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     423  0 Kommentare Banks Island Gold Ltd. Reports Positive Cash From Operating Activities of $789,000 in the Fourth Quarter

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 29, 2015) - Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") reports that the audited financial results for the 2015 fiscal year (from the period of March 1, 2014 to February 28, 2015) Management's Discussion and Analysis and Financial Statements (the "Annual Report") have been released and are available on www.sedar.com and the Company's website.

    The 2015 Fiscal Year was a transformative year as Banks Island Gold Ltd. became British Columbia's newest gold producer. Major accomplishments included the construction of a complete gold processing plant and related facilities, receipt of all major mines and environmental permits, construction of multiple underground mines, achievement of commercial production, and building an operating team of over 85 employees.

    Since the declaration of commercial production effective January 1, 2015 the Company realized net revenues of $3,954,145, after metal deductions and concentrate charges. During that period the Company recorded cost of sales of $4,969,674 for a loss from mine operations of $1,015,529. The cost of sales figures included non-cash costs for depreciation and depletion and share-based compensation of $1,230,216 and adjusted for these two non-cash amounts the company recorded a positive gross margin of $214,687. The estimated production during the two months of commercial production was 2,710oz of gold and 11,016oz of silver metal contained in concentrate.

    The achieved level of production, at a realized price of $1,492 and total cash cost of $1,217 per gold equivalent ounce (1oz gold : 65oz silver) payable from smelter, allowed the Company to generate cash from operating activities of $788,967 during the fourth quarter of the 2015 fiscal year, the same quarter in which it declared commercial production. Since then, the Company has made continuous improvements to operations and achieved record production in May of 2015 of 1,961 gold equivalent ounces in concentrate. Since the Company began producing saleable concentrate in February, 2014 to the end of May, 2015, the Company has produced an estimated 19,087oz of gold and 54,967oz of silver metal contained in concentrate.

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    Banks Island Gold Ltd. Reports Positive Cash From Operating Activities of $789,000 in the Fourth Quarter VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 29, 2015) - Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") reports that the audited financial results for the 2015 fiscal year (from the period of March 1, 2014 to February 28, 2015) …