Banks Island Gold Ltd. Reports Gold Sales for March 2014
08 April 2014 - 11:00PM
Marketwired
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.
Banks Island Gold Ltd.Benjamin W.
Mossman604-245-0066www.banksislandgold.com
Banks Island Gold Ltd. (TSXV:BOZ)
Historical Stock Chart
From Aug 2024 to Sep 2024
Banks Island Gold Ltd. (TSXV:BOZ)
Historical Stock Chart
From Sep 2023 to Sep 2024