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Tuesday, March 10, 2009

BANDERA CLOSES FIRST TRANCHE OF FINANCING

BGL-TSXV March 10, 2009

BANDERA CLOSES FIRST TRANCHE OF FINANCING

Bandera Gold Ltd. (?Bandera?) announced today that it has closed the first tranche of its non-brokered private placement of up to of 12,500,000 units of Bandera at a price of $0.10 per unit. The first tranche consisted of the issuance of 8,196,000 units, for proceeds of $819,600. Each unit consisted of one common share and a half warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.20 per share on or before March 10, 2010.

The securities issued pursuant to the first tranche of the private placement have a hold period expiring July 11, 2009.

Bandera also announced today that it has received the approval of the TSX Venture Exchange to an extension of 30 days for closing of the second and final tranche of the private placement.

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.