|By Marketwired .||
|February 6, 2013 06:41 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/06/13 -- Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") reports that as a result of a review by the British Columbia Securities Commission (BCSC), the Company is issuing the following news release to clarify our disclosure.
The Company is now filing amended technical reports on its Banks Island (Yellow Giant) and Red Mountain properties. An amended Banks Island report was required to carry forward a previous Preliminary Economic Analysis (PEA), to apply gold grade cutting to the Kim deposit, and to provide additional information required by NI 43-101 about assumptions, parameters, and methods used for resource estimates. There are no material changes to resources and no changes to the previous PEA in the amended Banks Island report.
The Red Mountain report required amendment to document a personal property inspection required by NI 43-101, and to provide additional information about assumptions, parameters, and methods used for resource estimates. There are no changes to the Red Mountain resource estimate and PEA in the amended Red Mountain Report.
Additional details about the amended reports are in following sections of this news release.
Clarification of Non-Compliant Disclosure by Fundamental Research Corp.
Fundamental Research Corp. (Fundamental) distributed a report dated November 5, 2012 (the "Fundamental Report"). Banks Island Gold has no control or influence over Fundamental. All reports prepared by Fundamental are the work and property of Fundamental and they bear the full responsibility for those reports. The Company cautions readers that the Fundamental Report is not complaint with NI43-101, for example it summarized the Company's PEA at Yellow Giant without disclosing the type of mining study (a PEA), and omitted mandatory cautionary language always required by NI 43-101 with disclosure of PEA results. In particular, the Yellow Giant PEA is preliminary in nature, is based on inferred resources that are too speculative geologically to have economic considerations applied that would enable them to be categorized as mineral reserves, and there is no certainty the PEA will be realized. Mineral resources that are not reserves do not have demonstrated economic viability.
The Fundamental Report also disclosed a change to parameters of the PEA, which the Company cannot support at this time. The company disassociates itself from this and other information in the Fundamental Research Report.
Clarification of disclosure in Corporate Website, Investor Presentation, and Factsheet
The Company's provides clarification of its December 2012 Investor Presentation (the "Presentation"), a Fact Sheet, and additional information on the Corporate website.
1. The Presentation disclosed a "mineable resource"; a class restricted under NI 43-101. The Company retracts the use of the term "minable resource" and has removed it from all materials. 2. The Presentation included resource estimates not compliant with N43-101. To correct this, the Company has revised its mineral resource statements to always include classifications, disclose all classes of Mineral Resources separately, and not add inferred quantities to other classes. 3. The Corporate Presentation disclosed a high-grade subset of the current Red Mountain resource estimate. This disclosure omitted resource classifications and was not supported by the current Technical Report. The Company retracts this high-grade subset resource estimate. 4. The Company's website disclosed that the Yellow Giant Property has "potential for a major ore deposit" and provides a definition of a major ore deposit using a large gold ounce quantity. The Company retracts this gold ounce quantity, which did not comply with NI 43-101 rules for disclosure of a potential exploration target and is unsupported in the current Technical Report, and cautions that "a major ore deposit", may or may not exist on the Property. 5. The company's Presentation also disclosed exploration potential at Yellow Giant using a large gold ounce quantity with a fixed gold grade, and by comparing it to a significant deposit in British Columbia. As previously indicated, the Company retracts prior disclosure of exploration potential on the Property, as it is unable to provide a basis for such estimates, and its disclosure failed to use ranges of grade and tonnes, and did not include cautionary language always required by NI 43-101 for potential exploration targets. 6. The Presentation displays a graph displaying cashflows projected from the 2011 PEA study at Yellow Giant at various gold prices. The graph highlights cases with gold price higher that the PEA's $1360/oz base case, does not identify the base case, and does not equally present downside gold price risk. The Company retracts the information contained in this graph. 7. The Company's December 2012 Factsheet (the "Fact Sheet") displays information form the 2011 PEA at a $1700/oz gold price, but omits the $1360/oz base-case of the PEA. The Company retracts this information and will provide balanced sensitivities around the base-case in future disclosure. 8. A map showing historic production and current resources of various properties contained in the Company's presentation and Factsheet had an error which overstated the mineral resources at Red Mountain. The M&I resource at Red Mountain contains 435,000oz of gold and not 540,000oz as was shown in that figure. This error has been corrected. 9. The resource table in the Presentation contained an error in the silver grade of the M&I resources for Red Mountain. The average silver grade of the M&I resources at Red Mountain is 29gpt Ag and not 39gpt Ag as shown in the table. This error has been corrected.
