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Thursday, February 5, 2009

BANDERA RECEIVES ENVIRONMENTAL APPROVAL TO DRILL BELMIRA PROPERTY

BGL-TSXV February 5, 2009

BANDERA RECEIVES ENVIRONMENTAL APPROVAL TO DRILL BELMIRA PROPERTY

The Board of Corantioquia, the environmental regulator for Belmira, Colombia and the surrounding areas has reviewed Bandera?s drill plans and has given its authorization subject to notification of a start date.

Bandera?s geological team has identified two distinct types of mineralization to date. Mineralogical differences have been identified between the higher elevation and lower elevation vein systems which has allowed our geologists to develop a model based on temperatures of crystallization. The Higher Elevation vein systems have an identified strike length of up to 14 kilometers (open ended) trending NW/SE and are wider and lower grade than their lower elevation counterparts, but remain gold positive. The Lower Elevation vein systems trend SW/NE and are higher grade than the higher elevations systems. In the lower systems where artisan mining operations have been located gold grades appear to be improving with increased depth.

Drill permits for the upcoming 2009 program have been applied for and are pending. Upon receipt of permits Bandera will announce Phase I of the 2009 exploration program.

The following table is provided to demonstrate that gold and silver may be found in many locations. The mean at the bottom of the following table is the mean of all values from mineralized veins and veinlets taken to date and not just the selected samples shown in the table.

Area or Mine Sample ID Sample Type Width (m) Au g/tonne Ag g/tonne
El Yerbalito ? Level 5 001 Vein 1.1 27.94 2.80
El Yerbalito ? Level 0 008 Vein 0.1 113.87 16.4
Filandia ? Zanja F +450 022 Vein 2.55 0.02 <0.2
Filandia Zanja F+075 Adit 064 Vein 0.5 7.27 <0.1
Cenizas 126 Vein 0.21 10.30 0.30
Inocencio 136 Vein 0.1 27.22 13.2
Inocencio ? Plan la Salazar JM002 Vein 0.3 6.06 2.90
Inocencio JM004 Vein 0.4 6.75 1.90
Inocencio ? Lo de Baltazar JM009 Vein 1.00 4.33 1.30
San Joaquin ? El Chaquiro JM024 Vein grab 0.88 2.60
San Joaquin ? El Desecho JM039 Vein grabs 0.09 <0.1
Barro Negro ? Abajo El Espaņol JM071 Vein 0.35 3.98 2.20
San Joaquin ? La Honda 1 JM074 Vein 0.12 11.07 3.36
El Yerbal ? Telmito JM079 Vein 0.14 12.52 1.01
El Yerbal ? La Banca RA006 Vein 0.30 15.49 7.80
San Joaquin ? Alto del Rio RA030 Vein 0.20 5.46 2.63
El Yerbal ? Victoriana II Adit RS001 Vein 0.25 8.42 4.60
El Yerbal ? La Curva Shaft RS035 Vein 0.55 35.59 25.01
La Illusion ? La Caņada I RS037 Vein 0.5 17.21 9.10
La Illusion RS053 Vein 0.35 1.85 18.09
La Illusion _ El Indio Adit RS061 Vein 0.15 49.45 22.34
South of La Illusion RS099 Veinlet 0.08 8.14 16.57

Mean (above + Non-included) 0.54 1.55 1.28
Two Sample ID?s, italicised above, were provided in the November 18, 2008 news release.

Belmira Gold-Silver Project, Colombia

80% interest in 7,200 ha in the municipality of Belmira, Colombia.

Cinco Minas Gold-Silver Project, Mexico

60% interest in 10,750 ha comprised of twelve licenses located approximately 95 Km north of Guadalajara. The Cinco Minas Mine has historical production of 97,364 ounces of gold and 15,095,915 ounces of silver produced from 1922 through 1928 1.08 million tonnes at 3.2 g/t gold and 476 g/t silver

Gran Cabrera Gold-Silver Project, Mexico

The Gran Cabrera property (4,242 ha) is located approximately 118 km north of Guadalajara. The property has 22 mine sites previously worked by artisan miners.

Our ongoing program at Belmira, Colombia has shown that the potential exists for an economic gold operation such as being conducted by the Artisan Miners in the area. The program to-date has defined specific targets for drilling to determine the potential for larger scale underground exploitation that will benefit the community, our Company and its Shareholders. We remain totally committed to our Colombian efforts.

This news release has been reviewed and approved by Sr. Baltazar Solano, President of Behre Dolbear de Mexico, who also acts as Bandera?s Qualified Person as defined by NI 43-101.

On Behalf of the Board

Kelvin Williams
President and CEO

For further information please contact:
Kelvin Williams, President and CEO (780) 465-4129
Web: www.banderagold.com

Or Micro Cap et al, Investor Relations at: (877) 642-7622
E mail: info@microcapetal.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Bandera at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Bandera that actual results achieved will be the same in whole or in part as those indicated in the forward-looking statements.