BOZ

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Banks Island Gold Ltd. (the "Company") (TSX VENTURE:BOZ) announces that it has
entered into a letter of intent with Salman Partners Inc. (the "Agent")
respecting a brokered best efforts private placement to raise approximately $1.5
million through the sale of 2,727,200 flow-through common shares of the Company
(the "Flow-Through Shares") at a price of CAD$0.55 per Flow-Through Share (the
"Offering").


A cash fee will be payable to the Agent on the sale of the Flow-Through Shares
equal to 7% of the gross proceeds raised, and brokers warrants ("Broker
Warrants") equal to 7% of the Offering. Each Broker Warrant shall be exercisable
for one non-flow through common share of the Company at a price of CAD$0.55 at
any time up to 24 months after closing. 


The Company will grant the Agent an over-subscription option, exercisable for a
period of up to 2 days before the closing of the Offering, to purchase from the
Company up to an additional 909,090 Flow-Through Shares at CDN$0.55 per share to
cover over-subscriptions. 


In addition, the Company will undertake a concurrent non-brokered private
placement to sell 909,090 flow-through common shares of the Company at a price
of CAD$0.55 per share to raise gross proceeds of up to CAD$500,000 (the
"Non-Brokered Offering"). 


The Company intends to use the net proceeds of the Offering and Non-Brokered
Offering to continue exploration and development activities on its Yellow Giant
Gold Property located on Banks Island in British Columbia.


Closing of the Offering and Non-Brokered Offering is anticipated to occur on or
before December 29, 2011 and is subject to receipt of applicable regulatory
approvals including approval of the TSX.


The securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "1933 Act"), or under any state
securities laws, and may not be offered or sold, directly or indirectly, or
delivered within the United States or to, or for the account or benefit of, U.S.
persons (as defined in Regulation S under the 1933 Act) absent registration or
an applicable exemption from the registration requirements. This news release
does not constitute an offer to sell or a solicitation to buy such securities in
the United States.


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 on Banks Island 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.

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