Homestake Resource reported today that, following discussions with Banks Island Gold, it became apparent that Banks Island could not pay the first option payment to the Company of $500,000 due on January 31. Accordingly, by mutual agreement between the companies the option agreement has been terminated and is of no further force nor effect [...]
Banks Island Gold reports that the company is in financial difficulties and is no longer able to meet its obligations generally as they became due. The Company directors therefore resolved and the Company has made an assignment pursuant to the Bankruptcy and Insolvency Act. D. Manning & Associates Inc. will act as Trustee in Bankruptcy. The Company [...]
Banks Island Gold announces that the Company has canceled the equity financing announced by news release on December 1, 2015. The Company did not receive sufficient interest to be able to close the $3M minimum financing required to support its operations over the coming months. As a result, the Company has insufficient funds to maintain operations [...]
Banks Island Gold announces an update, share consolidation and equity financing. Project Update: The Company plans to recommence operations at its Yellow Giant Project subject to completing sufficient financing. The Company intends to implement the following plan in general: Complete financing to reduce accounts payable and provide working capital [...]
Banks Island is pleased to report that the Company and Homestake Resource have executed a letter of intent dated November 17, 2015 (the "Agreement") pursuant to which the Company can earn a 50% interest in the Homestake Ridge Property. SUMMARY: Option to earn 50% interest in Homestake Ridge Property. Advanced Gold project within barging distance of [...]
Banks Island provides an update on the Yellow Giant Gold Project. The Yellow Giant Gold Project achieved commercial production in January 2015 and achieved record production of 1,863oz gold in June 2015 before suspension of operations on July 31st 2015 due to regulatory issues. The Company believes strongly in the potential for Yellow Giant and is [...]
Banks Island announces the results of its Annual General Meeting held on September 17, 2015 and completion of a debt financing for US $1.4 million. Results of Annual General Meeting: Messrs. Benjamin Mossman, Jason Nickel and Frederick Sveinson were re-elected as Directors. Messrs. Lawrence Page Q.C. and John Anderson were also elected as Directors [...]
Banks Island updates status at the Company's 100% owned Yellow Giant Gold Mine and provides information for the quarter March 1st to May 31, 2015. Mining Operations Suspended: The Company announces it has suspended all operations at the Yellow Giant Mine as at July 31st 2015 and will put the mine into care and maintenance until permitting and [...]
Banks Island reports a further update on operations at the Company's 100% owned Yellow Giant Gold Project, located on Banks Island, British Columbia. Further to the press release issued by the Company on July 24, 2015, the Company provides further information on permitted activities on-site. The Company is authorized to operate under the existing [...]
Banks Island reports an update of operations at the Company's 100% owned Yellow Giant Gold Project, located on Banks Island British Columbia. The Company received a Pollution Abatement Order from the BC Ministry of Environment on July 10th in regards to a spill of water with sedimentation which occurred at the backfill dump location on June 25th at [...]
Banks Island announces that its Board of Directors has appointed Saurabh Handa as CFO effective July 6, 2015. Mr. Handa replaces Craig Kalnin who had served as the Company's interim CFO since September 2014. Mr. Kalnin will remain with the Company serving as the Director of Finance. Mr. Handa has served as a Director and as the Chairman of the [...]
Banks Island Gold reports an update of operations at the Company's 100% owned Yellow Giant Gold Project, located on Banks Island British Columbia. PRODUCTION UPDATE Total estimated gold production in June 2015 was 1,863 oz of gold equivalent. The Company improved on production from May despite delays in mine development which impacted the [...]
