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     570  0 Kommentare Banks Island Gold Ltd. Provides Further Update and Comments on Media Reports

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 28, 2015) - Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") reports a further update on operations at the Company's 100% owned Yellow Giant Gold Project ("Yellow Giant"), located on Banks Island, British Columbia.

    Further to the press release issued by the Company on July 24, 2015, the Company provides further information on permitted activities on-site.

    The Company is authorized to operate under the existing M-241 authorization mine plan/management plan which covers the Tel Mine, process plant, associated facilities. Areas outside of the mineral lease, such as Discovery Zone, are permitted under exploration permit MX-1-862.

    An application for an amendment to permit M-241 is required before any departures from the existing authorization. Such an amendment is required to bring the Bob, Kim, and Discovery Zones into the M-241 permit for commercial mining in those areas. The Company has been advancing plans for these amendments over the past months which includes rock characterization, tailings and water management plans, and legal surveys required for applications to expand the area of the mineral lease.

    The Company has been providing additional information to regulators in regards to permit MX-1-862 which has resulted in a delay to the processing of mineralization from Discovery Zone. The Company expects that this delay will have a significant impact in production and gold sales for July. The Company will provide further information on production scheduling in subsequent releases. At present, the Company is processing mineralization from the Tel Zone.

    There have been several media reports published in recent days by Global News, Vancouver Sun, and other outlets. In response to these reports the Company provides the following;

    1. Media is reporting that the Yellow Giant Mine is "closed" and/or "shut down". These statements are incorrect. The Company is continuing processing of Tel mineralization but production has been significantly impacted by the events previous disclosed in our news releases.
    2. Media is displaying photos of the Bob underground mine and labeling it as a "tailings pond". The photo shows the Bob mining stope which has failed to surface. The Company does not have any tailings dams or tailings ponds at Yellow Giant mine and is one of the only operations in Canada, to our knowledge, which is able to dispose of all tailings underground due to the use of pre-concentration as part of its processing.
    3. Media is reporting a spill of "toxic" tailings. Information regarding this spill was disclosed by the Company via new release on July 24th. Toxicity testing of the water spilled at Bob indicated 100% survival of Rainbow Trout and Daphnia Magna. This testing is an industry standard test which shows this water is non-toxic to aquatic life.

    The Company announces the resignation of Mr. Saurabh Handa as Director and Chief Financial Officer, effective immediately. Based on other commitments Mr. Handa currently has it, it was mutually decided that it would be in the best interest of the Company for Mr. Handa to resign at this time. The Company would like to thank Saurabh for his service as a director providing guidance on corporate governance and financial reporting matters and wish him the best in his future endeavors.

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    Banks Island Gold Ltd. Provides Further Update and Comments on Media Reports VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 28, 2015) - Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") reports a further update on operations at the Company's 100% owned Yellow Giant Gold Project ("Yellow Giant"), located on Banks …