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) is pleased to announce
that, further to its news release dated March 29, 2012, it has closed the first
tranche of the non-brokered private placement and has issued 1,866,666 Units at
a price of $0.60 per Unit for gross proceeds of $1,120,000. Each Unit is
comprised of one common share of the Company and one half of one
non-transferrable share purchase warrant. One whole warrant entitles the holder
to purchase one additional share of the Company at a price of $1.00 per share.
The term of the Warrants was originally set at one (1) year expiring on April
19, 2013, but the Company has extended the term to two (2) years, with the
expiration of the Warrants being April 19, 2014. If, during the exercise period
of the Warrants, the closing price of the Company's common shares is $1.50 per
share or higher for 20 consecutive trading days, the Company may accelerate the
expiry date of the Warrants to 30 days from the date written notice of same is
provided to the holders. The securities are subject to a hold period which
expires on August 20, 2012.


The Company has also issued an aggregate of 133,333 common shares as a finder's
fee in connection with the financing.


The Company intends to use the net proceeds of the offering for potential
acquisitions and for continued exploration and development activities on its
Yellow Giant Gold Property located on Banks Island in British Columbia.


The Company is currently working towards completing the balance of the private
placement of $1,800,000, which is expected to close on or before May 15, 2012
and which is subject to receipt of applicable regulatory approvals including
approval of the TSX Venture Exchange.


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) without such
registration or without 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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