Banks Island Gold Ltd. Reports Gold Sales for March 2014
- Gold sales increased significantly since commissioning of spiral concentrator
- Current gold sales averaging 97oz per day in gravity concentrates
- 2,663oz gold contained in concentrate shipped from Bob Zone to date (March 31, 2014).
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 8, 2014) - Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") is pleased to report an update on the Bob Zone bulk sample program at the Yellow Giant Gold Property, located on Banks Island, British Columbia.
Processing of mineralized rock from the upper Bob Zone is ongoing and continuous improvements are being made to increase plant availability and throughput. Gold production has increased dramatically (4.2x) since commissioning of the Spiral Concentrator as reported by News Release on March 14, 2014.
Gold production to March 31, 2014 is displayed in Table 1 below. After commissioning of the Spiral Concentrator, average payable gold produced per day has increased from 21oz gold equivalent ("eq") per day to 97oz gold eq per day.
Table 1 - Gold Production from Bob Bulk Sample
| Contained in Concentrate | Payable from Smelter | Average Daily Gold Sales | ||
| Period (2014) | Gold (oz) | Silver (oz) | Gold eq* (oz) | (eq*oz per day) |
| February 1-28 | 628 | 2,152 | 589 | 21 |
| March 1-15 | 330 | 1,559 | 317 | 21 |
| March 16-31 | 1,675 | 4,045 | 1,549 | 97 |
| Total Production - Bob Zone | 2,633 | 7,756 | 2,455 | 42 |
*Gold equivalent is calculated by converting payable silver at a ratio of 1/65th to payable gold oz.
Total gold contained in concentrate from processing of Bob Zone mineralization to March 31, 2014 is 2,633oz gold and 7,756oz silver. Company mining crews are extracting remaining ore from the first longhole blast and will blast the remainder of the Upper Bob Zone in the next week. All longhole production drilling is completed in the Upper Bob Zone and the Company estimates that approximately 1/3rd of the Bob bulk sample has been processed as of March 31, 2014.
The Company is working diligently towards completing installation and commissioning of the grinding and flotation circuits of the process plant, with a targeted completion date in early June 2014. As reported by News Release on March 5, 2014, Banks Island Gold has recently received a Major Mines Act Permit ("M-241") authorizing commercial production at Yellow Giant. The Company expects that processing of mineralization from the Bob bulk sample will continue at present rates and transition into commercial production with mining and processing of mineralization from the Tel Zone. The Company anticipates that the addition of the grinding and flotation sections will both significantly increase gold production due to improved recoveries as well as decrease costs from increased concentrate grades.
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 mining company focused on gold production, exploration, and development of 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 Annual Information Form dated Febraury 22, 2013 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.