Clarification Regarding Production Decisions and Development Periods
The Company disclosed information on its Presentation with production plans and schedules which are not supported by a technical report. The Company is actively working on bringing the Yellow Giant Gold Property into production within the next 12 months. However, readers are cautioned that the Company has not completed a pre-feasibility or feasibility study which establishes mineral reserves with demonstrated economic and technical viability. Further, the Company cautions readers that any potential production may not be economically feasible and historically projects taken to production without establishing reserves through a feasibility study have a much higher risk of economic or technical failure.
The Company is currently evaluating its plans for the advanced Red Mountain Gold Property. The Company plans to do further technical and geological work in the summer of 2013 which will be used in studies to evaluate mining rates, methods, permitting, and site infrastructure. The company does not currently have the financial capability to advance the Red Mountain project to a production decision and retracts information on the timing of any potential production from Red Mountain which was disclosed in the Presentation.
Amended Technical Report for the Banks Island Mineral Property (Yellow Giant) Property
The Company has previously released a Preliminary Economic Assessment (the "2011 PEA") for the Yellow Giant Gold Property which is contained in the technical report "Technical Report & Preliminary Economic Assessment on the Banks Island Mineral Property" dated November 23rd 2011 authored by Robert Baldwin, P.Eng. Subsequent to the release of the 2011 PEA, the Company released a resource update for the Banks Island Mineral Property technical report "Resource Update on the Banks Island Mineral Property" dated October 22th 2012 (the "2012 Report") by Robert Baldwin P.Eng.
The company has amended its Technical Report to include the results of the 2011 PEA. The 2011 PEA was based on a previous current inferred resource estimate contained in the 2011 PEA document. The PEA's information has not been updated to consider the revised mineral resource statement in the current Technical Report. The current Technical report summarizes the PEA results and presents the key conclusions and recommendations reproduced. Mr. Baldwin considers that significant components of the 2011 PEA remains valid. The author has included a commentary in the current technical report regarding the potential effects of the revised resource estimate on the results of the 2011 PEA.
The amended Technical Report provides further details on the selection of cut-off grades and additional information on the selection of search ellipsoids for the resource block model.
The amended Technical Report incorporates a grade cap for the Kim Zone. Mr. Baldwin applied a 98 percentile grade cap for the Kim Zone which resulted in a revised estimate for the Kim Zone as displayed in Table 1. The cut grade for the gold at the Kim Zone resulted in a reduction from 9.0gpt Au to 8.7gpt Au.
Table 1 - Kim Zone Inferred Resource - Effect of Grade Capping ---------------------------------------------------------------------------- Au Au - Cut (1) Ag Ag - Cut (2) Zone Tonnes (g/t) (g/t) (g/t) (g/t) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Kim 59,000 9.0 8.7 29.5 22.0 ---------------------------------------------------------------------------- (1) - Au grades cut to 55 g/t (2) - Ag grades cut to 116 g/t
There is no change in the mineral resource calculation for the Bob, Tel, and Discovery Zones previously disclosed in the news release dated October 22nd 2012.
The Company clarifies the cut-off grade used in the calculation of the mineral resource for Yellow Giant is 6gpt gold.
Mr. Baldwin, P.Eng prepared an updated current Mineral Resource estimate for four mineral zones at Yellow Giant incorporating diamond drilling completed in 2011 and 2012. Mr. Baldwin modeled the significant mineralized zones at Yellow Giant and calculated the Mineral Resource for gold and silver using a 6gpt cutoff grade. The current Mineral Resource is displayed in Table 2 and is effective as of February 1th 2013. The resource calculation incorporates a 98th percentile top capping of gold and silver assays.
