BOZ

Banks Island Gold Ltd. (TSX VENTURE:BOZ) - 



--  High-grade gold encountered in multiple holes at the Tel Zone. 
--  Intersections illustrate potential for expansion of high-grade resource
    at depth. 



Banks Island Gold Ltd. (the "Company") announces that it has received assay
results for nine diamond drillholes (1,923m) completed at the Tel Zone in
February 2012.


Diamond drilling focused on expansion of the current resource at the Tel Zone.
Highlights from the recent drilling include intercepts of 50.8gpt Au, 43gpt Ag
over 3.0m in drillhole BIG-12-29 and 26.5gpt Au, 13gpt Ag over 2.5m in drillhole
BIG-12-32. Significant mineralized intersections are displayed in Table 1.




Table 1 - Significant Mineralized Intersections

---------------------------------------------------------------------------
                                        Core    Estimated                  
                  From        To    Interval         True       Au       Ag
Hole                (m)       (m)         (m)    Width (m)    (gpt)    (gpt)
---------------------------------------------------------------------------
BIG-12-29       210.00    212.95        2.95         2.09     50.8       43
---------------------------------------------------------------------------
BIG-12-32       201.00    203.50        2.50         1.78     26.5       13
---------------------------------------------------------------------------
BIG-12-33        91.50     93.00        1.50         1.07     13.7       39
---------------------------------------------------------------------------
BIG-12-34        68.08     68.84        0.76         0.54      4.8        5
---------------------------------------------------------------------------



Drillholes BIG-12-29 and BIG 12-32, drilled at angles of -45 degrees,
intersected the mineralized zone below the current resource at the Tel Central
Zone at a depth of 145m below surface. At this depth, the mineralized zone was
intersected further into the footwall than expected, which may be related to a
change in dip of the Tel Zone structure at depth or movement by faulting.


Mr. Mossman, CEO of the Company, stated; "Recent drilling at the Tel Zone
illustrates the potential for expansion of the current high-grade resource to
depth. The Company plans to drill additional holes to test the Tel Zone at depth
after evaluation of the recent drill results is completed."


A 3.5m zone of weak and broken ground was encountered in the immediate
hanging-wall of the mineralized zone, from 206.5m to 210.0m in drillhole
BIG-12-29, resulting in near total core loss and an inability to sample that
portion of the Tel vein.


Drillhole BIG-12-33 was designed as a resource definition hole for the Tel
Central Zone at a depth of 60m below surface and BIG-12-34 tested the Tel Main
Zone below the current resource at a depth of 40m below surface.


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 lab's 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.

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