Golden Band Resources – La Ronge Gold Project – Surface Lease Agreement signed

Golden Band Resources – La Ronge Gold Project – Surface Lease Agreement signed

Monday, August 24th 2009

Golden Band Resources Inc. announce that the La Ronge Gold Project Surface Lease Agreement 2009 has been signed with the Government of Saskatchewan. The province is represented in the Agreement by the Ministry of First Nations and Métis Relations and by the Ministry of Environment. Golden Band entered into the Agreement via its wholly owned subsidiary, Jolu Development Corporation (JDC). The Surface Lease includes the three parcels of land, totalling approximately 278 hectares, which encompass the Bingo deposit, the Komis and EP deposits, and the Jolu mill site. The initial term of the surface lease is until May 31, 2030. In the Surface Lease Agreement, JDC and the Province acknowledge that it does not abrogate or derogate from any existing rights of Aboriginal peoples of northern Saskatchewan. The Surface Lease addresses a range of issues, including land tenure, environmental protection measures, occupational health and safety provisions, and socioeconomic benefits for northerners.

“Golden Band is extremely pleased and gratified to have secured this agreement”, stated Rodney Orr, Company President and CEO. Golden Band is delighted with the depth and extent of cooperation provided by the Provincial departments involved, not only in the conclusion of the Surface Lease Agreement, but also in the various regulatory and permitting requirements that we have been engaged in over the past two years. This major milestone in our plans for the La Ronge Gold Project demonstrates our positive relationship with the Province and with our neighbours, including the Lac La Ronge Indian Band, on whose traditional lands we are working. This cooperative approach is a continuation of the Memorandum of Understanding as was signed with the Band in 2007, and reinforces our strong relationship based on the advancement of exploration and mining by Golden Band in ways that are mutually beneficial to both Golden Band and the Band. We are most fortunate to have the support of the Lac La Ronge Indian Band for our project.”

“We are very pleased that Golden Band is moving ahead together with First Nations, Métis and Northern municipalities,” said Bill Hutchinson Minister of First Nations and Métis Relations and Minister responsible for Northern Affairs. “This partnership will develop an important mineral resource and provide opportunities for residents of Northern Saskatchewan to participate. The provincial government will ensure that mining continues with an emphasis on local economic development benefits and environmental stewardship.”

Chief Tammy Cook-Searson, Chief of the Lac La Ronge Indian Band, said that “Today is a very important day for our future. The Surface Lease Agreement between the Province and Golden Band Resources is an important step to support positive relationships between the Lac La Ronge Indian Band, the Province and Industry. While our traditional territories encompass a large part of the province, the gold belt is at the center. Our band members have hunted, fished and trapped that area for centuries as they do today. We are confident that these developments will be a wonderful addition that will compliment these activities. We are committed to working with Golden Band Resources and the Province of Saskatchewan to ensure that our membership and the north benefit from a safe, environmentally responsible, and profitable project.”

Kitsaki Management L.P. and several of its related entities have been involved in the Project since 2004. In 2008, Kitsaki Procon Joint Venture completed the underground exploration project on the Company’s Bingo deposit and the preliminary Jolu mill refurbishment work. Kitsaki will be involved in the Company’s operations through their continued participation in the Kitsaki Procon JV. Negotiations are in process for an expanded scope of work under a General Services Agreement, and other agreements, whereby Kitsaki Procon JV will act as the general contractor for all underground and open pit mining, labour services in the Jolu mill’s operations, site services and ore haulage. Kitsaki Management and associated businesses will provide support services for environmental monitoring, camp accommodation, and catering.

With the conclusion of a surface lease agreement providing access to Crown land, Golden Band Resources commits to furthering employment, training, and business opportunities for Northerners. During operations, the project will initially employ 75 to 100 people.

In addition to securing the surface lease, Golden Band Resources is also pleased to report that the provincial regulatory approval process for the site preparation and construction activities at the Bingo, Komis, and Jolu sites is proceeding very well. Approvals have already been issued by the Saskatchewan Ministry of Environment (MoE) for tree and vegetation clearing at each of the sites, the access roads between the sites and Highway 102 and along the powerline route to the Jolu site. The MoE has also issued a variety of approvals for the construction of facilities at the sites, including an approval to construct the above ground tailings management facility at Jolu and to refurbish the Jolu mill.

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