The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
BOZ: TSX-V
President and CEO: Benjamin Mossman
Chief Geologist: Dirk Meckert
Chief Financial Officer: Sharon Muzzin
Banks Island Gold Ltd. was organized in 2010 by partners Ben Mossman and Jason Nickel on the premise that the resurgence of precious metals as money is a permanent and long-term trend that offers significant mining opportunities.
The company is exploring the Yellow Giant mineral property (formerly Banks Island mineral property), located on the west coast of Banks Island about 110 kilometers (68 miles) south of Prince Rupert, B.C., and the Red Mountain gold property located 18 kilometers (11 miles) east of Stewart, B.C. At the 12,000-hectare (29,652 acres) Yellow Giant property, the company is targeting production in 2013, while continuing to advance the Red Mountain project to a production decision by 2014.
The junior planned to drill 35,000 meters in 2013 in the Tel, Bob, Kim and Discovery zones at Yellow Giant and by August had extended mineralization in the Kim and Bob zones.
Drilling then shifted to the Discovery Zone, and in September, Banks Island planned to extract a 10,000-metric-ton bulk sample of gold-rich material from underground at the Bob zone.
After bulk sampling was completed, the company hoped to continue gold production at Yellow Giant, at a milling rate of 73,000 metric tons per year, subject to permitting.
Banks Island raised more than C$2.5 million to fund its programs, and completed an off-take agreement with Metallica Commodities Corp. for sale of gold concentrates from Yellow Giant involving advance payments totaling C$6 million by December 2013.
Cash and short-term deposits: C$2.61 million (May 31, 2013)
Working capital: C$2.66 million (May 31, 2013)
Market capitalization: C$23.3 million (Aug. 27, 2013)
300-1055 W Hastings Street
Vancouver, B.C.
Canada V6E 2E9
Tel: 604-245-0066
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