Golden Band Resources Inc. Issues 2009 Financial Statements

GBN: TSX Venture Exchange

SASKATOON, Aug. 27 /CNW/ - Golden Band Resources Inc. (the "Company") reported today that it has filed the Company's 2009 Annual Audited Financial Statements and Management Discussion and Analysis on SEDAR. On the advice of the Company's new external auditor, PricewaterhouseCoopers LLP, the April 30, 2009 Audited Financial Statements of the Company restate the 2008 comparative figures to reflect certain changes for the years ended 2007 and 2008 to properly indicate the future income tax expense and liability associated with expenditures renounced to shareholders who invested in flow-through shares in 2007 and 2008. The previously issued interim and year-end financial statements are not required to be recalled, as the restatement will be disclosed within the 2008 comparative figures provided in the April 30, 2009 Audited Financial Statements. The restatement was made because the 2008 financial statements did not fully reflect the impact of renouncing the Canadian Exploration Expense on future income tax expenses where the Company may be taxable. The restatement does not affect current cash, current cash flow, or operational expenses. Future tax losses and Canadian Exploration Expenses may reduce this future tax liability.

The Company's financial statements as previously published and filed in respect to the periods noted above should no longer be relied upon with regard to the above noted matters. The following financial information represents management's best estimate of the effects of the restatement. The effect on net earnings for the 2007 and 2008 fiscal years is:

    
    Year               Net Earnings Impact           Basic EPS Impact
    ----               -------------------           ----------------
    2007                  ($1,176,360)                   ($0.012)
    2008                    ($468,847)                   ($0.003)
    

About Golden Band

Golden Band Resources Inc., 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 12 known gold deposits, five 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 to becoming 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.,

    "Rodney G. Orr"
    Rodney G. Orr, P.Geo.,
    President & CEO
    

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")." Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, interpretation of prior exploration and potential exploration results, the timing and success of 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. Forward-looking statements are based on a number of material factors and assumptions including, with respect to mineral resource or reserve estimates, the key assumptions and parameters on which such estimates are based, as set out in the pre-feasibility report for its La Ronge Gold Belt properties. Important factors that could cause actual results to differ materially from Golden Band's expectations include availability of capital and financing on acceptable terms, economic evaluations prove to be correct, changes in project parameters as plans continue to be refined, future gold prices and the strength of the Canadian dollar against the US dollar, possible variations in ore reserves, grade or recovery rates, timeliness of getting the Jolu mill ready for production, failure of plant, equipment or processes to operate as anticipated, equipment breakdowns, availability of personnel, materials and equipment on a timely basis, labour disputes, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, accidents, delays in receiving government approvals or in the completion of development or construction activities, unanticipated environmental impacts on operations, reclamation costs, exploration results, and other exploration and development or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. 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.
    

Contacts

Golden Band Resources Inc.
Rodney Orr
President & CEO
Phone: (306) 955-0787 x7123
Fax: (306) 955-0788
Email: rodney.orr@goldenbandresources.com

Wani Capital Corp.: Raju Wani
(403) 240-0555
Email: info@goldenbandresources.com
www.goldenbandresources.com