PRIVATE PLACEMENT

cnw


NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE U.S.




SASKATOON , March 31 /CNW/ - Golden Band Resources Inc. (TSXV: GBN) (the
"Company" or "Golden Band") is pleased to announce that it has completed a first closing of its
previously announced private placement with Northern Securities Inc. of
16,875,687 units (the "Units") at a price of $0.45 per Unit and 1,424,250 flow-through units (the "Flow-Through Units") at a price of $0.58 per Flow-Through Unit (the "Offering"), for aggregate gross proceeds of $8,420,124.




The Company has also completed a first closing of subscriptions from the
President's List consisting of 4,172,333 Units and 1,051,000
Flow-Through Units for gross proceeds of $2,487,130.




Each Unit consists of one common share (a "Common Share") and one common share purchase warrant (a "Hard Dollar Warrant"). Each Hard Dollar Warrant is exercisable for a period of three years,
entitling the holder to acquire one Common Share at an exercise price
of $0.60 for the first two years and at an exercise price of $0.65 for
the final year.




Should the Common Shares trade at a weighted average price of greater
than $1.20 for any twenty trading day period commencing on a day that
is not less than 18 months from the date hereof, the Company may on
written notice reduce the exercise period of the Hard Dollar Warrants
to a date that is not less than 45 days from the date of the notice.




Each Flow-Through Unit consists of one Common Share and a half common
share purchase warrant (each whole warrant a "Warrant"). Each Warrant is exercisable for a period of two years, entitling the
holder to acquire one Common Share at an exercise price of $0.70.




Should the Common Shares trade at a weighted average price of greater
than $1.40 for any twenty trading day period commencing on a day that
is not less than 12 months from the date hereof, the Company may on
written notice reduce the exercise period of the Warrants to a date
that is not less than 45 days from the date of the notice.




As compensation for the Offering, Golden Band has paid Northern
Securities a commission equal to 8% of the aggregate gross proceeds of
the Offering and has issued to Northern Securities 1,384,045 Broker
Warrants. Each Broker Warrant is exercisable into one Unit at the Unit
issue price for a period of 2 years. No commission was paid to and no
Brokers Warrants were issued to Northern Securities in respect of
$2,487,130 of subscriptions from the President's List. Several
directors and an officer of the Company have participated in the first
tranche of the private placement in an aggregate of $375,800. Fees of
$65,025 were paid to certain finders with respect to subscriptions on
the President's List.




All securities issued pursuant to the Offering are subject to a
four-month hold period.




The gross proceeds from the issuance of the Flow-Through Units will be
used by Golden Band to incur Canadian Exploration Expenses (as defined
in the Income Tax Act (Canada)). The net proceeds from the issuance of the Units will be used
for exploration and development of the Company's La Ronge Project and
for general corporate and working capital purposes.




The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or exemption from the
registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful.




On behalf of the Board of Directors of Golden Band Resources Inc.,




"Ronald K. Netolitzky"

Ronald K. Netolitzky, Executive Chairman




About Golden Band




Golden Band Resources, already Saskatchewan's leading gold explorer, is
now also a gold producer. Golden Band is a well-financed,
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 km2, 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.


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 Charlie Harper, P.Geo., 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: This 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 the
planned use of proceeds of the offering, development and exploration
activities generally, 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.




For further information:

Mark Thiel, VP Finance & CFO Golden Band Resources Inc. Phone: 306 955 0787 x7128 Fax: 306 955 0788 Email: mark.thiel@goldenbandresources.com Investor Relations: Raju Wani: 403 240 0555 Tony Perri: 604 682 6852 Email: info@goldenbandresources.com http://www.goldenbandresources.com/">www.goldenbandresources.com