha in one claim at Little Deer). The Cameco interests that are being acquired in this transaction are 66.66% in the Preview Lake property and 50% in the Little Deer claim. There is an existing joint venture on Little Deer, with Cameco’s partner having a 30-day right of first refusal to match Golden Band’s offer on that one claim.

"These acquisitions represent another excellent opportunity for Golden Band to secure additional resources for our long-term production plans in the La Ronge gold belt", noted Ronald Netolitzky, Golden Band’s Chairman. "Given our long-term focus and strategy of consolidating the best ground in this past-producing gold belt, these properties offer excellent exploration and development potential that meshes very well with our plans to add to our pipeline of available resources for both near-and long-term gold production in the La Ronge Gold Belt."

Numerous known gold occurrences, some dating to the 1930s, are being acquired by Golden Band with this purchase. The Company will receive SMDC/Cameco’s historical exploration files from their work that totalled some $24.5 million. The claims are in good standing, with assessment work credits on much of the land until 2023. Although located within the Lac La Ronge Provincial Park, mineral exploration and development is permitted within a provincially defined Mineral Disposition Zone. As with all of Golden Band’s other activities in the La Ronge Gold Belt, it will consult on its exploration plans and future developments with the Lac La Ronge Indian Band on whose traditional lands the Company is working.

Gary Haywood, Golden Band’s VP of Operations, was Cameco's Mine Superintendent at the Contact Lake mine. Gary says, "This acquisition by Golden Band of the Preview and Little Deer properties from Cameco is very welcomed as it provides excellent exploration-stage ground within reach of the past-producing Contact Lake gold mine. While considerable exploration work will be required, the potential for additional gold resources within the immediate area of the mine and beyond is without question."

Opened in January 1995, the Contact Lake mine had published reserves of 499,000 ounces of gold (1.62 million tonnes at a grade of 9.6 g/t gold or 0.28 oz/ton gold). Cameco has reported that, during its mine life, Contact Lake produced 190,000 ounces of gold, and that the mine was closed in 1997 as the orebody was depleted. As further evidence of Golden Band’s in-house experience with the project area, John Tosney, now a Golden Band Director, was involved for SMDC/Cameco in the feasibility study, environmental assessment, licensing, construction, operations, and early decommissioning of the Contact Lake mine.

About Golden Band
Golden Band Resources, already Saskatchewan's leading gold explorer, is now also its newest gold producer. Golden Band is a Saskatchewan-based, publicly listed company (GBN: TSXV) 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 775 km2, including 12 known gold deposits, four former producing mines, and a licensed gold mill. Golden Band's key value drivers are the methodical and systematic targeting of primary to advanced-stage exploration while progressing along a parallel path of being a sustainable gold producer. The Company is aggressively pursuing its near-term goal of commercial production of its Bingo, Komis, and EP deposits with processing at the 100%-owned Jolu mill. The Company’s objective, supported by a positive Pre-Feasibility Study completed in January 2009, is the annual production of at least 75,000 ounces of gold over a ten-year project life. Other longer-term objectives include the continuation of its highly successful exploration and acquisition strategy.

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

"Ronald K. Netolitzky"
Ronald K. Netolitzky, Executive Chairman

For further information please contact:

Rodney Orr, VP of Corporate Development,
Golden Band Resources Inc.
Phone: 306 385 7123
Fax: 306 955 0788
Email: rodney.orr@goldenbandresources.com

Investor Relations:
Raju Wani: 403 240 0555
Tony Perri: 604 682 6852
Email: info@goldenbandresources.com
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