Banks Island Gold Ltd. announced that Messrs. Lawrence Page Q.C. and John Anderson were also elected as Directors and the following were subsequently appointed as Officers: Benjamin Mossman, President &CEO, Craig Kalnin, CFO, Sheryl Dhillon, Corporate Secretary. Mr. John Anderson has been appointed Chairman of the board of directors. John Anderson, in his role as Chair, brings to the company a wealth of experience in finance. Mr. Anderson has assisted in a number of successful turn-around situations, financing and corporate development work. Mr. Wolf Nickel, a founder of the company, did not stand for re-election as a director and has been appointed Chairman Emeritus. Mr. Lawrence Page Q.C. has been involved in the exploration and development sector for the past fifty years as a lawyer and principal of numerous public companies, several of which have discovered, developed and brought resources into production in North America. Ms. Sheryl Dhillon is a highly experienced corporate secretary with over ten years of experience. She has extensive knowledge of corporate governance, as well as strong management skills and excellent corporate communications abilities. Ms. Dhillon acts as Corporate Secretary for several TSX, TSXV and CSE listed companies.

The company announced that it has entered into an agreement with MCC Non Ferrous Trading Inc. (MCC) to amend the sale and purchase agreement dated July 19, 2013, as amended November 15, 2013 between the parties and pursuant to which MCC has previously advanced USD 6.0 million to the company. Pursuant to the terms of the amendment MCC has agreed to advance an additional USD 1.4 million to the company which funds are to be used by the company for advance work towards the restart of the Yellow Giant mine. In connection with the amendment, the company has also entered into a general security agreement which grants MCC a security interest in the company's present and after acquired personal property. The advance payment bears an interest rate of 8.5% per annum and will be repaid from the proceeds of concentrate sales. MCC will retain 25% of the payable invoice value from concentrate sales until the advance payment and associated interest are paid in full.