The Company has not completed a feasibility study which establishes mineral reserves with demonstrated economic and technical viability. The Company cautions readers that any potential production may not be economically feasible and historically projects taken to production without establishing reserves through a feasibility study have a much higher risk of economic or technical failure.
Mr. Mossman, President and CEO of the Company stated; "Banks Island Gold has a good relationship and great respect for Selkirk and Imperial Metals. We appreciate the opportunity to advance the Yellow Giant Project as the sole owner and operator. We are focused on adding further value for our shareholders, including Imperial Metals. The Company is excited about the potential of the Yellow Giant Project and has determined that a significant investment in exploration across the Property is warranted as we advance the project towards production."
The Company announces that it has granted 80,000 incentive stock options to its project management consultant. The options, which are subject to the terms and conditions of the Company's stock option plan, may be exercised at a price of $0.76 per share for a term of 5 years.
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 junior mining resource exploration company focused on exploring for and developing economically viable mineral resources. The Company's mineral properties are 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.EngPresident, 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.
Banks Island Gold Ltd.
Benjamin W. Mossman
President, Director, & Chief Executive Officer