Banks Island Gold Suspends Operations at Yellow Giant
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/04/15 -- Banks Island Gold Ltd. (TSX VENTURE: BOZ) (the "Company") updates status at the Company's 100% owned Yellow Giant Gold Mine ("Yellow Giant"), located on Banks Island, British Columbia and provides information for the quarter March 1st to May 31, 2015.
Mining Operations Suspended:
The Company announces it has suspended all operations at the Yellow Giant Mine as at July 31st 2015 and will put the mine into care and maintenance until permitting and regulatory issues at the project are resolved and the Company has sufficient working capital to re-commence operations.
The Yellow Giant Mine provided direct employment for over 100 people and indirect employment for many more, whose families depend on the mine operating. Further information on suspension of operations will be released when available.
Quarterly Financial Reporting March 1 to May 31, 2015:
For the 1st quarter of the 2016 fiscal year (period from March 1 to May 31, 2015), the Company reported:
The Company is not basing its production decision on a feasibility study of mineral reserves with demonstrated economic and technical viability. Banks Island Gold Ltd. Has decided to put the Property into production without first establishing mineral reserves supported by a NI 43-101 compliant technical report and feasibility study. The Company cautions readers that such production may not be economically feasible and historically such projects have a much higher risk of economic or technical failure.
Benjamin Mossman, P.Eng. is the qualified person who reviewed and approved the contents of this news release.
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 .
ON BEHALF OF THE BOARD OF DIRECTORS
Benjamin W. Mossman, P.Eng., President, Director & Chief Executive Officer
Contacts:
Banks Island Gold Ltd.
Benjamin W. Mossman
604-245-0066
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Datum: 04.08.2015 - 16:32 Uhr
Sprache: Deutsch
News-ID 411429
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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