BOZ

Banks Island Gold Ltd. (the "Company") (TSX VENTURE:BOZ) announces that it has received assay results for eight diamond drill holes completed at the Tel Zone in October 2011.

Based on the assay results in comparison with observations on the drill core, high gold values ranging from 15-117gpt Au are present where massive sulphide mineralization occurs in the Tel vein. Massive sulphide minerals observed include pyrite, sphalertite, galena, and arsenopyrite. Significant gold, silver, lead, and zinc values were present in the mineralized intersections.

Mr. Mossman, President of the Company stated; "The confirmation of the nature and tenor of the mineralization at the Tel Zone is important to our goal of discovering a major gold deposit on Banks Island. We are highly encouraged by these initial intersections since they demonstrate the unique nature of the mineralization, with high gold values present in association with massive sulphides. We consider this to be a large advantage for exploration efforts. For example, the Tel Zone was detected as a conductor in our recent VTEM geophysical survey. Important untested conductive anomalies with significantly higher conductance and size than the Tel Zone anomaly were also detected during the survey."

Significant mineralized intersections are displayed in Table 1.

       Table 1 - Significant Mineralized Intersections at the Tel Zone      
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                                         Estimated                          
                                   Core       True                          
                   From     To Interval      Width     Au     Ag    Pb    Zn
Hole                (m)    (m)      (m)        (m)  (gpt)  (gpt)   (%)   (%)
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BIG-11-04         47.91  50.64     2.73        2.1    8.8    111   1.9   3.9
  Including       48.28  48.78     0.50        0.4   34.8     30   8.4  10.4
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BIG-11-05         33.32  33.69     0.37        0.2  117.0     83   0.0   1.0
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BIG-11-06         47.08  49.40     2.32        1.3   16.5     91   2.8   5.6
  Including       47.08  47.54     0.46        0.3   45.5     52   0.0   5.1
  Including       48.21  48.89     0.68        0.4   20.9    158   7.5  10.2
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BIG-11-07         40.84  43.06     2.22        1.7   18.8     47   0.5   1.3
  Including       40.84  41.76     0.92        0.7   41.3     66   0.6   1.3
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BIG-11-08         55.90  57.05     1.15        0.7    8.6     37   0.7   1.1
  Including       56.43  57.05     0.62        0.4   15.4     60   0.8   0.7
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The mineralized intercepts within the current Tel resource intersected the zone at the expected location based on the resource model. The Company plans to continue drilling at Tel in order to target the potential projection of the mineralized zone to depth. The current resource at the Tel Zone is open at depth and is currently defined to a depth of only 150m below surface. The Company anticipates that diamond drilling at the Tel Zone on Banks Island will recommence within the next week.

Hole 11-05 was drilled above and outside of the current resource at the Tel Central Zone. Holes 11-06, 11-07, and 11-08 were drilled in the upper portion of the Tel Central current resource. Drill Hole 11-04 was drilled west of the current resource.

Dr. Dirk Meckert, PhD, P.Geo is the qualified person who reviewed and approved the contents of this news release.

Analytical work was carried out by Agat Laboratories Ltd. in Mississauga, Ontario. Quality assurance and quality control programs include the use of analytical blanks, standards, and duplicates in addition to the labs own internal quality assurance program. Samples are fire assayed with an ICP-EOS finish to determine gold values. Samples containing greater than 10 g/t gold are fire assayed with a gravimetric finish.

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.

Contacts: Banks Island Gold Ltd. Benjamin W. Mossman 604-245-0066www.banksislandgold.com

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