Banks Island Gold Ltd. Reports Spiral Concentrator Commissioned at
Yellow Giant
- Spiral Concentrator to provide additional revenue from
processing
- Initial assays from gravity concentrate at 86gpt gold and
204gpt silver
- Processing of mineralization through DMS plant ongoing.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 14, 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.
The Company has recently completed commissioning of its spiral
concentrator at the Dense Media Separation ("DMS") plant. The
spiral concentrator allows the concentration of DMS fines (-1mm
material) which bypass the DMS circuit at the feed prep screen.
Initial assays from the gravity concentrate assayed 86gpt Au and
204gpt Ag. The Company will now be able to realize revenue from the
sale of gravity concentrate in addition to its DMS concentrates.
The spiral concentrator will also be utilized to recover gold from
the existing sand stockpile onsite. The Company estimates, based on
volumes and assaying, that the sand stockpile contains 1,200t of
material with an average grade of 28gpt Au and 57gpt Ag.
Subsequent to the last update by news release on March 3rd 2014,
the Company has drilled and blasted a second longhole stope in the
centre of the upper Bob Zone. The centre slot of the upper Bob Zone
is now complete. Blasting of the eastern and western portions of
the Upper Bob Zone will continue with mucking of mineralized
material from the drawpoints.
The Company reports that the trailer mounted grinding and
flotation modules have been delivered to Prince Rupert and are
ready to be shipped to Banks Island. The Company is currently
working on concrete formwork and site preparations for placement of
the trailer mounted modules.
A 200t shipment of concentrate was made on February 4th and
further shipments are planned throughout March and April on
scheduled material deliveries into Banks Island. The Company has
drawn an advance of US$1,000,000 from its concentrate loan facility
in March and plans to draw an additional US$1,000,000 in the next
several weeks to provide working capital while waiting on receipt
of provisional payments from concentrate sales. 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$4,000,000 of the US$6,000,000 advance payment
facility to date.
Mr. Mossman, President and CEO of the Company stated; "The
addition of the spiral concentrator to the DMS Plant will allow
significant increased concentrate production from processing of the
Bob Zone mineralization while the grinding and flotation circuits
are commissioned. The Company is also encouraged by the rising
price of gold, especially denominated in Canadian dollars, over the
last 3 months. The combination of increased concentrate production
and rising gold price will drive revenues to strengthen the
treasury and provide a platform for the company's aggressive growth
plans."
Mr. Benjamin Mossman P.Eng, CEO of Banks Island Gold is the
qualified person who reviewed and approved the contents of this
news release.
Analytical work on concentrates was carried out by ALS Mineral
Services in North Vancouver, British Columbia. Quality assurance
and quality control programs include the use of analytical blanks,
standards, and duplicates in addition to the lab's own internal
quality assurance program. Samples are fire assayed with a
gravimetric finish to determine gold and silver values.
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.
Banks Island Gold Ltd.Benjamin W. MossmanPresident, Director,
& Chief Executive
Officer604-245-0066www.banksislandgold.com
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