|By Marketwired .||
|January 15, 2014 05:56 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/15/14 -- Banks Island Gold Ltd. (TSX VENTURE:BOZ) (the "Company") is pleased to report a corporate update of its construction and project development activities at the Yellow Giant Gold Property, located on Banks Island, British Columbia.
The Company has completed 275m of underground development at the Bob Zone to date. Underground development includes 14m in the mineralization on the first level, generating approximately 800 tonnes of mineralized material. The Company will complete an additional 20m of development in mineralization on the 1st level in order to provide a drilling platform for production mining. Development in the main decline is on-going with 150m of development required to reach the 2nd level in the mineralized vein. Longhole mining will commence once development of the 2nd level is complete. The Company has acquired a mobile longhole drill which is scheduled to arrive onsite in mid-February. A photo of the mineralization in the first level is shown in Figure 1.
To view "FIGURE 1 - Bob 1st Level Mineralization," please visit the following link: http://media3.marketwire.com/docs/BOZimage.jpg.
The Company has processed approximately 1,500t of mineralized material through the Dense Media Separation ("DMS") Plant to date and is preparing an initial shipment of concentrate for shipping. Further details will be provided when information is available.
The DMS Plant is fully operational and operating as designed. Observation of initial concentrate assays and inspection of the concentrates produced have determined that high density minerals, including Garnet and Diopside, are diluting concentrate grades. These heavy non-sulphide minerals, which are present in small blocks of Skarn lithology, are located in proximity to mineralization in some areas in the hangingwall of the Bob Zone.
In order to ensure income and to optimize the overall economics of the Yellow Giant project the Company has developed and implemented a modified mining and processing plan.
Infill diamond drilling in planned stopes at the Bob Zone is designed to identify areas with Skarn lithology in proximity to the gold mineralization. Stopes without Skarn will be prioritized and mined in order to provide mill feed able to produce high-grade DMS concentrates. Gold mineralization with Skarn minerals present will be kept in inventory until they can be processed by grinding and flotation. The flotation process will allow the rejection of skarn minerals.
The Company plans to add a grinding and flotation circuit to the DMS plant to increase gold recovery and concentrate grades. Increased concentrate grades will improve payable metals and decrease costs associated with shipping and treatment of concentrates.
The Company has recently invested approximately $1.5M in the grinding and flotation plant circuits. New thickener tanks for the circuit have been purchased and delivered to site. Installation of the tanks is planned in February. The Company has ordered trailer mounted grinding and flotation modules from Sepro Mineral Systems Corp. (Sepro), based in Langley, BC. Manufacturing of the modules is nearing completion, with testing of the units scheduled for late January, and shipping to site in early February. Filter presses for concentrate and tailings have been ordered and are scheduled for delivery to site in early March.
Metallurgical testwork (news release dated October 22nd, 2012) indicates that the addition of a rougher flotation circuit would increase the grade of the concentrate to 109gpt Au with an increase in gold recovery to 90%.
The Company has previously released a Preliminary Economic Assessment (2013 PEA) for the Banks Island Mineral property which is contained in the technical report "Technical Report & Preliminary Economic Assessment" dated February 1st 2013 authored by Robert Baldwin, P.Eng. The 2013 PEA contemplated the production of a concentrate using Dense Media Separation (DMS) with a concentrate grade of 55gpt Au, gold recovery of 85%, and gold payment of 87%.
As reported by news release on July 23rd, 2013 the Company has an offtake agreement with Metallica Commodities Corp. ("MCC") for the sale of concentrates produced at the Yellow Giant Gold Property. The Company has drawn US$3,000,000 of the US$6,000,000 advance payment facility to date and anticipates further drawdowns in the coming months as required.
The Company has decided to discontinue work on the Red Mountain Gold Property, located near Stewart, BC. The Company has terminated its option to purchase and returned the property to Seabridge Gold Inc. The Company focus is to develop, explore, and expand its Yellow Giant aggressively and all resources have been allocated towards achievement of this goal.
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 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.
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.
Banks Island Gold Ltd.
Benjamin W. Mossman
President, Director, & Chief Executive Officer
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Mar. 29, 2017 05:00 AM EDT Reads: 6,389
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Mar. 29, 2017 04:00 AM EDT Reads: 15,066
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Mar. 29, 2017 04:00 AM EDT Reads: 3,165
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 29, 2017 03:45 AM EDT Reads: 2,120
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 29, 2017 03:30 AM EDT Reads: 3,201
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Mar. 29, 2017 03:30 AM EDT Reads: 3,332
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 29, 2017 03:30 AM EDT Reads: 3,194
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Mar. 29, 2017 03:30 AM EDT Reads: 11,712
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Mar. 29, 2017 03:00 AM EDT Reads: 6,059
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Mar. 29, 2017 01:45 AM EDT Reads: 5,408
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 29, 2017 01:15 AM EDT Reads: 9,185
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 29, 2017 01:15 AM EDT Reads: 2,475
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 29, 2017 01:00 AM EDT Reads: 1,092
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 29, 2017 12:15 AM EDT Reads: 1,398
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Mar. 29, 2017 12:15 AM EDT Reads: 8,472