Business agreement signed for La Ronge gold project development

SASKATOON and LA RONGE, SK, Feb. 11 /CNW/ - Golden Band Resources Inc. (TSXV: GBN) and Kitsaki / Procon Joint Venture are pleased to announce the signing of a General Services Agreement for the company's La Ronge Gold Project. This agreement confirms business opportunities from the project, including: underground mine development and production mining, mill refurbishment and operation, surface construction, open pit mining, ore haulage, and accommodation services. In addition, the agreement asserts the commitments that both organizations have made to ensure environmentally responsible mineral development, promotion of a safe and healthy worksite, and hiring and training for members of the Lac La Ronge Indian Band.

The Kitsaki / Procon Joint Venture consists of Kitsaki Mining Limited Partnership, which is part of the for-profit economic development agency of the Lac La Ronge Indian Band, and Procon Mining Partnership.

The General Services Agreement was signed today by Chief Tammy Cook-Searson, Chief of the Lac La Ronge Indian Band and President of Kitsaki Management, Jim Dales , Vice President, Operations, of Procon Mining Partnership, Ronald Netolitzky, Executive Chairman of Golden Band Resources, and Gary Haywood , COO of Golden Band Resources. Also present were Russell Roberts , CEO of Kitsaki Management; Al Solheim , CFO of Kitsaki Management; Colin Wilson , Contracts Manager for Procon; and Rodney Orr , Vice President, Golden Band Resources.

The initial work, to start in mid-February, will be underground exploration at the Bingo deposit. Mill refurbishment and other development-related work is expected to begin in the spring as soon as the project financing has been completed.

Chief Tammy Cook-Searson said, "We are happy to announce another significant achievement in the development of this very important project. The signing of the GSA signifies our ongoing commitment to real partnerships. Our long time partner, Procon Mining and Tunnelling and Kitsaki staff have been in serious discussions with Golden Band for many months to ensure that this development will proceed in a way that benefits the shareholders of Golden Band and benefits our band members and others in our communities."

Ed Yurkowski, President of Procon Mining, said "We at Procon, along with our partners and friends at Kitsaki Mining Limited Partnership, are pleased and excited to be involved with Golden Band Resources in bringing Saskatchewan's first gold mine in over fifteen years into production. The La Ronge Gold Project marks an important milestone - not only in the history of Golden Band - but for the economic well-being of the La Ronge First Nation. Together, we look forward to working alongside Golden Band for many years to come as they continue to explore and develop the North."

Ronald Netolitzky, Executive Chairman of Golden Band Resources, said "The signing today of the General Services Agreement with the Kitsaki Procon joint venture signals not only a major step forward in Golden Band's plans to start gold production but, as importantly, further solidifies our positive relationship with the Lac La Ronge Indian Band. Golden Band is very proud to be providing the economic development opportunities that our long-term plans for gold exploration and development have brought and will continue to bring to the La Ronge area and to the province."

About Golden Band

Golden Band Resources, already Saskatchewan's leading gold explorer, is now poised to also become a 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 750 km(2), including twelve known gold deposits, four former producing gold mines, and the licensed Jolu 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 to becoming a sustainable gold producer. The Company is aggressively pursuing its near-term goal for the development and production of its Bingo, Komis, EP, and Golden Heart gold deposits, with processing at the 100%-owned Jolu mill. Longer-term objectives include production from the Company's other deposits and the continuation of its highly successful exploration and acquisition strategy.

About Kitsaki Management Limited Partnership

Kitsaki Management Limited Partnership performs for-profit economic development for the Lac La Ronge Indian Band. In its 29-year history, Kitsaki has successfully created and manages a portfolio of active business investments such as Kitsaki Procon Joint Venture, Athabasca Catering, Canada North Environmental Services, and Northern Resource Trucking, which serve the mining industry. Kitsaki has also invested in the La Ronge Hotel and Suites, Northern Lights Foods, First Nations Insurance Services, Asiniy Gravel Crushing, and the Dakota Dunes Golf Course.

About Procon Mining and Tunnelling Ltd.

Procon Mining and Tunnelling is a full-service mining contractor. They have extensive experience in mine development and operations, ranging from shrinkage stoping of narrow vein gold deposits to longhole mining of massive sulphides in a diversity of ground conditions. This has taken them from local work in the western provinces of Canada to colder climates (underground mining in the NWT, Yukon and Alaska) to international locations (development mining in Ireland and Greenland and training heavy equipment operators in Russia ). Procon has also been involved in underground excavations for the civil industry such as hydro penstocks and irrigation aqueducts.

    
    On behalf of the Board of          On behalf of
    Directors of                       Kitsaki/Procon Joint Venture:
    Golden Band Resources Inc.,

    "Ronald K. Netolitzky"             "Russell Roberts"
    Ronald K. Netolitzky, Executive    Russell Roberts, CEO
    Chairman                           Kitsaki Mining Limited Partnership
                                       306 425 2600
                                       Email: [email protected]

                                       "Ed Yurkowski"
                                       Ed Yurkowski, P.Eng., President
                                       Procon Mining Partnership
                                       604 291 8292
                                       Email: [email protected]
    

All of Golden Band's exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Frank Hrdy, P.Geo., Golden Band's VP Exploration, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. All of Golden Band's development-related programs and pertinent disclosure of a development nature are prepared and/or designed and carried out under the supervision of Gary Haywood , P.Eng., Golden Band's VP of Operations and COO, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

Cautionary Statements on Forward-Looking Information: The news release includes certain "forward-looking information within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements")." All statements other than statements of historical fact included in this release, including, without limitation, statements regarding planned development, potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of potential financing, development and exploration activities generally, the timing and results of future resource estimates, and future plans and objectives of Golden Band are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00007862E

For further information: Gary Haywood, P.Eng., COO, Golden Band Resources Inc., Phone: [phone] x7124, Fax: [phone], Email: [email protected]; Investor Relations: Raju Wani, [phone], Email: [email protected], www.goldenbandresources.com