Banks Island Gold Ltd. Reports Marketable Gold Concentrate Produced at Yellow Giant Project
23 Janeiro 2014 - 12:00PM
Marketwired
Banks Island Gold Ltd. Reports Marketable Gold Concentrate Produced
at Yellow Giant Project
- First shipment of concentrate from Yellow Giant scheduled for
January 24th 2014
- Initial concentrate grades average 66.7gpt Au, 285gpt Ag, and
6.7% Cu
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 23, 2014) -
Banks Island Gold Ltd. (TSX-VENTURE:BOZ) (the "Company") reports
that it has received assay results from a portion of the initial
shipment of gold concentrates from the Yellow Giant Gold Project
located near Prince Rupert, BC. Further assays from the remainder
of the concentrate are expected in the coming days.
The Company is planning to ship a minimum lot of 100 tonnes gold
concentrate on Friday, January 24th from the Yellow Giant Site to
Prince Rupert, BC. Concentrate will be loaded in to containers and
then shipped overseas to the final buyer as per the offtake
agreement with Metallica Commodities Corp.
As discussed in the news release dated January 15th 2014, the
Company has been adjusting its mine sequencing in order to ensure
marketable concentrate grades using the Dense Media Separation
(DMS) Plant can be achieved. This initial shipment provides
confidence that income can be generated using the DMS plant while
the grinding and floatation sections are constructed. Company
engineers are confident they can further improve DMS concentrate
grades by applying the experience gained from production of the
first concentrate shipment from Yellow Giant.
Gold concentrates, representing 55.4 tonnes, averaged 66.7gpt
Au, 286gpt Ag, and 6.7% Cu. The minimum required quality for gold
concentrate under the offtake agreement is 50gpt Au.
Assays representing this concentrate is displayed in Table
1.
Table 1 - Initial Concentrate Assays |
Lot |
Concentrate (tonnes) |
Au (gpt) |
Ag (gpt) |
Cu (%) |
A |
13.6 |
46.5 |
245 |
5.4 |
B |
13.3 |
58.2 |
288 |
6.5 |
C |
28.5 |
80.4 |
305 |
7.4 |
TOTAL |
55.4 |
66.7 |
286 |
6.7 |
Mr. Mossman, President and CEO of the Company stated; "A
significant milestone has been achieved with the first revenue
generation in the Company imminent. This achievement allows the
Company to move forward with confidence in expanding production of
DMS concentrates at Yellow Giant and provide the means to improve
the project with the addition of the grinding and flotation
sections over the coming months."
Benjamin Mossman, P.Eng. 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 gpt 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
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 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.
Banks Island Gold Ltd.Benjamin W. MossmanPresident, Director,
& Chief Executive
Officer604-245-0066www.banksislandgold.com
Banks Island Gold Ltd. (TSXV:BOZ)
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