Banks Island Closes Non-Brokered Private Placement Offering, Announces Shares for Debt Arrangement, AGM Results, and Appointment of New CFO - Seite 2

Shares for Debt

The Company also announces that it has arranged to partially settle a debt owed to a particular arm's length vendor by issuing an aggregate of 635,000 common shares at a deemed price of $0.43 per common share. The amount of the indebtedness to be settled by the arrangement totals Cdn$273,050. The common shares issued in connection with the debt settlement will be subject to a hold period of four months and one day from date of issuance.

The arrangement is subject to approval of the TSX Venture Exchange.

Results of AGM

The Company also announces the results of the Company's Annual General meeting of Shareholders (the "Meeting") held in Vancouver, British Columbia on September 17, 2014. The shareholders approved all motions put forth at the Meeting including the re-appointment of Wolrige Mahon LLP, Chartered Accountants, as the Company's independent auditors and the confirmation of the Company's Stock Option Plan. As well, the shareholders re-elected Benjamin Mossman, Saurabh Handa, Wolf Nickel, Fred Sveinson, and Jason Nickel to the Company's Board of Directors.

In addition, Mr. Craig Kalnin was appointed as Interim Chief Financial Officer. Mr. Kalnin is a Chartered Accountant with over ten years of experience in financial reporting, controls and corporate governance. Previously he was the Corporate Accounting Manager at Western Forest Products Inc., the Corporate Financial Analyst and Internal Controls & Compliance Specialist at Interfor Corporation, both resourced-based TSX-listed issuers, and an Audit Senior at Deloitte and Touche LLP.

The Company would like to extend its appreciation to Ms. Sharon Muzzin for her excellent performance and dedication as CFO over the past two years and wishes her success in her future endeavors.

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.