Banks Island Gold Ltd.
TSX VENTURE : BOZ

Banks Island Gold Ltd.

November 01, 2011 12:05 ET

Banks Island Gold Ltd. Provides Update on Drilling Program at Tel Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2011) - Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") is pleased to announce that it has completed 563m of diamond drilling to date at the Tel Zone on Banks Island. Eight holes have been drilled, logged, and submitted for assay. A majority of the drill holes were visually confirmed to have intersected the mineralized vein in and on the periphery of the Tel Central Zone. Assay results will be reported in due course. A metallurgical sample from the recent drilling has been submitted to SGS Mineral Services for Heavy Liquid Separation testing. This testing is being undertaken to confirm the viability of using a Dense Media concentration process to support the Preliminary Economic Assessment currently in progress.

The Company is currently preparing drill pads for further exploration drilling at the Tel Zone. In addition, the Company is continuing enviromenal baseline studies at the Tel Zone which includes water sampling, soil studies, and rock characterization.

Dr. Dirk Meckert, PhD, P.Geo 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

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.

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.

Contact Information

  • Banks Island Gold Ltd.
    Benjamin W. Mossman
    604-245-0066