SYS-CON MEDIA Authors: Elizabeth White, Peter Silva, Liz McMillan, Yeshim Deniz, Pat Romanski

News Feed Item

Banks Island Gold Ltd. Provides Corporate Update

- Underground mining development in mineralization in first level at Bob Zone

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/15/14 -- Banks Island Gold Ltd. (TSX VENTURE: BOZ) (the "Company") is pleased to report a corporate update of its construction and project development activities at the Yellow Giant Gold Property, located on Banks Island, British Columbia.

The Company has completed 275m of underground development at the Bob Zone to date. Underground development includes 14m in the mineralization on the first level, generating approximately 800 tonnes of mineralized material. The Company will complete an additional 20m of development in mineralization on the 1st level in order to provide a drilling platform for production mining. Development in the main decline is on-going with 150m of development required to reach the 2nd level in the mineralized vein. Longhole mining will commence once development of the 2nd level is complete. The Company has acquired a mobile longhole drill which is scheduled to arrive onsite in mid-February. A photo of the mineralization in the first level is shown in Figure 1.

To view "FIGURE 1 - Bob 1st Level Mineralization," please visit the following link: http://media3.marketwire.com/docs/BOZimage.jpg.

The Company has processed approximately 1,500t of mineralized material through the Dense Media Separation ("DMS") Plant to date and is preparing an initial shipment of concentrate for shipping. Further details will be provided when information is available.

The DMS Plant is fully operational and operating as designed. Observation of initial concentrate assays and inspection of the concentrates produced have determined that high density minerals, including Garnet and Diopside, are diluting concentrate grades. These heavy non-sulphide minerals, which are present in small blocks of Skarn lithology, are located in proximity to mineralization in some areas in the hangingwall of the Bob Zone.

In order to ensure income and to optimize the overall economics of the Yellow Giant project the Company has developed and implemented a modified mining and processing plan.

Infill diamond drilling in planned stopes at the Bob Zone is designed to identify areas with Skarn lithology in proximity to the gold mineralization. Stopes without Skarn will be prioritized and mined in order to provide mill feed able to produce high-grade DMS concentrates. Gold mineralization with Skarn minerals present will be kept in inventory until they can be processed by grinding and flotation. The flotation process will allow the rejection of skarn minerals.

The Company plans to add a grinding and flotation circuit to the DMS plant to increase gold recovery and concentrate grades. Increased concentrate grades will improve payable metals and decrease costs associated with shipping and treatment of concentrates.

The Company has recently invested approximately $1.5M in the grinding and flotation plant circuits. New thickener tanks for the circuit have been purchased and delivered to site. Installation of the tanks is planned in February. The Company has ordered trailer mounted grinding and flotation modules from Sepro Mineral Systems Corp. (Sepro), based in Langley, BC. Manufacturing of the modules is nearing completion, with testing of the units scheduled for late January, and shipping to site in early February. Filter presses for concentrate and tailings have been ordered and are scheduled for delivery to site in early March.

Metallurgical testwork (news release dated October 22nd, 2012) indicates that the addition of a rougher flotation circuit would increase the grade of the concentrate to 109gpt Au with an increase in gold recovery to 90%.

The Company has previously released a Preliminary Economic Assessment (2013 PEA) for the Banks Island Mineral property which is contained in the technical report "Technical Report & Preliminary Economic Assessment" dated February 1st 2013 authored by Robert Baldwin, P.Eng. The 2013 PEA contemplated the production of a concentrate using Dense Media Separation (DMS) with a concentrate grade of 55gpt Au, gold recovery of 85%, and gold payment of 87%.

As reported by news release on July 23rd, 2013 the Company has an offtake agreement with Metallica Commodities Corp. ("MCC") for the sale of concentrates produced at the Yellow Giant Gold Property. The Company has drawn US$3,000,000 of the US$6,000,000 advance payment facility to date and anticipates further drawdowns in the coming months as required.

The Company has decided to discontinue work on the Red Mountain Gold Property, located near Stewart, BC. The Company has terminated its option to purchase and returned the property to Seabridge Gold Inc. The Company focus is to develop, explore, and expand its Yellow Giant aggressively and all resources have been allocated towards achievement of this goal.

Mr. Benjamin Mossman P.Eng, CEO of Banks Island Gold is the qualified person who reviewed and approved the contents of this news release.

The Company is a junior mining resource exploration company focused on exploring for and developing economically viable mineral resources. The Company's mineral property is located in British Columbia. For more information, please refer to the Company's website at www.banksislandgold.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Benjamin W. Mossman, P.Eng, President, Director, & Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.

Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include but are not limited to: risks related to the exploration and potential development of the Company's project, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, as well as those factors discussed in the sections relating to risk factors of the Company prospectus dated September 30, 2011 filed on SEDAR.

There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.

Contacts:
Banks Island Gold Ltd.
Benjamin W. Mossman
President, Director, & Chief Executive Officer
604-245-0066
www.banksislandgold.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
While Docker continues to be the darling of startups, enterprises and IT innovators around the world, networking continues to be a real mess. Indeed, managing the interaction between Docker containers and networks has always been fraught with complications. Without automation in networking, the vision of running Docker at scale and letting IT run the same apps unchanged on the laptop and in the data center or for any cloud cannot be realized.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Artifactory binary repository management system. As one of the most widely used binary repositories and the only repository that offers a high availability clustered solution, the integration with Artifactory helps customers easily adopt CA Release Automation to optimize their entire software development lifecycle. “Artifactory is a standard maker at the continuous-integration domain and provides the user a powerful repository experience with the freedom to choose his own tools set and ecosyste...
The OnPage SOAP API provides programmatic access to OnPage messaging services. Typical applications include sending messages to individual OnPage users or groups and receiving tracking information for messages such as delivery and read timestamps or reply information. The API is based on open standards known collectively as "Web Services," which includes the Simple Object Access Protocol (SOAP), Web Services Definition Language (WSDL), and the XML Schema Definition language (XSD).
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
Ayla Networks, whose agile Internet of Things (IoT) platform makes it easy for manufacturers to deliver secure, connected products, today announced it has been included in the list of "Cool Vendors" in the Internet of Things report by Gartner, Inc. “Gartner knows how important it is that manufacturers of all kinds of products have the right IoT solution to help turn their products into connected ‘things,’” said David Friedman, CEO and co-founder of Ayla Networks. “The market for Ayla’s IoT pla...
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...
ScriptRock has been included in the list of "Cool Vendors" in the "Cool Vendors in DevOps 2015" report by Gartner, Inc.* ScriptRock provides visibility into the configuration state of an organization's IT environments, enabling the continuous delivery of mission critical services. For enterprises where downtime is not an option, ScriptRock's system-wide overwatch offers the assurance that misconfigurations and anomalies are caught before they affect the business. By satisfying this fundamental ...
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
The Internet of Things Maturity Model (IoTMM) is a qualitative method to gauge the growth and increasing impact of IoT capabilities in an IT environment from both a business and technology perspective. In his session at @ThingsExpo, Tony Shan will first scan the IoT landscape and investigate the major challenges and barriers. The key areas of consideration are identified to get started with IoT journey. He will then pinpoint the need of a tool for effective IoT adoption and implementation, whic...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...