Mr. Ronald Netolitzky reports

GOLDEN BAND ANNOUNCES $9 MILLION DEBT FINANCING

Sprott Resource Lending Partnership has agreed to provide $9-million in senior secured financing to Golden Band Resources Inc. The proceeds will be used to advance development of the Komis and Golden Heart gold deposits, and for general corporate purposes.

The senior financing, secured by a first-ranking charge over certain assets of the company, will consist of a bridge loan with an 18-month term and will be repaid in 12 monthly instalments of $750,000 commencing on July 31, 2012, continuing to June 30, 2013.

Interest is payable quarterly on each of March 31, June 30, Sept. 30 and Dec. 31. The rate of interest is linked to the price of gold (Bloomberg Composite), on a sliding scale, as shown in the attached table.

Gold price                 Annual rate 
                           of interest

Below $999.99                     7.5%          
From $1,000 to $1,249.99          8.5%          
From $1,250 to $1,499.99          9.5%          
From $1,500 to $1,749.99         10.5%         
From $1,750 to $1,999.99         11.5%         
From $2,000 to $2,249.99         12.5%         
From $2,250 to $2,499.99         13.5%         
Above $2,500                     14.5%         

The company will pay a structuring fee to the lenders equal to 2 per cent of the principal amount on the date the term sheet is executed, as well as a bonus equal to 5 per cent of the principal amount, payable in cash on the closing date.

Closing of the financing is expected on or about Dec. 31, 2011, subject to receipt of all necessary regulatory approval, including approval of the TSX Venture Exchange, and to the usual conditions.

Ron Netolitzky, chairman of the board for Golden Band, stated, "This financing allows us to continue the development of the Komis and Golden Heart gold deposits as we work to achieve our near-term production objective of 70,000 gold ounces per year."

We seek Safe Harbor.