Banks Island Gold Ltd. Reports Gold Sales for April 2014
12 Maggio 2014 - 3:00PM
Marketwired
Banks Island Gold Ltd. Reports Gold Sales for April 2014
- Current gold sales averaging 71oz per day in gravity
concentrates
- 2,123oz gold contained in concentrate shipped in April.
- 4,578oz gold contained in concentrate shipped from Bob Zone to
date (April 30, 2014).
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2014) -
Banks Island Gold Ltd. (TSX-VENTURE:BOZ) (the "Company") is pleased
to report an update on the Bob Zone bulk sample program at the
Yellow Giant Gold Property, located on Banks Island, British
Columbia.
Gold production to April 30, 2014 is displayed in Table 1 below.
Monthly payable gold produced in April was 2,123oz gold equivalent
("eq") and average payable gold produced per day achieved was 71oz
gold eq per day.
Table 1 - Gold
Production from Bob Bulk Sample
Period (2014) |
Contained in Concentrate |
|
Payable from Smelter |
|
Average Gold Sales |
|
|
Gold (oz |
) |
Silver (oz |
) |
Gold eq* (oz |
) |
(eq* oz per day |
) |
February 1-28 |
628 |
|
2,152 |
|
589 |
|
21 |
|
March 1-31 |
2,005 |
|
5,604 |
|
1,866 |
|
60 |
|
April 1-30 |
2,294 |
|
5,618 |
|
2,123 |
|
71 |
|
Total Sales - Bob Zone |
4,927 |
|
13,374 |
|
4,578 |
|
51 |
|
*Gold
equivalent is calculated by converting payable silver at a ratio of
1/65th to payable gold oz.
Total gold contained in concentrate from processing of Bob Zone
mineralization to April 30, 2014 is 4,927oz gold and 13,374oz
silver. Company mining crews blasted the remainder of the Upper Bob
Zone stope in April and estimates that approximately 2/3rd of the
Bob bulk sample has been processed as of April 30, 2014. Mining
development crews have commenced development at the Tel Zone and
expect to intersect mineralization at the Tel Main Zone in
June.
The Company is continues work towards completing installation
and commissioning of the grinding and flotation circuits of the
process plant, with a targeted completion date in June 2014. As
reported by News Release on March 5, 2014, Banks Island Gold has
recently received a Major Mines Act Permit ("M-241") authorizing
commercial production at Yellow Giant. The Company expects that
processing of mineralization from the Bob bulk sample will continue
at present rates and transition into commercial production with
mining and processing of mineralization from the Tel Zone. The
Company anticipates that the addition of the grinding and flotation
sections will both significantly increase gold production due to
improved recoveries as well as decrease costs from increased
concentrate grades.
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 mining company focused on gold production,
exploration, and development of 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
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.
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 Annual
Information Form dated Febraury 22, 2013 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.
Banks Island Gold Ltd.Benjamin W. Mossman, P.EngPresident,
Director, & Chief Executive Officer604-245-0066
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