Golden Band Resources Announces Private Placement
GBN: TSX Venture Exchange
SASKATOON, Nov. 22 /CNW/ - Golden Band Resources Inc. (GBN:TSXV, the"Company") announced today that it will conduct a best-efforts non-brokeredflow-through private placement of up to 10,000,000 of its common shares at aprice of $0.50 per share for gross proceeds of up to $5,000,000. The proceedsof the sale of the flow-through shares will be used to fund exploration workon the Company's La Ronge gold belt projects, including the undergroundexploration program that is currently underway at the Company's 100%-ownedBingo deposit, and for winter drilling.
Golden Band will pay a cash fee of up to 7% of the gross proceeds of thisprivate placement that are raised by finders.
Certain directors and officers are expected to participate in the privateplacement on the terms set forth above and such participation has beenapproved by the independent directors of the Company. The Company is relyingupon an exemption from the related party requirements of OSC Rule 61-501.
This financing is subject to the normal regulatory approval of the TSXVenture Exchange. The securities offered hereby will be subject to afour-month plus one-day hold period from the closing date in accordance withapplicable securities laws.
About Golden Band
Golden Band Resources is a well-financed, Saskatchewan-based, publiclylisted company (GBN:TSXV) whose focus is the long-term, systematic explorationand development of its 100%-owned La Ronge Gold Belt properties. Since 1994,Golden Band has assembled through staking and strategic acquisition a landpackage of more than 750 km(2), including ten known gold deposits, four formerproducing mines, and a licensed gold mill. The Company's near-term goals callfor development and production from the Bingo, Komis, and EP deposits withprocessing at the Company's 100%-owned Jolu mill - a project that has receiveda positive Preliminary Economic Assessment (scoping study) on April 19, 2007.Longer-term objectives include production from the Company's other depositsand the continuation of its highly successful exploration and acquisitionstrategy.
On behalf of the Board of Directors of Golden Band Resources Inc., "Rodney G. Orr" Rodney G. Orr, P.Geo., President & CEOAll of Golden Band's exploration programs and pertinent disclosure of ascientific nature are prepared and/or designed and carried out under thesupervision of Frank Hrdy, P.Geo., Golden Band's VP Exploration, who serves asthe qualified person (QP) under the definitions of National Instrument 43-101.All of Golden Band's development-related programs and pertinent disclosure ofa development nature are prepared and/or designed and carried out under thesupervision of Gary Haywood, P.Eng., Golden Band's VP of Operations, whoserves as the qualified person (QP) under the definitions of NationalInstrument 43-101.
Cautionary Statements on Forward-Looking Information: The statements madein this News Release may contain certain forward-looking information. Actualresults may differ materially from those currently anticipated in suchstatements. Certain risk factors may also affect the actual results achievedby the Company.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information
Golden Band Resources Inc.: Rodney Orr,President, (306) 955-0787 extension 13, rodney.orr@goldenbandresources.com
Motivia Communications: Roger Francis, (306) 242-0694, toll free:1-866-501-5651,
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