Table 2 - Yellow Giant Mineral Resource at a 6gpt cutoff grade ---------------------------------------------------------------------------- Measured Indicated Inferred ------------------------------------------------------------------ Au Ag Au Ag Au Ag Grade Grade Grade Grade Grade Grade Zone Tonnes (gpt) (gpt) Tonnes (gpt) (gpt) Tonnes (gpt) (gpt) ---------------------------------------------------------------------------- Tel 15,000 21.1 43 21,000 18.5 41 8,000 20.6 40 Bob 6,000 32.0 63 11,000 30.9 58 8,000 29.3 50 Discovery 10,000 22.1 36 15,000 22.8 36 6,000 30.8 36 Kim 59,000 8.7 22 ---------------------------------------------------------------------------- Total 31,000 23.4 44 47,000 22.7 43 81,000 13.7 28 ---------------------------------------------------------------------------- Total Measured & 78,000 tonnes @ 23.0gpt=57,624oz Gold, 109,000oz Silver Indicated: Au & 44gpt Ag Total Inferred: 81,000 tonnes @ 13.7gpt=35,678oz Gold, 73,000oz Silver Au & 28gpt Ag
The NI 43-101 Technical Report on the Yellow Giant Gold Property dated February 1st 2013 was prepared by independent consultant, Mr. Robert Baldwin, P.Eng, has been posted on SEDAR and will be available on the Company's website.
Amended Technical Report - Red Mountain Gold Property
The Company has amended its Technical Report on the Red Mountain Gold Property.
The amended Technical Report provides further details on Mr. Baldwin's 2012 site visit to Red Mountain (disclosed by previous new release on Oct 15, 2012), additional details on the selection of cut-off grades, and additional information on the selection of search ellipsoids for the resource block model.
There are no changes to the PEA results and Mineral Resource calculation previously disclosed in the news release dated June 18th 2012.
The Company clarifies the cut-off grade used in the calculation of the mineral resource at Red Mountain is 3gpt gold.
The NI43-101 Technical Report & Preliminary Economic Assessment on the Red Mountain Gold Property dated February 1st 2013 was prepared by independent consultants, Mr. Robert Baldwin, P.Eng and Mr. Lyn Jones, P.Eng., has been posted on SEDAR and will be available on the Company's website.
Mr. Benjamin Mossman P.Eng, CEO of Banks Island Gold is the qualified person who reviewed and approved the contents of this news release.
The Company is a junior mining resource exploration company focused on exploring for and developing economically viable mineral resources. The Company's mineral properties are 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
This press release contains forward-looking statements. All statements, other than statements of historical fact, constitute "forward-looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.
Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include but are not limited to: risks related to the exploration and potential development of the Company's project, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold, as well as those factors discussed in the sections relating to risk factors of the Company prospectus dated September 30, 2011 filed on SEDAR.
There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
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.
Banks Island Gold Ltd.
Benjamin W. Mossman, P.Eng
President, Director & Chief Executive Officer
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Oct. 22, 2016 11:30 PM EDT Reads: 3,793
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 22, 2016 11:00 PM EDT Reads: 33,932
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU’s GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes.
Oct. 22, 2016 10:45 PM EDT Reads: 1,612
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 22, 2016 10:30 PM EDT Reads: 912
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
Oct. 22, 2016 10:30 PM EDT Reads: 1,045
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 22, 2016 10:15 PM EDT Reads: 643
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Oct. 22, 2016 09:30 PM EDT Reads: 9,654
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Oct. 22, 2016 09:00 PM EDT Reads: 1,255
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Oct. 22, 2016 09:00 PM EDT Reads: 3,895
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Oct. 22, 2016 09:00 PM EDT Reads: 2,255
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Oct. 22, 2016 08:45 PM EDT Reads: 2,007
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Oct. 22, 2016 08:45 PM EDT Reads: 2,470
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 22, 2016 08:45 PM EDT Reads: 857
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 22, 2016 08:15 PM EDT Reads: 3,788